【作者】 郑兴山； 石金涛； 郑德渊；

【Author】 ZHENG Xing-shan, SHI Jin-tao, ZHENG De-yuan( School of Aetna Management Shanghai Jiao Tong University, Shanghai 200030,China; Shanghai National Accounting College, Shanghai 201700 , China)

【机构】 上海交通大学； 上海国家会计学院；

【摘要】 本文在回顾传统的会计指标和市场指标反映企业经营者的能力水平、业绩和努力程度存在缺陷的基础上,对于项目的实物期权反映企业的增长性价值及其经营者在其中的作用等进行了阐述。本文认为,企业增长性项目带来的增长机会价值可以反映企业经营者专用性人力资本的大小,它是经营者对市场的预见性和有效配置企业内外部各种资源能力的综合体现。企业经营者的能力和业绩指标的体现可以更好地通过企业增长性项目的实物期权柔性所带来的企业增长性价值来判断。本文建立了基于实物期权评价企业增长性价值的评估模型,并讨论了考虑增长性价值F(V)后的企业经营者总报酬的决定问题。本文的研究对于克服传统的会计指标和市场指标反映企业经营者能力和业绩等不足上有一定的理论和现实意义。更多还原

【Abstract】 Based on the reflection of defects of traditional accounting & market indexes which describe entrepreneur’s capabilities, performances and endeavors, this paper elaborates the function of project’ s real option that describes the firm’ s growing value and the role of entrepreneur in creating this option. Our view is: the growing opportunities value of firm’s growing project can represent the amount of entrepreneur’s exclusive human capital and it is the comprehensive sign of entrepreneur’s expecting abilities to markets and their effective resources allocating abilities. The entrepreneurs’ abilities and performance indexes could better be judged by the firm’s growing value of its real option. Our paper sets a value model that represents the firm’s growing value of its growing projects, and put on entrepreneur compensation design mechanism based on this model. It would have theoretical and practical sense in surmounting the defects of traditional accounting index and market index, which describe entrepreneur’s capabilities, performances, etc.更多还原