CAJ | 학술논문

国外经验研究表明，高管层会通过股票期权授予（或行权）时点的机会主义选择，或围绕股票期权授予（或行权）的价值相关信息披露的机会主义择时等方法影响行权价格（或公司股价），以最大化自己的股票期权价值。机会主义择时会损害股东利益，增加权益资本成本。通过规范相关信息披露，完善董事会等公司治理机制，可以抑制股权激励机会主义择时。文章从授权和行权两方面剖析了国外股票期权激励机会主义择时研究的最新进展，并对现有研究进行了评析，以期为深化正在起步的国内相关研究提供启示。
국외경험연구표명，고관층회통과고표기권수여（혹행권）시점적궤회주의선택，혹위요고표기권수여（혹행권）적개치상관신식피로적궤회주의택시등방법영향행권개격（혹공사고개），이최대화자기적고표기권개치。궤회주의택시회손해고동이익，증가권익자본성본。통과규범상관신식피로，완선동사회등공사치리궤제，가이억제고권격려궤회주의택시。문장종수권화행권량방면부석료국외고표기권격려궤회주의택시연구적최신진전，병대현유연구진행료평석，이기위심화정재기보적국내상관연구제공계시。
Foreign empirical research indicates that executives will affect the option exercise price (or the stock price) in order to maximize the value of their stock option by opportunistic timing of option grants(or option exercise),or opportunis?tic timing of relevant value information disclosure about options grants(or option exercise). Opportunistic timing will damage the interests of shareholders and increase the costs of equity capital. By regulating the disclosure of relevant information and improving the governance mechanism of the board of directors,opportunistic timing in stock option incentive can be inhibit?ed. This paper analyzes the latest progress of foreign literature on opportunistic timing in stock option incentive from two as?pects of option grants and option exercise, and makes the comments on the existing research in order to provide enlighten?ment for deepening related domestic research which are underway.