本文将经理期权作为变量引入经理道德风险模模型，分析了它对经理道德风险程度的影响。

Executive Stock Options (ESO) is introduced into manager's moral hazard model to analyze its effects on manager's moral hazard.

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例如，基金经理可以靠出售承保股市大跌的期权来盈利。

For example, the manager could be selling insurance against a big stockmarket fall.

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而提前知悉危险并有机会插手干预的高层经理，通过在破产前抛售股票和期权套现，把他们的损失降到最低。

However, the top managers, who knew about the risk and also had the opportunity to intervene in the situation, minimised their exposure by cashing in their stocks and options before the bankruptcy.

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So, there's been a number of articles that documented that stock prices tend to jump shortly after options are issued to managers.

有一些文章记载表明,在公司发给经理们股票期权之后,股票的价格往往会出现短期激涨

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All that is fine, it sounds good that managers should be given options because it will incentivize them to work for the benefit of the corporation.

这样不错,向经理人提供期权激励听起来不错,因为这样可以激励他们,为了公司的利益而努力工作

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I mean, you could say, well that means the options are really working well because it really motivated the managers and they did something and made the company worth more.

我的意思是,你可以说,这是因为股票期权激励机制起作用了,因为它的确激励了经理们,这些经理为之付出努力并使公司市值更高

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