本論文研究經理股票選擇權契約的激勵動機持續性，檢察公司經理人的工作努力動機或風險承擔動機能否持續保持。以指數型經理股票選擇權為分析對象，我們提出工作努力動機持續性及風險承擔動機持續性的測量指標。本研究發現經理人的激勵效果持續性隨時間變化的情形是相當穩定的，經理人採取特定的努力工作態度或承擔風險態度具有長期的持續性。我們的研究結果發現在大部份的情形下，經理人的激勵效果及其對應持續性的變動關係呈現一種反向的趨勢。另外，公司董事會可以設計高股票發行價格、低指數發行水準、與較短天期的股票選擇權契約，也可以在高利率時期發行，則經理人的努力工作的動機或承擔風險的動機較能持續。本研究提出測量股票選擇權激勵動機的持續性的觀念，此觀念為全新的想法，為一種新的衡量經理人動機及發行股票選擇權有效性的指標。

The thesis studies the incentive persistence for executive stock options to examine whether corporate executives’ effort-undertaking and risk-taking incentives persist. Framing our analysis in the indexed executive stock option pricing model, we propose the measures of effort-undertaking and risk-taking incentive persistence. We find that the incentive persistence is stable over time, whereby corporate managers’ attitudes toward undertaking efforts and taking risks persist over a more extended period. In most cases, incentive persistence is negatively associated with the incentive’s degree. In addition, the corporate board can drive corporate managers’ incentives to keep persistence in the following strategies: higher issued prices of stock, lower issued levels of the benchmark index, shorter-run maturities in stock option contracts, and issued in higher interest rates. The study offers a new concept on measures of incentive persistence of executive stock options, a new index to evaluate executives’ attitude toward managing business, and examine issuing stock options’ effectiveness.

第壹章、緒論 6
第一節 研究背景 6
第二節 研究動機及目的 7
第三節 研究架構 9
第貳章、文獻探討 10
第參章 研究方法 14
第一節 基本假設與指數型經理股票選擇權評價模型簡介 14
第二節 指數型經理股票選擇權定價 17
第三節 指數型經理股票選擇權的激勵動機 20
第四節 經理人激勵動機的持續性 22
第肆章、數值分析 23
第一節 變數定義 23
第二節 指數型股票選擇權價格 23
第三節 指數型股票選擇權的激勵動機 26
第四節 指數型經理股票選擇權的激勵動機持續性 27
第五節 激勵動機持續性的時間變化 29
第六節 激勵效果與持續性的關係 31
第七節 資產相關性的效果 32
第八節 公司董事會加強經理人激勵動機持續性的作法 34
第伍章 結論 36
參考文獻 38
附錄 51

圖次
圖一 指數型經理選擇權權利金與標的物價　　 40
圖二 指數型經理選擇權激勵動　　 41
圖三 指數型經理選擇權激勵動機持續性　　 42
圖四 努力工作激勵動機持續性隨時間變化　　 43
圖五 承擔風險激勵動機持續性隨時間變化　　 44
圖六 努力工作激勵動機及其持續性的關係　　 45
圖七 承擔風險激勵動機及其持續性的關係　　 46

表次
表一 經理股票選擇權價格與標的物特性　　 47
表二 經理股票選擇權價格、契約設計、與市場利率　　 48
表三 資產相關性的效果　　 49
表四 董事會提升激勵動機持續性措施　　 50

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