1、1本科毕业论文（设计）外文翻译外文题目ACCOUNTINGFORSHAREBASEDPAYMENTUNDERNZIFRS2外文出处UNIVERSITYOFAUCKLANDBUSINESSREVIEW,SPRING2005,VOL,ISSUE2,P3946外文作者DAVIDEMANUEL原文ACCOUNTINGFORSHAREBASEDPAYMENTSUNDERNZIFRS2INESSENCETHISSTANDARDDEALSWITHTHREEPRIMARYISSUESTHEFIRSTISWHEREPAYMENTISBYTHEISSUEOFSHARESOROTHERFORMSOFINSTRUME
2、NTTHESECONDISWHERETHEREISACASHPAYMENT,BUTTHEAMOUNTISDERIVEDFROMSHAREVALUESORACHANGEINSHAREVALUESANDTHETHIRDISWHERETHEPROVIDEROFGOODSORSERVICESTOANENTITYHASACHOICEABOUTWHETHERHEORSHEGETSPAIDINCASHORSHARESASAPRACTICALMATTER,THEMAJOREFFECTOFTHISSTANDARDISONREMUNERATIONEMPLOYEESMAYRECEIVEPARTOFTHEIRREMU
3、NERATIONINRESTRICTEDSHARES,SHAREAPPRECIATIONRIGHTS,ORVIASHAREOPTIONSINTHECASEOFRESTRICTEDSHARESTHEEMPLOYEEMAYNOTHAVETOPAYFAIRVALUEFORTHESHARESSCHEMESBASEDONSHAREAPPRECIATIONINVOLVETHEEMPLOYEEEVENTUALLYRECEIVINGCASHTHATISTIEDTOCHANGESINSHAREPRICESINTHECASEOFSHAREOPTIONS,THENORMALARRANGEMENTISTHATNOMO
4、NEYISEXCHANGEDWHENTHEOPTIONISGRANTED,ANDIFTHEOPTIONISEXERCISEDTHEGRANTEEIE,THEEMPLOYEEPAYSTHEEXERCISEPRICEFORTHENEWSHARESTHATAREISSUEDTHISARTICLECONCENTRATESONTHESHAREOPTIONACCOUNTING,ASSHAREOPTIONSAREANINTERNATIONALANDPERVASIVEFORMOFREMUNERATION,BECAUSESHAREOPTIONSHAVECOMEINFORSOMECRITICISM,ANDOPTI
5、ONSINVOLVETHEUSEOFEQUITYINSTRUMENTSITISIMPORTANTTONOTEATTHEOUTSETTHATSOMESHAREBASEDPAYMENTSCHEMESWILLINVOLVETHERECOGNITIONOFALIABILITY,RATHERTHANTHERECOGNITIONOFANITEMTHATAFFECTSEQUITYWHATAREEMPLOYEESHAREOPTIONS2ASHAREOPTIONGIVESITSHOLDERTHERIGHTBUTNOTTHEOBLIGATIONTOBUYSHARESINTHEGRANTINGCOMPANY,ONO
6、RBEFOREASPECIFIEDDATE,ANDATANAGREEDPRICEFOREXAMPLE,ANEMPLOYEEMIGHTBEGIVEN,ATTHEGRANTDATE,THERIGHTTOBUY1,000SHARESINCOMPANYAATANEXERCISEPRICEOF5PERSHARE,BUTONLYAFTERATHREEYEARTIMEPERIODOFWAITING,WHILECONTINUINGTOBEEMPLOYEDANDONLYOVERTHEFOLLOWINGTWOYEARSTECHNICALLY,THEOPTIONISAWARRANT,ASMOSTOFTHETIMEN
7、EWSHARESARECREATEDWHENTHEOPTIONSAREEXERCISEDSENIOREMPLOYEESHAREOPTIONSIE,EXECUTIVESHAREOPTIONSAGREEMENTSOFTENHAVECOMPLICATEDPERFORMANCEASPECTSASSOCIATEDWITHTHEM,FOREXAMPLETHEOPTIONSCANONLYBEEXERCISEDIFACCOUNTINGRATESOFRETURNREACHCERTAINTARGETS,ORPROVIDEDTHEPRICEOFTHESHARESONTHESHAREMARKETEXCEEDSSOME
