英语翻译We use data compiled from the 2000 Survey on Current Pra

英语翻译
We use data compiled from the 2000 Survey on Current Practices in Broad-Based Stock Option Plan Design conducted by the National Center for Employee Ownership (NCEO).The NCEO is a private,non-profit organization that provides members with information about employee ownership programs.In early 2000,the NCEO mailed a survey to compensation administrators at public and private companies of all sizes and in a wide variety of industries.The survey was sent only to companies that the NCEO believed had a \broad-based stock option plan" in place or expected to implement such a plan within two years of the survey.\Broad-based" plans were defined as stock option plans where 50% or more of the firm's employees receive or hold stock options.Survey respondents provided financial information such as average salary and number of options granted at various levels of the firm,as well as details on other compensation plans and reasons for granting options.The 247 firms that returned questionnaires to the NCEO do not constitute a random sample of firms or even of firms with broad-based stock option plans.However,it does provide an extremely rich set of details about stock option contracts at a large set of companies that,as of 2000,chose to distribute stock options broadly within their organizations.
The firms in the NCEO sample have high stock volatility,largely due to the fact that "new economy" firms are both highly volatile and prone to use broad-based option plans.As will become clear below,our estimates of the risk costs of employee option grants are very high.While the exact estimates we present apply only to the NCEO sample,it is clear from more random samples that firms that make options grants to middle managers are,on average,high volatility firms (see Oyer and Schaefer (2003).)
To estimate option values,we use the number of options a firm reports granting to new middle-manager hires.If the firm does not make grants to new hires,we use the number of options granted in the firm's "ongoing/periodic" plan.If the firm does not make new hire or ongoing grants,we use the number granted in the firm's "single grant" (that is,one-time) plan.In most firms,middle managers' option holdings confer the right to purchase a very small fraction of the firm's equity.On average,middle managers at our sample firms "own," via the options,rights to 0.16% of the firm's equity.There are,however,a number of very small firms where each middle manager owns in the neighborhood of 1% of the firm.The median value is 0.039%,which is approximately 1/25th of 1%.
We compute two measures of the value of options held.The first is the Black-Scholes value(BSV),for which we assume a ten-year expiration period.Because many firms in the sample are growing and are therefore likely to become less volatile,we estimate future volatility as the minimum of 0.75 and 75% of historical volatility.

等一下,有点烦,很难
我们使用的数据来自2000个调查目前的做法在广泛的股票期权计划由雇员所有制国家中心（nceo）.该nceo是一个私人,非盈利性组织,为会员提供信息,员工持股计划.2000年初,该nceo邮寄一项调查,薪酬管理人员在公共和私营公司的各种规模和各种行业.该调查是仅发送给公司,nceo认为有\广泛的股票期权计划”在地方或预期执行这样一个计划在两年的调查.\广泛”计划被定义为股票期权计划在50%个或更多的企业的员工获得或持有股票期权.受访者提供财务等信息的平均工资和授予购股权数目在各个层次的企业,以及其他的补偿计划和理由授予购股权.247个公司,返回问卷的nceo不构成一个随机样本企业或公司广泛的股票期权计划.然而,它提供了一个非常丰富的细节,股票期权合约在大型的公司,如2000,选择股票期权在其组织分布广泛.本公司在nceo样品有较高的股票的波动性,主要是由于这一事实,“新经济”的企业都是非常不稳定,容易使用广泛的期权计划.如将变得清晰,我们估计风险成本员工期权授予很高.虽然确切的估计,我们目前仅适用于nceo样本,很显然,更多的随机样本,使期权授予公司中层管理人员,平均波动性较高的公司,（见法庭和舍费尔（2003）.）估计选项值,我们使用了一些选项的公司报告给予新的中层管理者租.如果公司没有给予新员工,我们使用了一些期权授予该公司的“持续/周期”计划.如果公司不让新员工或持续的资助,我们使用了一些在公司的“单”（即,一次性）计划.在大多数企业,中层管理人员的选择,集团授予权购买一小部分公司的股权.平均,中层管理人员在我们的样本企业”,“通过选择权,该公司0.16%的股权.有,但是,一些非常小的公司,每一位中层经理拥有在1%的公司.中位数的值是0.039%,这大约是1/第二十五1%.我们计算措施持有期权的价值.第一个是期权价值（和）,而我们认为10年的保质期.因为许多公司样品中生长,因此可能变得比较稳定,我们估计未来波动最小的0.75和75%的历史波动率.
再问： 。。。可以是经过修饰的吗？？？不要是直接google翻译过来的啊。弄好可以多加分的