中文摘要：

文章讨论了再装股票期权在再装日按B—S定价模型执行所产生的经理激励缺陷，提出了将有效期内股价的几何平均值作为再装期权结算价格的思想，建立了几何亚式一再装股票期权的定价模型。并利用保险精算方法，从评估实际损失和相应概率分布的角度，研究了几何亚式一再装股票期权的价值构成，获得了基于分数布朗运动下几何亚式一再装股票期权的保险精算定价公式。还通过数值模拟分析比较了传统再装期权与几何亚式一再装股票期权在经理激励中的作用。

英文摘要：

In this paper, we have discussed the implementation of executive compensation defects which was generated by BS model on the reloading time and expiration date, and the idea that the geometric mean of stock price in period of validity as a stock option＇ s settlement price was proposed to solve the executive compensation defects, and the geometric Asian-reload stock option pricing model was settled. An actuarial method is proposed in view of evaluating actual losses and corresponding probability distribution to quantitatively cheek the price composition of the geometric Asian-reload stock option, thus developing an option pricing model to deduce further the formula under the hypothesis of underlying asset price driven by fractional Brownian motion. This article also compares reload stock option with geometric Asian-reload stock option in the manager＇s role by numerical simulation.