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Les plans d'option sur actions:théorie et pratique

Author

Listed:
  • Philippe Desbrières

    () (Université de Bourgogne LATEC/FARGO)

  • Sylvie Saint-Onge
  • Michel Magnan

Abstract

Cet article présente une synthèse des travaux théoriques et empiriques consacrés aux stock-options. Il est consacré dans un premier temps aux avantages et inconvénients présumés de ces formules de rémunérations, au sujet des liens entre les plans d'options sur actions et la performance à long terme des firmes, les comportements des salariés (des cadres en particulier), la maîtrise possible de la masse salariale et les risques de dilution du capital. Dans un second temps, en sont précisées les modalités d'application selon les législations en vigueur tant en France qu'en Amérique du Nord, ainsi que stratégies pouvant être adoptées par les détenteurs des options. L'article dresse ensuite un bilan de la fréquence d'implantation des plans d'option sur actions et de leurs caractéristiques en France et en Amérique du Nord. Il poursuit et s'achève sur une synthèse des travaux de recherche ayant analysé l'efficacité et les conditions de succès des stock-options.

Suggested Citation

  • Philippe Desbrières & Sylvie Saint-Onge & Michel Magnan, 2000. "Les plans d'option sur actions:théorie et pratique," Working Papers CREGO 1000102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  • Handle: RePEc:dij:wpfarg:1000102
    Note: article publié dans "Les rémunérations, politiques et pratiques pour les années 2000", sous la direction de Jean-Marie Peretti et de Patrice Roussel, Paris, Vuibert, collection Entreprendre, 2000, p.135-160
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    File URL: http://crego.u-bourgogne.fr/images/stories/wp/1000102.pdf
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Michel PHILIP & Patrick Micheletti, 2005. "HRM and Value Creation," Computing in Economics and Finance 2005 264, Society for Computational Economics.
    2. repec:dau:papers:123456789/3646 is not listed on IDEAS
    3. Philippe Desbrières, 2000. "La rémunération des dirigeants sous forme d'actions et de stock-options," Working Papers CREGO 1001102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    4. Thierry Poulain-Rehm, 2003. "Stock-options, décisions financières des dirigeants et création de valeur de l'entreprise:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 6(3), pages 79-116, September.

    More about this item

    Keywords

    plans d'option sur actions; stock-options; incitation; efficacité.;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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