行权是权证的特别功能！
一种只允许持有者在到期日行权的期权或权证。
A type of option or warrant which allows the holder to exercise only on the expiry date.
按照最大期权持有人的意愿，在到期时只有一个期权被行权。
Only one of these may be exercised, and this is chosen in the holder's favor at expiration.
但当市场崩溃、资产价格跌落到行权价格以下时，问题就出现了。
The problem comes when the market crashes and prices drop below the strike price of the option.
期权中的行权条款，允许期权持有人在期权到期前的任何时候行权。
A provision that permits exercise of an option any time prior to expiration.
不管何种认购权，其行权价都是A股普通股认购权授予当天的收市价。
The exercise price of any option granted to you will be the closing price of a common stock on the date of grant.
同时，按照该期权的行权价格与时间价值之和，确认继续涉入形成的负债。
At the same time, it shall recognize the liability formed by its continuous involvement according to the aggregate option exercise price and the time value.
你还可以从一系列行权价格和到期日中做选择，具体取决于你的风险承受意愿。
You also can choose from an array of strike prices and expiration dates depending on your appetite for risk.
投资者愿意支付的期权价格取决于一系列因素，包括利率以及标的资产的市场价格和行权价格的关系。
The price an investor is willing to pay for an option depends on a number of factors including interest rates and the relationship between the market price and the exercise price.
行权期限作为股票期权激励机制的基本要素之一，是影响股票期权激励机制发挥作用的关键。
As one of the basic elements of stock option incentive mechanism, the vesting period is the key role affecting stock option incentive mechanism.
第二部分，股票期权行权股票来源的法律问题。 “有股可期”是实施股票期权的前提和基础。
The second part discusses the stock sources in stock option plan because of its importance.
本文研究了我国上市公司股票期权激励计划草案公告日和行权日前后的股价行为和公司披露行为。
This paper investigates stock price behavior and corporate disclosure patterns around the draft announcement dates and the exercise dates of stock option plans.
但由于股市整体上涨趋势等客观原因，其盈余管理最终未能阻止认购权证的行权，股权遭到了稀释。
Due to the big bull market, HDIS fail to keep the price lower than the threshold, and investors exercise the warrants, as a result, the control right has been diluted.
行权的内在准绳是“义”，可以分为具体规范的损益、角色转换、取大舍小、诉诸更高原则等运用模式。
There are four usage modes, instructed by "Justice", such as profit and loss in concrete rules, changing role, seeking larger and neglecting smaller, appealing to higher.
如果这些奖励的股票期权是价内期权,这说明期权行权即可赢利,这些利润是要交税的,当然他们想避免交税
If they awarded options that were "In the money" -that means already exercisable at profit -then they would be subject to a tax liability immediately, so they don't want to do that.
但在授予对象、标的资产、期权的授出数量限制、确定行权价格的依据、行权期及有效期等方面有所不同。
But there are some different ways on the vesting object, upper limits of the amount of Options, the measurement of the exercise price and the effective date.
此外，本文还选取了两个案例来展示管理者利用信息披露帮助其获得有利的行权日股价和卖出股票时的股价。
Additionally, this paper also provides two cases showing how the managements use disclosures to seek favorable stock prices on the exercise dates and on their selling dates.
在股票期权定价博弈分析时，探讨了通过一次博弈与重复博弈合理确定股票期权计划中的行权价，并进行了实例分析。
The reasonable exercise prices of stock option plan through single game and repeated game are discussed and an example is presented.
国外股票期权制度实践涉及股票来源、授予主体、授予客体、行权价格、行权方式等，其成熟的经验制度值得我国借鉴。
The practice of other countries are involved with stock sources, grant subject, grant object, exercise price, exercise way. We should learn experience from foreign mature system.
阿里巴巴表示，所有“在已经到期的授股计划”中赠送但没有行权的股份都将纳入今后的授股行动，这又是一个不同寻常的规定。
In yet another unusual provision, Alibaba states that all the shares granted under "all our previous plans [that] have expired without being exercised" will be added to the pool for future grants.
在股票市场这一轮牛市的作用下，认沽权证到期时都属于价外权证，没有行权可能，因此，对标的股票价格及成交量不产生影响。
Under the round of bull market, all of the put warrants are out of money and impossible to exercise. Therefore, they cause no effects on underlying securities.
如果亚马逊或你买的其他任何股票到期的价格低于行权价，你将继续拥有这些股票，但你持有的价格将比你当初直接买进时的价格有所降低。
And if Amazon or whatever stock you buy isn't trading at or above the strike price when the options expire, you'll still own the shares, but at a lower cost than if you had just bought them outright.
股票期权的行权方面的一些法律问题，包括行权价格的确定、行权价格的调整、行权的时机、行权方式以及股票期权的转让、延迟和终止等问题；
Second, the legal problems in exercising include the exercising price, the adjusting of the exercising price, the forbidding transference of stock option, the postpone and ending of stock option etc.
人人IPO的承销商队伍包括摩根士丹利（Morgan Stanley）、德意志银行（Deutsche Bank）和瑞信（Credit Suisse）等投行。 这些承销商拥有一项超额发行权，如果需求很高的话，他们有权额外销售800万股。
Underwriters – led by Morgan Stanley, Deutsche Bank and Credit Suisse – have a greenshoe option to sell another 8 million shares if demand is high.
人人IPO的承销商队伍包括摩根士丹利（Morgan Stanley）、德意志银行（Deutsche Bank）和瑞信（Credit Suisse）等投行。 这些承销商拥有一项超额发行权，如果需求很高的话，他们有权额外销售800万股。
Underwriters – led by Morgan Stanley, Deutsche Bank and Credit Suisse – have a greenshoe option to sell another 8 million shares if demand is high.
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