FAS 123R高管人员股票期权费用化的实施与影响——对我国的启示

美国财务会计准则FAS123R及中国新会计准则均要求股票期权费用化。股票期权费用化的会计处理一方面有助于减少过度的授予高管股票期权;但另一方面又会对公司业绩产生影响,在一定程度上弱化了股票期权的激励效果,留给管理层更多的操控盈余的空间。中国刚施行新准则不久,股票期权费用化的影响需要更多的实证研究,可能产生的问题需要准则制定机构及监管部门更多的关注。     

Backdating executive stock options—An ex ante valuation

When backdating executive stock options (ESOs), the exercise price is set in favor of the recipient executive. Relative to a non-backdated benchmark, we find an (ex ante) upper bound for the cost of backdating to shrink from 10% to about 3.7%, as a consequence of the regime change represented by the Sarbanes-Oxley act (SOX).We frame the backdating behavior as a (compound) exotic option, considering both simple and extended models of the underlying ESO—in the latter case we draw on the analytical ESO models of Sircar and Xiong (2007). Post-SOX, we use a Longstaff-Schwartz inspired least squares Monte Carlo approach.