The Differential Value Relevance of S&P's Core Earnings Versus GAAP Earnings: The Role of Stock Option Expense

In 2002, Standard & Poor's (S&P) introduced Core Earnings as a proprietary, uniform earnings metric, with the goal of improving financial reporting. The distinguishing feature of Core Earnings is its consistent treatment of seven adjustments to GAAP earnings for which there is no consensus adjustment by managers and analysts. We use stock price and return data to assess whether investors perceive Core Earnings to be more value relevant than GAAP earnings. The implementation of FASB 123R changed the calculation of GAAP and Core Earnings. This change allows us to assess the role of stock option expense in the valuation of earnings numbers by partitioning the sample into pre‐ and post‐FASB 123R periods and creating consistent measures of GAAP and Core Earnings. Our price results indicate that Core Earnings is more value relevant than GAAP earnings in the pre‐period after controlling for stock option expense, and in the post‐FASB 123R periods. The price results provide empirical evidence consistent with S&P's expectation that a uniformly calculated earnings measure is a more consistent and useful indicator of current performance and future earnings.     

经理股票期权制度及其利弊分析

经理股票期权计划(Executive Stock Option,以下简称ESO)是近20几年来在西方兴起的一种用以激励经理人员的报酬制度,特别是进入20世纪90年代以来,以ESO为主体的薪酬制度已经取代了以基本工资和年度奖金为主体的传统薪酬制度。在1996年《Fortune》杂志评选的全球500家大型工业企业中已有89％的公司实施了高层经理人员股票期权制度。目前,在国外一些大企业的总股本中,股票期权所占的比重正在逐步上升。     

对我国推行股票期权的几点思考

股票期权是欧美国家企业普遍采用的一种薪酬形式。从理论上看,它有利于完善我国经营者激励机制、促进国有企业改革的发展。然而,目前我国推行实施规范股票期权的基本条件还很不成熟。在这种情况下,不适宜凭着单纯的热情大规模推广股票期权。从根本上说,推行股票期权有待于国有企业改革自身的完善。     

区际产业转移的效应分析及相应政策建议

本文在对经营者股票期权进行理论分析的基础上 ,对其在我国企业改革中推行的制约因素 ,从企业理论出发、结合我国实际 ,进行了详尽的分析 ,并指出应该使其从行政给予型转变为市场诱导型。     

人力资本产权理论及其运作

人力资本与物质资本、货币资本一样是带来利润收益,并使资本得到保值和增值的所有权资本.人力资本产权既在承认人力资本的存在及确认其价值,也就是企业透过提供股票或期权给予企业高管人员及员工,使其拥有公司股票或股权,进而确认其人力资本产权.     

人力资本产权理论及其运作

人力资本与物质资本、货币资本一样,是带来利润收益并使资本得到保值和增值的所有权资本.人力资本产权承认人力资本的存在并确认其价值,也就是企业提供股票或期权给企业高管人员及员工,使其拥有公司股票或股权,进而确认其人力资本产权.     

遭遇质疑的经理人股票期权（ESO）

自从安然危机及一连串的美国大公司丑闻被披露以来,国内外都在检讨ESO制度,从ESO的会计处理、新的道德风险到体制政策障碍等。笔者认为应在坚持股票期权试验的同时,加强我国的基础建设——完善公司治理结构、培育规范资本市场及健全相关法律法规等。     

Transaction Costs,Option Prices,and Model Risk in Fair Value Accounting

This paper examines the reliability of option fair value estimates in the presence of transaction costs. The Black Scholes Merton (BSM) framework assumes zero transaction costs and thus might not provide a reasonable approximation in this context. We investigate the model adjustments companies make to their BSM models to deal with these transaction costs. We specifically examine Employee Stock Option (ESO) plans listed on the French stock exchange, as detailed disclosure on modeling is available for these ESOs. Our analysis questions the reliability of these model adjustments, especially their bias and the extent to which they provide a faithful representation of option fair values. Holding parameter values constant, we find that the model adjustments lead to a median understatement of 52% compared to the BSM model price, higher than the discount we observe for the opportunistic determination of model parameters (below 20%). The paper contributes to the fair value literature by highlighting model risk in the fair valuation of options. This model risk stems from assumptions made about the size of transaction costs and complements the notion of parameter risk analyzed in previous literature. As a result, the model itself might be a possible channel for fair value management.     

我国上市公司实施ESO制度障碍及制度完善

ESO作为一种激励经理人员的制度,其激励机制的作用依赖于完善的市场制度。我国目前实施ESO制存在着股票市场不完善、经营者市场尚未建立和法律制度不健全等障碍,因此我们当前应从这些方面来加以完善。     

经理股票期权的理论分析与现实选择

代理理论指出 ,信息不对称导致的逆向选择和道德风险会损害委托人的利益 ,委托人必须给予代理人适当的激励来减少代理成本。经理股票期权作为一种长期激励机制 ,实现了剩余索取权与控制权的对应 ,因而是一种有效的激励约束机制。文章在对ESO方案设计要点进行介绍之后 ,结合我国进行股票期权激励的现状 ,对其存在的问题进行了具体分析。