80 2
3
1 2 2.1 2.2 2.2.1 2.2.2 2.2.3 2.3 2.3.1 2.3.2 2.4 3 3.1 3.2 3.3 4 4.1 4.2 4.3 4.4 4.4.1 4
4.4.2 4.4.3 4.4.4 5 5.1 5.1.1 5.1.2 5.1.3 5.1.4 5.2 6 5
1 1 monitoring monitoring cost 2incentive 0 t = 1 t = 1 V 1 I t = 1 V I = δ V, 0 δ 1 2 t = 1 M t = 1 e ε () e M I + ε = v e M δ + ε V = v ( ) V 2 6
dv( e) 0[ E ε ] = 0 de 2 v( e) M + ε V = 3 1+ δ δ I = δ V = [ v( e) M + ε ] 1+ δ G δ G = E[] I = [ v( e) M ] 1+ δ G δ dv( e) = 0 e 1+ δ de 4 5 6 3. e max M e C = K( M ) ( emax e) 7 dk( M ) > 0 dm N δ N = G C = 1+ δ [ v( e) M ] + K( M ) ( e ) e max 8 4. e N u = u( e, N) 9 u e N u u < 0 > 0 e N 10 e e 2 u 2 e < 0 11 2 u 2 N < 0 12 7
8 N e δ = 1+ δ dv de + K( M ) > 0 13 du de u u N = + e N e u u δ dv = + + K( M ) = 0 e N 1+ δ de 14 e * 8 14 e * δ M e * * = e ( δ, M ) * v (e) e (δ, M ) * * e e > 0 > 0 δ M 15 15 δ M K(M ) dk 14 dm dk ( M ) dm 1. 2. 14 u e u N δ = 1+ δ dv de + K( M ) (16) 8
u u = e e * * e = e ( δ, M ) 2 v( e * ( δ, M )) M + ε V = 17 1+ δ v( e δ [ ] * (, M )) M E V = 1+ δ δ M, V = δ v * e * e (1 + δ ) v( e δ ( 1+ δ ) 2 * ( δ, M )) + M = 0 18 V M = * v e * e M 1+ δ 1 = 0 19 18 19 δ *, M * 3 δ 15 δ 0 e 9
2 ESOP 1 401K ESPP 2.1 1 ESOP ESOP ESOP ESOP ESOP ESOP ESOP 10
80 11985 1997 178 290 20%30% 1997 28% CEO 536.2% 61.2% 3 50% 50% 4 17000 1000 500 1/4 10% 90% 20%40% 5%15% 5 70 20 90 11
2.2 2.2.1 20 50. Louis Kelso 50 10%20 50 40% 90% 60% 1% 50 50% 60% ESOP IRS 1973. ESOP 1974 ERISA ESOP 20 401 1984 1986 the Tax Reform Acts 1996 12
the Small Business Job Protection Act 1997 Taxpayer Relief Act 2001 the Economic Growth and Tax Relief Reconciliation Act 50 ESOP 1974 ESOP 2001 11000 ESOP 850 1 ESOPs ESOP 1990 $133000000 1994 $184000000 1995 $226000000 www.nceo.org 2.2.2 21 70% 70% 5 3 20% 20%7 13
50 10 1984 4 50% ESOP IRA successor plan 14
2.2.3 2.3 15
2.3.1 1952 1974 1950 1964 1976 1981 (ISO) NSO broad-based stock option NCEO(the National Center for Employee Ownership) 2001 4000 800-1000 500 90% 16
190 500 80% ESOExecutive Stock Option 1990 800 163.5 43% 150 48% 11% 23% 8% 2 2 1999 90% 1994 10%1997 45% 3 1989 1997 200 6.9% 13.2%1999 1985 590 10000 2000 1000 1990 10 Incentive Stock OptionISO Non-qualified Stock OptionNSO ISO 422 ISO 422 10% 110% NSO 422 NSO ISO ISO NSO 422 2 1999 41000 65542 99%TYCO 165445 99% 12076 99% IBM 9298 90% 7981 85% 17
NSO NSO NSO Transferable Stock OptionTSO SAR SAR TSO 2.3.2 20 70 1999 160 2000 6 30 40 867 1 40 1% 18
2.4 401k Employee Stock Purchase PlanESPP 401K 1981 401 K 401K 401K 1%15% 401K ESPPs ESPPs 3 27 15% ESPPs ESPPs ESPPs ESPP NCEO1998 4000 ESPPs 1570 19
2 2000 2000 2000 ESOPs 11500 850 4000 4000 80-100 4000 1570 3 0-10% 11-30% 31-50% 51-100% ESOPs 20% 35% 25% 20% ESOPs 62% 34% 3% 1% 401k85% 10% 5% 0 45% 53% 2% 0 4 ESOPs ESPPs 55 10 ESOPs 20
3 3.1, 21