8、BENCHMARKPRICEBYVESTINGDATESOMETIMESTHEEXERCISEPRICEMIGHTALSOCHANGEFOREXAMPLE,THEEXERCISEPRICEMIGHTINCREASEATTHECOMPANYSEQUITYCOSTOFCAPITAL,LESSDIVIDENDS,EACHYEAR,ORTHEEXERCISEPRICEMIGHTBETIEDTOANINTERNATIONALINDUSTRYINDEX,LIKETHEMORGANSTANLEYTELECOMMUNICATIONINDEX,WHICHMIGHTBEAPPROPRIATEFORASSESSIN
9、GTHEPERFORMANCEOFCOMPANIESLIKETELECOMSOMECOMPANIESISSUERESTRICTEDSHARES,BUTINAWAYTHATTHESHARESAREREALLYOPTIONSINDISGUISEFOREXAMPLEASENIORMANAGERMIGHTBEISSUEDSHARES,WHICHHEORSHEHASPAIDFORTHROUGHALOANMADEBYTHECOMPANYTOTHEEMPLOYEETHEREISLIKELYTOBEARESTRICTIONONTHESHARES,FOREXAMPLETHEYMAYNOTVESTUNTILSAY
10、THREEYEARSFROMGRANTDATEHOWEVER,THEMANAGERALSOHOLDSAPUTOPTIONWRITTENBYTHECOMPANY,WITHANEXERCISEPRICEEQUALTOTHESUBSCRIPTIONPRICEOFTHESHARESINSUM,IFTHESHAREPRICEFALLS,THEMANAGERPUTSTHESHARESBACKTOTHECOMPANY,RECEIVESTHECASH,ANDPAYSOFFTHELOANIFTHESHAREPRICERISESTHEMANAGERTHROWSTHEPUTAWAYEFFECTIVELYTHEMAN
11、AGEROWNSSHARESANDAPUT,ANDHASALOANFROMTHECOMPANYITCANEASILYBESHOWNTHATTHISISEQUIVALENTTOACALLOPTION,SOEXECUTIVESTOCKOPTIONACCOUNTINGWOULDBEAPPLIEDEVENIFTHISISNOTTECHNICALLYANOPTIONINMANYPRACTICALCASESOPTIONSAREISSUEDWITHANEXERCISEPRICETHATISCLOSETOTHESHAREPRICEATTHETIMEOFTHEINITIALGRANTTHATIS,OPTIONS
12、AREFREQUENTLYISSUEDATTHEMONEYWHENTHESHAREPRICEEXCEEDSTHEEXERCISEPRICETHEOPTIONISDESCRIBEDASBEINGINTHEMONEY,ANDTHEDIFFERENCEBETWEENTHESHAREPRICEANDTHEEXERCISE3PRICEISDESCRIBEDASTHEOPTIONSINTRINSICVALUEWHENTHESHAREPRICEISLESSTHANTHEEXERCISEPRICETHEOPTIONISOUTOFTHEMONEY,ANDTHEINTRINSICVALUEOFTHEOPTIONI
13、SZEROIMPACTONCOMPANIESPROFITSTHEIMPACTONNEWZEALANDCOMPANIESPROFITSISLIKELYTOBEQUITESMALLASTYPICALLYEMPLOYEEOPTIONSOUTSTANDING,IFANY,AREAVERYSMALLPROPORTIONOFTHETOTALORDINARYSHARESOUTSTANDINGINTHEORDEROF1OR2ATMOSTHOWEVER,INTHEUS,ANDPARTICULARLYINCERTAINSECTORSOFTHEECONOMY,THEIMPACTOFEXPENSINGOPTIONSW
14、ILLBELARGEABEARSTEARNSRESEARCHTEAMESTIMATEDTHATTHEIMPACTONCOMPANIESINTHESTANDARDANDPOORS500INDEXWOULDBETOSLICEFIVEPERCENTOFFPOSTTAXNETINCOMEIFTHOSECOMPANIESHADEXPENSEDOPTIONSIN2004FORTHETOP100COMPANIESONTHENASDAQTHEIMPACTWOULDBE22ONAVERAGETHEREPORTINDICATEDTHATINTELSNETINCOMEWOULDHAVEDROPPED17IFITHA
15、DEXPENSEDEMPLOYEESTOCKOPTIONSANDCISCOSPROFITWOULDHAVEFALLEN24UNSURPRISINGLY,THEINFORMATIONTECHNOLOGYSECTORCOMPANIESHAVEBEENSTRONGLYOPPOSEDTOEXPENSINGSTOCKOPTIONSSOHAVEBIOTECHNOLOGYCOMPANIESMANYOFTHECOMPANIESINTHESESECTORSWILLBESTARTUPS,WILLHAVENEGATIVECASHFLOWANDHENCEWILLNEEDTOGOBACKTOFINANCIERSFROM
