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115833 · 2024年01月15日

看了前面的回答，但还是不懂

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NO.PZ2023081403000083

问题如下：

Q. Which of the following is a potential drawback of compensating employees with stock options?

选项：

A.The grant may make employees adverse to risk.

B.The grant may make employees seek more risk.

C.Both of the above are potential drawbacks.:

解释：

C is correct. Stock option grants may lead managers to be either risk adverse or have the opposite effect (i.e., encourage excessive risk taking). Therefore, B and C are both potential drawbacks.

看了前面的回答，但还是不懂，虽然stock option 有买方也有卖方，但是对于接受奖励的员工来说，这个stock option只能算是买方吧，业绩做的好了行权，做的不好了不行权，所以员工更愿意冒风险呀。

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lynn_品职助教 · 2024年01月15日

嗨，爱思考的PZer你好：


看了前面的回答，但还是不懂，虽然stock option 有买方也有卖方，但是对于接受奖励的员工来说，这个stock option只能算是买方吧，业绩做的好了行权，做的不好了不行权，所以员工更愿意冒风险呀。


嗯嗯，之前的回答是针对上一个同学的问题，举的例子不是十分贴切，我想表达的意思是期权作为金融工具，其实就是把风险重新分配了。


为啥说会规避风险呢，我们知道员工的规避风险指的是日常业务中的，那么假如现在股价已经在高位，我等着期权套现就可以了，那么我还有动力去做新的企划，来冒风险为其他“股东”来获取超额收益吗？也就是下面这句话总结的：


 Employees bear no financial risk unless the stock’s value decreases significantly.

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加油吧，让我们一起遇见更好的自己！

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