The stock-market rebound from the depths of the financial crisis has been a boon to dozens of executives who received grants of stock and stock options at rock-bottom prices in late 2008 and early 2009.

　　美國股市從金融危機的深淵反彈，令數十位在2008年底和2009年初以極低價格獲得股票和股票期權的公司高管收獲甚豐。

　　The market carnage coincided with the year-end season when many companies make their equity grants to executives. The result was attractively low exercise prices for options. The depressed prices at the time also prompted some boards to grant larger numbers of options or shares than usual. Both factors boosted potential gains when stocks recovered.

　　股市低迷之際恰逢年底很多公司向高管授予股權的時段。結果就是，期權的行使價非常低。當時低迷的價格還促使一些公司董事會比正常情況授予了更多的期權和股票。這兩個因素都在股市反彈時提振了可能的收益。

　　In all, more than 90% of CEOs of companies in the Standard & Poor's 500-stock index received stock or options between Oct. 1, 2008 -- shortly after the Lehman Brothers collapse -- and Sept. 30 of the following year. Collectively, that CEO equity has since risen more than $3 billion above original grant valuations, a Wall Street Journal analysis of S&P data shows.

　　總體來看，從2008年10月1日雷曼兄弟(Lehman Brothers)倒閉不久到次年9月30日，標準普爾500指數成份股公司中有90%以上的首席執(zhí)行長獲得了股票或期權。據《華爾街日報》對標普數據的分析顯示，目前這些股權的總估值已經較當初授予時增加了逾30億美元。

　　These are mostly paper gains. Many shares and options granted during the crisis carry time restrictions and can't yet be cashed out. Some grants also are linked to performance hurdles, and so might never be earned.

　　這些主要為帳面收益。危機時授予的很多股票和期權附帶有時間限制，目前尚無法套現。一些股權的授予還與業(yè)績要求掛鉤，所以可能永遠也無法套現。

　　Not every CEO shows gains on equity grants from the crisis period. Monsanto Co. CEO Hugh Grant received stock and options in October 2008 valued at $9.6 million. Since then, Monsanto shares have fallen 25%, so for now the options wouldn't be worth exercising. His stock grant, initially valued at up to $3.7 million, is worth about $1.4 million now.

　　并非所有的首席執(zhí)行長在危機時期獲得的股權都升值了。孟山都公司(Monsanto Co.)首席執(zhí)行長格蘭特(Hugh Grant)在2008年10月獲得了價值960萬美元的股票和期權。截至目前，該公司股票已經累計跌了25%，所以目前期權還不值得行使。他的股票最初估值最高可達370萬美元，目前只有約140萬美元。

　　The mostly surging values underscore a shift toward paying executives more with options and restricted shares, tying their fortunes to those of shareholders. Restricted shares are stock an executive gets free after sticking around for a set number of years and, in some cases, meeting performance tests.

　　股票大多升值，這凸顯出更多地以期權和限制性股票的形式給高管付薪的趨勢，這樣高管的命運就與股東的命運聯系在了一起。限制性股票是高管在任職一定年份后，有時是在滿足了業(yè)績考核后，免費獲得的股票。

　　Stock options and restricted stock accounted for 53% of the stated value of pay for big-company CEOs in 2009, said Kevin Murphy of the University of Southern California's Marshall School of Business. That was up from 49% in 2005. Cash compensation declined during the recession. Brian Foley, a compensation consultant, said in many cases, executives are being rewarded for restoring share prices to 2006 levels. Large equity grants made at depressed share prices in late 2008 and early 2009 have become "lottery tickets" for some, he said.

　　南加州大學(University of Southern California)馬歇爾商學院的墨菲(Kevin Murphy)說，股票期權和限制性股票占了2009年大公司首席執(zhí)行長薪酬宣稱價值的53%。這較2005年49%的比例有所上升。衰退期間現金薪酬減少。薪酬顧問弗利(Brian Foley)說，很多情況下，高管獲得獎金是因為他們使公司股價恢復到了2006年的水平。他說，2008年底和2009年初以低價獲得的大量股權對一些人來說成了“彩票”。

　　Shareholders of many firms have benefited, too. The cumulative value of S&P-500 companies has more than doubled from its low point during the financial crisis, to $12.3 trillion. In contrast to executives with options, however, shareholders had to put money at risk for two or 2 1/2 years to achieve these gains.

　　很多公司的股東也獲益了。標準普爾500指數成份股公司的總市值較金融危機時期的低點增加了一倍以上，至12.3萬億美元。不過，與獲得了期權的高管不同的是，股東必須拿資金冒險兩年或兩年半才能得到這樣的收益。

　　Paying executives more heavily in equity rather than salary makes their compensation more variable and poses a challenge for directors who are trying to set a proper pay level. Compensation from equity grants obviously would have proved far lower had stocks not rallied sharply from their lows.

　　更多地以股權而不是工資的形式來給高管付薪，這使得他們的薪酬更加靈活，給試圖設定一個適當薪酬水平的董事會帶來了挑戰(zhàn)。假如股市沒有從低點大幅反彈，事實證明以股權形式發(fā)放的薪酬顯然要縮水很多。