16、TIMETOTIME,ANDWILLRELYEXTENSIVELYONOPTIONSINREMUNERATINGEMPLOYEESTHOSECOMPANIESWOULDNOTBEENAMOUREDWITHTHEPROSPECTOFREPORTINGEVENBIGGERLOSSESASACONSEQUENCEOFEXPENSINGOPTIONS,ASTHEYMIGHTFEELITWILLIMPACTONTHEIRBILITYTORAISEADDITIONALCAPITALFURTHER,THEYHAVEARGUEDTHATTHEREISNOSATISFACTORYWAYTODETERMINETH
17、EFAIRVALUEOFTHEOPTIONSINTHEFIRSTPLACEWHATDOESTHENEWSTANDARDREQUIREIFRS2INDICATESTHATTHEREISANAMOUNTTHATOUGHTTOBERECOGNIZEDASANEXPENSETHEEXPENSEISBASEDONTHEFAIRVALUEOFTHESERVICESPROVIDED,ANDIFTHATCANNOTBEDONETHEEXPENSEISBASEDONTHEFAIRVALUEOFTHEOPTIONSGRANTEDASITISVIRTUALLYIMPOSSIBLETOASSESSTHEFAIRVAL
18、UEOFTHESERVICESPROVIDEDBYTHEEMPLOYEE,THENORMALMETHODOFDETERMININGEXPENSEISTHEREFOREGOINGTOBETHEFAIRVALUEOFTHEOPTIONSACTUALLYGRANTEDTHATISEASIERSAIDTHANDONE,ANDSOMEOFTHEISSUESASSOCIATEDWITHTHEVALUATIONOFEMPLOYEEOPTIONSAREDEALTWITHBELOW4PARAGRAPH15TELLSUSOVERWHATPERIODTHEEXPENSEASSOCIATEDWITHTHEOPTION
19、SISRECOGNIZEDTHISISDETERMINEDTOBETHEVESTINGPERIOD,WHICHINMANYNEWZEALANDCASESISTHEFIRSTTWOORTHREEYEARSOFTHEOPTIONSLIFEFOREXAMPLEWHENPUMPKINPATCHLIMITEDMADEITSINITIALPUBLICOFFERINGIPOINJUNE2004,ABOUTTWOMILLIONOPTIONSWEREISSUEDTOSENIOREMPLOYEESWITHAVESTINGPERIODOFTHREEYEARSANDANEXERCISEPERIODOFTHEFOLLO
20、WINGTWOYEARSINESSENCETHEEXECUTIVESCOULDEXERCISETHEOPTIONSANYTIMEBETWEENJUNE2007ANDJUNE2009,PROVIDEDTHEMARKETBASEDPERFORMANCEHURDLEWASREACHEDINTHATCASETHEEXERCISEPRICEWASTHEIPOPRICE,BUTTHEOPTIONSCANONLYBEEXERCISEDASLONGASTHESHAREPRICEINCREASEDBYPUMPKINPATCHSEQUITYCOSTOFCAPITAL,LESSDIVIDENDS,OVERTHEVE
21、STINGPERIODMYESTIMATEOFTHEFAIRVALUEOFTHESEOPTIONSATGRANTDATE,EACHONEOFWHICHCONVERTSINTOONESHAREIFEXERCISED,ISABOUT0306EACHINAGGREGATETHISTRANSLATESINTOATOTALEXPENSEOF600,000TOBERECOGNIZEDOVERTHEVESTINGPERIODSAY200,000PERANNUMINPRACTICETHISCALCULATIONWOULDACTUALLYBEBASEDONTHEEXPECTEDNUMBEROFOPTIONSTO
22、BEEXERCISED,RATHERTHANTHETOTALNUMBER,ASSOMEOPTIONSWILLLAPSEIFEMPLOYEESRESIGN,DIE,AREMADEREDUNDANT,ORAREDISMISSEDWITHCAUSEANDOBVIOUSLYTHEEXPECTEDNUMBEROFOPTIONSTOBEEXERCISEDCOULDCHANGEOVERTHEVESTINGPERIOD,DEPENDINGONWHATTHESHAREPRICEWASDOINGFOREXAMPLEINTHECASEOFPUMPKINPATCHTHESHAREPRICEATTHETIMEOFWRI
