股票期权会计制度(推荐PDF110)

01234ABSTRACTDuringthepastafewyears,thestock-basedemployeecompensationplanshavebeengraduallyusedbysomechina’slistedcompanies.Theystarttodesignandimplementstockoptions,stockpurchaseplans,stockappreciationrights,ESOPsetc.tomotivatetheiremployees,especiallyhigh-levelmanagersandimportanttechnicians.Thestock-basedemployeecompensationplanscanremarkablynarrowthegapbetweenemployees’andcompanies’interestsandreducecompany’sprincipal-agentcost.Butsomeproblemsemergedgraduallyduringthischange.Oneofthemostseriousproblemsishowtoestablishfinancialaccountingandreportingstandardsforcompany’sstock-basedcompensationplans.Forexample,mostChinesecompaniesdon’tknowhowtomeasureandallocatethecompensationcostofstockoptions.Theydon’tcalculateanycompensationcost.Astheresult,thosecompanies’profitindexessuchasEPSandROEwillbeprobablyoverestimated.InU.S.,accountingstandardsforemployeestockoptionshavedevelopedfordecades.Amongtheseaccountingstandards,APBOpnionNo.25andFASBstatement123aremostimportantrules.ThisreportfirstintroducesAmerican’smainstockoptionaccoutingrules,includingthecontentandapplicationofAPBOpnionNo.25andFASBstatement5No.123.ThenitdiscusseshowtousesuchacademicmodelasBlack-Scholesmodel,binomialoptionpricingmodelandminimumvaluemethodtomeasurestockoptions’fairvalue.Onthebasisoftheseintroduction,theauthorestimatesseveralmajoraccountingmethodsforstockoptionsusedbychina’scompanies,andpointedoutthemistakeorweaknessoftheseaccountingmethods.FinallysomesuggestionsonhowtodesignChina’sstockoptionsaccountingrulesareadvanced.6789101972APBAPB251973APBAPB251978FASBFASB281982FASBFASB82-219811984FASBFASB381984EITFEITF84-131984EITFEITF84-181985EITFEITF84-451987EITFEITF87-61987EITFEITF84-231988EITFEITF88-61990EITFEITF90-71990EITFEITF90-91994EITFEITF94-61995FASBFASB1231995EITFEITF95-16APB251997EITFEITF96-181997EITFEITF97-12APB251997EITFEITF97-13APB254231997FASBFASB97-11232000FASBFASB44APBFASB11121314151617181921998112020011127200212314210020540%32019982524199929272000272820013430200242364/20021231200050020×100150020021231880880[42-20×100×40%]EPS199819992000200120022427283036202020202047810161001001001001004007008001000160040%40%40%40%40%160280320400640200020002000200020002160228023202400264024272830369084838073100100100100100101617202721222324“”2512FASB1232627283B-S6293031323361999APB25FASB123Siebel121,7270.5494,9980.42-21.96%Compaq569,0000.34367,0000.23-35.50%Hewlett-Packard3,104,0002.972,996,0002.85-3.48%Yahoo61,1330.10-256,023-0.50-518.8%Amazon.com-719,968-2.20-1,031,925-3.16-43.33%Intel7,314,0002.116,860,0001.98-6.21%Broadvision18,8090.07-25,015-0.11-232.99%SunMicrosystem1,031,3341.27901,1991.12-12.62%AmericaOnline762,0000.60504,0000.39-33.86%Xilinx102,5920.3365,2000.21-36.45%Altera223,9941.08199,8500.97-10.78%LinearTechnology194,2931.22125,3470.81-35.49%MicronTechnology-247,100-1.15-314,700-1.46-27.36%Biogen220,4501.40196,9651.25-10.65%ScientificAtlanta102,3431.3091,0411.16-10.77%PeopleSoft-177,765-0.67-263,274-1.00-48.10%Ebay10,8280.08-60,190-0.56-655.87%AdobeSystem237,7511.84198,7871.56-16.39%KLATencor39,2120.435,2780.06-86.54%Adaptec-13,293-0.12-75,581-0.69-468.58%Chiron162,5130.86141,6960.75-12.81%Alteon-13,639-0.72-13,500-0.711.02%Microsoft7,785,0001.427,074,0001.29-9.13%Oracle1,289,7580.871,095,9690.74-15.03%Dell1,460,0000.531,304,0000.48-10.68%JDSUniphase-171,057-2.15-399,743-5.02-133.69%Broadcom83,2870.36-105,566-0.53-226.75%Qualcomm200,8791.24149,1000.92-25.78%Lucent4,766,0001.524,263,0001.31-10.55%AnalogDevice196,8191.04162,8720.90-17.25%957,163.331.14808,359.500.96-15.55%FASB123Black-ScholesNicholasGApostolou;DLarryCrumbley,Accoutingforstockoption:Thecontroversycontinues,The34CPAJournal;NewYork;May2001.71900,0003%505067.5%30%2.5%353637382000480871138214064695704140871133469570420011282007174752638510101282007185467142001128200717475264273357128200713128200713940419200030009030000.03=291029107530025%=218250200129108729100.03=282328237530025%=211725200228238528230.03=2738273815030050%=4107008406751020002182502.511.33247477320012117254.014.32303190220024107005.516.546792978840675122976534333421120002001200220002472773200115159511515951200222643262264326226432662530503780277226432662530501003332712297653434445122000313159017.1510438633131590310438632001285033017.15856357285033019002202002427549517.15237527542754954275495465503036.5%2.5%0.36505056.5%2.5%0.347484913S50502.5%1.25%26.5%650515253547117.155.7217.15320011111.4317.155.72555657840477%30%2.5%5859606114750007510002250007530000150000503000CEO75000750006263646566676869707172“73————747576777879808198283848586p8788899091929394)()(21dNEedSNCrT--=TTrESdss)2()ln(21++=TdTTrESdsss-=-+=122)2()ln(10950)(1=∂∂dNSC)(1dN0)(2-=∂∂-dNeECrT)(2dNerT-0)()(221+=∂∂-drNXedMTSTCrTs21221)(dedM-=ps960)(1-=∂∂dMTSCs0)(2=∂∂-dNXTerCrT)()(21dNEedNSeCrTqT---=1197iS)ln(1-=iiiSSrir∑---=niirrnSTD1_)(112112)()1(111∑∑-----=niiniirnnrnSTD981/-iiSS)/ln(1-=iiiSSr07197.01=∑-niir02391.012=∑-niir207197.0)120(20102391.0)120(1×-×-×-=STD99054654.024003528.0=×=Δ=tSTDss)ln(1-+=iiiSDSr)ln(1-=iiiSSr1002S483828181808079797877