Research On The Pricing Of Vanke Stock Incentive Plan

With the promotion and implementation of equity incentive plan in China, the pricing of equity incentive plan has become the focus of attention. Stock option pricing not only affects the company’s financial statements, the company’s performance, but also has a great influence on the intensity and effect of equity incentive. For enterprises, how to maximize the incentive effect at lower cost, so that the interests of employees and enterprises to maximize the consistency of the enterprise is the biggest issue in the motivation of employees. For employees, how to get a higher income in the existing jobs, is the most concerned about the problem of staff. The equity incentive plan can solve the problem of principal-agent problem in theory. However, in practice, the implementation of equity incentive companies still face a lot of practical problems.Vanke in the employee incentive problem have been trying to explore a variety of, but before the incentive plan are due to external causes sleeps, only 2011 began to implement the option incentive plan smoothly and the end is near. But the industry has been a sound that Vanke this incentive plan although the success of the process, but the essence of the incentive effect is not large, did not get the effect of equity incentive plan. Due to the discovery of the implementation of Vanke equity incentive plan, not only of executive turnover phenomenon has not been improved, the exercise of all the incentive object also is not optimistic. So this paper from the perspective of option pricing and analysis Vanke the incentive plan, we use more accurate volatility rate estimation method to estimate the Vanke A shares of the historical volatility, and the results into the Black Scholes equation in solving the Vanke the incentive in the option value of different exercise period. Then each exercise period, the real options value and authorization announcement date the fair value option is compared, and thus the incentive objects exercise were analyzed. And combine the incentive plan, that is, the shareholders and the incentive target in the incentive process of the demand and risk of the failure of the equity incentive plan to analyze the reasons for the failure, and gives the corresponding recommendations.