23、TINGISABOUT275SOTHEOPTIONSAREDEEPINTHEMONEYBUTTHEREISANOTHERTWOYEARSTORUNBEFORETHEOPTIONSVESTEXECUTIVESARELESSINCLINEDTOLEAVEINTHISSITUATION,THANIFTHEOPTIONSWEREOUTOFTHEMONEYTHEREFORE,THEACCOUNTINGUNDERIFRS2WOULDREQUIRETHERECOGNITIONOFANEXPENSEEACHYEARDURINGTHEVESTINGPERIOD,WITHACORRESPONDINGCREDITT
24、OEQUITY,TOANACCOUNTLIKELYTOBECALLEDISSUEDCAPITALOPTIONSFAIRVALUEOFEMPLOYEESHAREOPTIONSTHEVALUEOFANOPTIONDEPENDSONSIXVARIABLESTHESHAREPRICEATTHETIME,THEEXERCISEPRICE,INTERESTRATES,TIMETORUNTOEXPIRY,THEVOLATILITYOFTHERETURNSONTHEUNDERLYINGSHARES,ANDDIVIDENDSEXPECTEDTOBEPAIDDURINGTHELIFEOFTHEOPTIONSTHE
25、REAREOTHERFACTORSTHATMAKETHEVALUATIONMORECOMPLEXTHEMAJORONEISTHATTYPICALLYEMPLOYEESHAREOPTIONSDONOTVESTFORAPERIODOFTIME,ANDTHENCANBE5EXERCISEDATANYTIMEAFTERSERVICEVESTING,SUBJECTTOANYREMAININGPERFORMANCEHURDLESBEINGSATISFIED,ANDALSOSUBJECTTOANYINSIDERTRADINGPROVISIONSTHATMAYEXISTHENCE,EMPLOYEESHAREO
26、PTIONSAREAMIXTUREOFEUROPEANANDAMERICANOPTIONSIFTHEYWERETRADEDONANEXCHANGETHEYWOULDBEKNOWNASBERMUDANOPTIONSIFTHEPERFORMANCEHURDLESAREMARKETBASEDASINTHEPUMPKINPATCHCASETHIS,TOO,NEEDSTOBEFACTOREDINTOTHEVALUATIONWITHTRADEDOPTIONSTHEREISASIMPLERULEDONTEXERCISEALLOPTIONSONNONDIVIDENDPAYINGSHARESEARLYBUTWH
27、ILEOPTIONSONMARKETSCANBETRADED,EMPLOYEESHAREOPTIONSLACKLIQUIDITYLIQUIDITYISVALUABLE,ANDTHEONLYEASYWAYINWHICHTHEMANAGERSCANCREATELIQUIDITYISTOEXERCISETHEIRRIGHTSANDTHENSELLTHESHARESSOEARLYEXERCISEISCOMMON,PERHAPSMOTIVATEDBYTHEDESIREOFTHEEMPLOYEESTODIVERSIFYTHEIRWEALTHEFFECTIVELYTHEYWILLBEALLOCATINGSO
28、MEOFTHEMONETARYWEALTHAWAYFROMWHERETHEIRHUMANCAPITALISALLOCATEDANDTHISRAISESANOTHERISSUETHEEMPLOYEESMAYBEASSIGNINGAVALUETOTHEOPTIONSTHATISLESSTHANTHECOSTOFTHEOPTIONSTOTHECOMPANY,CREATINGADEADWEIGHTLOSSALLTHISSUGGESTSTHATVALUINGEMPLOYEEOPTIONSISDIFFICULTANDTHEREISSOMECONSIDERABLEUNCERTAINTYINTHEFINALN
29、UMBERSHOWEVERTHEYARELIKELYTOBEASUBSTANTIALLYBETTERESTIMATETHANTHEESTIMATEOFEXPENSEUSEDCURRENTLY,WHICHISZEROFURTHER,THEUNCERTAINTYISPROBABLYNOGREATERTHANWITHOTHERITEMSTHATWETAKEFORGRANTEDLIKETHEUSEFULLIFEOFANASSETFORDEPRECIATIONPURPOSESMOSTVALUERSWILLUSESOMEFORMOFBINOMIALOPTIONPRICINGMODELTODETERMINE
