một điểm quan trọng cần chú ý. ở công ty B, khi phân chia cái bánh chúng
ta phải sử dụng một con dao phủ chất Teflon không bám dính. Nếu không
thì một phần bánh sẽ bị mất trong quá trình cắt.
(Saigon Times Daily ngày 19-4-2004)
84. Owners - Managers: Can Their Interests Be Aligned?
The above article discusses how managers of a firm may be tempted to
act in their own interests by spending on perks or inefficiently expanding
the firm's operations. Obviously, such activities jeopardize tine owners'
interests.
The stock option is perhaps tine most popular means of attempting to
align the interests of managers and owners. In a stock option compensation
scheme, die owners award managers the right (but not the obligation) to
buy a specified number of the firm's shares at a pre-determined price (also
called strike price) at the end of a certain period.
To understand how stock options work, take the example of Gidoniex, a
fictional public company whose shares are trading at 25,000 dong/share.
Suppose that Gidomex's Board of Directors (representing the shareholders)
offers the manager the right to participate in a stock option plan according
to which she will be entitled to buy 10,000 Gidomex shares at a "strike
price" of 25,000 dong/share, after à period of two years. The value of the
option when exercised is the difference between the market price of the
shares and the strike price.
Suppose that after two years Gidomex's share price rises to 26,000
dong/share. The manager will benefit by exercising her options. She will
buy 10,000 shares at 25,000 dong/share then sell them at the market price,
realizing a profit of 1,000 dong/share. Gidomex's owners will also be
satisfied because the value of their holdings will have increased. If
