Optimization Study On The Pricing Of Exercise Price Of Kalitai Stock Options

In the corporate governance structure of modern enterprises,the separation of ownership and management is a distinctive feature.While giving full play to its unique advantages,the company after the separation of the two rights also brings agency problems.In order to solve the agency problem brought by the separation of two rights,many enterprises at home and abroad have introduced stock option incentive programs.Since the income received by the incentive targets is the difference between the exercise price and the share price on the exercise date,the exercise price of stock options is particularly important and determines whether the incentive program can be successful.However,due to artificial capital manipulation,lack of timely information disclosure and investors’ blindly following the trend,the secondary stock market in China is not mature enough,therefore,the stock price cannot fully reflect the operation of the enterprise and it is difficult to reflect the performance of the incentive recipients in their work.In order to enhance the effect of stock option incentive,this paper selects Kalitai as the case enterprise and designs the pricing model of dynamic exercise price with reference to the stock price of primary stock market to optimize the formulation of stock option exercise price of Kalitai.This paper first analyzes the problems of the lack of actual controlling person,the determination of exercise price without considering environmental changes,the determination of exercise price totally depends on the change of stock price,the weak correlation between exercise price and operation performance,and the failure of exercise price to achieve the expected incentive effect in the two stock option plans of Kalitai;then,based on the theory of relative performance evaluation,it optimizes the design of stock option exercise price,i.e.,introduces Then,based on the relative performance evaluation theory,the optimal design of the stock option exercise price is designed,namely,the introduction of multiple indices such as stock index rate of change,industry classification index rate of change,industry stock price parameters,etc.to weaken the influence of systematic risk on the incentive effect;then,according to the characteristics of top management and core technical personnel,the performance correction coefficients are constructed respectively to enhance the correlation between the exercise price and performance,so that the earnings of the incentive targets are closely related to the performance;finally,the dynamic exercise price model of top management and core technical personnel is constructed,and the dynamic exercise price model of top management and core technical personnel is constructed.Finally,the dynamic exercise price model for top management and core technical personnel is constructed and compared with the current pricing method of Kalitai to verify the feasibility and effectiveness of dynamic exercise price.