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英语翻译During the 1990s,the structure of pay for top corporate

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英语翻译
During the 1990s,the structure of pay for top corporate executives shifted markedly as the use of stock options greatly expanded.For firms in the Standard and Poor’s 500,the value of stock options granted rose from $11 billion in 1992(an average of$22 million per firm)to$119 billion in 2000(an average of$238 million per firm)(Hall and Murphy,2003).The common argu-ment in favor of this increase was that it was helping to align the incentives of corporate managers with those of shareholders.But by the early 2000s,as the dot-com boom ended and the Nasdaq stock index melted down,these modern executive incentive schemes were being sharply questioned on many grounds(in this journal,for example,by Bebchuk and Fried,2003;Hall and Murphy,2003):for
encouraging excessive risk-taking and a short-run orientation,for being an overly costly and inefficient method of providing incentives and even for tempting man-agers of firms like Enron,WorldCom and Tyco to commit fraud in order to ensure a high stock price at the time of exercise.
英语翻译During the 1990s,the structure of pay for top corporate
本来不想翻的,看到机器翻译的太多,基本上不能用,还是给你翻了==
在九十年代时期,随着股票期权激励制度的大范围推广,高层管理人员的薪资结构发生了显著的变化.对于在标准普尔500内的公司来说,被转让出去的期权的总值已经从1992年的110亿美金(平均2200万美金/公司)上升到了2000年的1190亿美金(平均2亿3千8百万美金/公司)(引自Hall and Murphy,2003的数据).赞成这种增长的人认为这可以使公司的管理者的积极性可以像所有者那样被调动起来.但是随着2000年开始的头几年,纳斯达克互联网泡沫经济的破裂,这些新潮的激励方式正在全方位的饱受质疑(比如,在这篇文章中,引自Bebchuk and Fried,2003;Hall and Murphy,2003):鼓励了过多的以短期牟利为驱动的风险,这些风险包括鼓励管理人员去使用些高成本、低效率的方法,像Enron,WorldCom 和 Tyco这些公司的高层人员为了允诺在职期间的股价高回报率,甚至使用了诈骗手段.