In the literature, the integration of the cash and risk effects of executive compensation into company valuation is discussed only marginally This paper addresses the question of how these effects can be integrated into corporate valuation Several methods for solving the problem are discussed and a method free of circular references, similar to the adjusted present value approach to company valuation, is identified Contrary to a common assumption in the literature, there is no uniform and constant cost of capital for a company that uses employee stock options Cost of capital needs to be adjusted to the cash and risk impact of equity-based executive compensation Making recourse to the treasury stock method, which is used to calculate diluted earnings per share, is not recommended here even though a corrected version of this method is used I discuss different forms of equity-based executive compensation, including the resulting allocation of risk and net present value between owners and managers

中文翻译：

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高管薪酬和公司估值

在文献中，将高管薪酬的现金和风险影响整合到公司估值中只是略有讨论 本文解决了如何将这些影响整合到公司估值中的问题 讨论了解决该问题的几种方法，并且没有一种方法循环引用，类似于公司估值的调整现值方法，被确定与文献中的常见假设相反，使用员工股票期权的公司没有统一和恒定的资本成本 资本成本需要调整为以股权为基础的高管薪酬对现金和风险的影响 采用库存股法，用于计算稀释的每股收益，即使使用了此方法的更正版本，也不建议在此处使用 我讨论了不同形式的基于股权的高管薪酬，包括由此产生的风险分配和所有者和经理之间的净现值