ESOPs ESOPs trustee ESOP block holder ESOPs Pearl Meyer & Partners 1998 2000 13.2% 1997 5% 54% 37% 1998 45 180 CEO CEO CEO 3.2 22
Rutgers Joseph Blasi Douglas Kruse 2000 ESOP 2.3-2.4 1987 NCEO 45 ESOP 225 ESOP 8-11 GAOGeneral Accounting Office 1999 Northwestern University Hamid Mehran 382 ESOP ESOP 2.7 ESOPs ESOPs ESOPs ESOPs ESOPs ESOPs ESOPs ESOPs ESOPs 1992 JFE 3 3 Saeyoung Chang, David Mayers, Managerial vote ownership and shareholder wealth 23
ESOP Park Sangsoo 4 block holder ESOP ESOP Baltimore Michael Conte 1995 20 80 ESOP 1% ESOP ESOP 10% 170% 143%152% 5 ESOP ESOPs 1998 6 Wealth and Income Consequences of Employee Ownership ESOPs ESOPs 5-12% ESOPs ESOPs 1980s 1983-1986 7 4 Employee stock ownership plans, firm performance, and monitoring by outside blockholders, Financial Management, 1995 5 6 Peter Kardas Jim Keogh Adria Scharf 7 NCEO Employee Ownership in America 45 3700 24
broadbased stock option plan leverage ratio 2000 8 17% 2% 3.3 1. 2. 8 Douglas Kruse, Joseph Blasi, Jim Sesil, Maya Krumova 25
3. 4 4.1 26
59 4.2 1999 11 10 10 1-4 2 2000 20 1994 1997 1999 27
1996 24 1998 1999 24 1998 30% 70% 50% 28
1 2 3 4 29
5 6 4.3 60 70 30
41.3% 31
1 2 3 32
149 1. 2. 3. 4.4 4.4.1 33
1 2 3 4 5 4.4.2 34
4.4.3 149 147 4.4.4 35
5 5.1 5.1.1 5.1.2 36
5.1.3 ESOP 5.1.4 5.2 1. 2. 37
2 e 0 ) ( de e dv 3 de dv 3. / 6 1. 38
2. ESOPs 1 2 3 39
5-10 20% 4 5 40
6 7 3. 41
at-the-money, 1 2 2 3-4 2/3 2 42
10% 10% 3 20% 25% BlackScholes 2002 15 100 10 40 7.5 10 B-S * 5 5 20% 20% 5 1 100 100 4 43
44
4. ESOPs ESOPs 45
5. 6. Phantom Stock 46
ESOP ESOPs ESOPs John E. Core, Wayne Guay and David F. Larcker, Executive equity compensation and incentives: a survey, 2001 Lilli A. Gordon and John Pound, ESOPs and corporate control, Journal of Financial Economics, 1990 Michael C. Jensen and Kevin J. Murphy, Performance pay and top-management incentives, Journal of Political Economy, 1990 Michael C. Jensen and William H. MecKinlay, Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 1976 Pamela Perun, Employee stock ownership plans: a status report, 2000 Park Sangsoo, Employee stock ownership plans, firm performance, and monitoring by outside 47
blockholders, Financial Management, 1995 Randall Morck, Andrei Shleifer and Robert W. Vishny, Management ownership and market valuation, Journal of Financial Economics, 1988 Saeyoung Chang, David Mayers, Managerial vote ownership and shareholder wealth, Journal of Financial Economics, 1992 Susan Chaplinsky and Greg Niehaus, The role of ESOPs in takeover contests, the Journal of Finance, 1994 Upinder S. Dhillon and Gabriel G. Ramirez, Employee stock ownership and corporate control: an empirical study, Journal of Banking and Finance, 1994 the National Center for Employee Ownership 2001 2001 5 2001 2001 1996 2001 7 48