30、FAIRVALUE,ANDTHEBINOMIALMODELCANCOPEWITHMOSTOFTHECOMPLEXITYTHATHASBEENDESCRIBEDABOVESOMEWILLUSETHEBLACKSCHOLESMERTONOPTIONPRICINGMODEL,ANDUSEEXPECTEDLIFENOTTOTALLIFEOFTHEOPTIONINTHEFORMULATHEMORECOMPLICATEDTHEOPTION,THEMORELIKELYABINOMIALSOLUTIONWILLBENEEDEDFROMTHECOMPANYSPERSPECTIVE,THISWILLNOTCOME
31、FORFREEFIRMSWILLNEEDTOEMPLOYAFINANCIALEXPERTTODETERMINETHEINITIALFAIRVALUE,EVERYTIMETHEFIRMGRANTSNEWOPTIONSOFCOURSE,ITISACKNOWLEDGEDTHATFIRMSDONEEDTOKNOWWHATOPTIONSAREWORTHIFTHEYAREPARTOFAREMUNERATIONPACKAGE,SOITCANBEARGUEDTHATTHENETINCREMENTALCOSTOFHAVINGTOBOOKTHEAMOUNTINTOTHEACCOUNTINGSYSTEMIS6QUI
32、TELOWCONCLUDINGCOMMENTTHEBASICACCOUNTINGFORSHAREBASEDPAYMENTSFORREMUNERATIONISTHEREFOREQUITESIMPLEEXPENSEANAMOUNTOVERAVESTINGPERIODTHEMAINDIFFICULTIESAREASSOCIATEDWITHADETERMININGARELIABLEFAIRVALUEFORTHEINSTRUMENT,ANDBDETERMININGAREASONABLEESTIMATEOFTHENUMBEROFINSTRUMENTSTHATWILLNOTLAPSEDURINGTHEVES
33、TINGPERIODTHEFORMER,FAIRVALUE,ISBOUNDUPINSOMEREASONABLYSOPHISTICATEDVALUATIONPROCEDURESTHELATTERISAMANAGEMENTDERIVEDESTIMATETHATWILLDEPENDUPONINTERNALJUDGMENTSONAYEARBYYEARBASIS,ALTHOUGHBYTHEENDOFTHEVESTINGPERIODONEWILLKNOWHOWMANYOPTIONSWILLVESTINMYVIEWTHEDETERMINATIONOFTHEFAIRVALUEWILLBETHEMOREDIFF
34、ICULTASPECTHOWEVER,ALLLEADINGFIRMSOFFINANCIALADVISERSWILLHAVEEXPERTSINTHISAREA,ANDWILLHAVEDEVELOPEDMODELSTHATCANSATISFYMOSTCOMPUTATIONALNEEDSDAVIDEMANUELUNIVERSITYOFAUCKLANDBUSINESSREVIEW；SPRING2005,VOL1SSUE2,P39467译文国际会计准则2股份支付下的会计计量股份支付准则大体上是解决这样三个主要的问题。第一，支付形式是给予股票期权还是其他形式。第二，现金支付形式的现金数量是根据股票价值还是
35、股票价值的改变形式。第三，供应者提供商品或者服务于企业，他们可以选择现金支付还是股份支付。实际上，这个准则的主要影响是在于薪酬上。员工可能得到的部分薪酬形式是限制股，股票增值权，股票期权。在限制股的情况下员工不必支付股票的公允价值。股票期权计划是建立在股票的价值变动上使员工获得现金收益。在股票期权形式中，协议规定期权发放时不产生现金交易，但是如果股票期权被转让，那么转让人要支付受让人股票价格的变动。什么是员工股票期权股票期权给予股票期权持有者在固定时期，以固定价格购买公司股票的权利。比如，员工在固定日期被授予以5元每股的价格购买1000股A公司的股票，但条件必须在A公司任职3年，在两年后才能交
36、易。技术上来说，股票期权就是许可证，在大多数情况下，股票价格的变动会产生收益。最高级别的股票期权计划（高管股票期权）跟他们的行权条件有着复杂的关联。比如股票期权只有在他们达到一个既定的业绩目标后才能行权，或者促使股票的市场价格达到一定价格才能行权。一些公司发行限制股，但是在实际上可以说是股票期权。比如高管可能被授予股票，但是要偿还公司相应的股票价值的负债。这很可能就是限制性股票，他们可能要在公司就职三年才能真正获得这些股票，然而，高管们同时也用拥有以与认购价格相同的市场价格出售的卖出选择权，总而言之，如果股票价格跌落，高管们就会放弃购股权，选择从公司获得现金，并支付负债。如果股票价格上涨，高管
37、们就会抛售股票。实际上高管们拥有股票和出售选择权，还有需支付给公司的债务。在很多实际问题处理中，股票通常在授予日被以很接近股票价格的预购股票价格授予。也就是说，股票很多时候以市价授予，当市场价格超过预购股票价格时，这种现象可以说是“挣钱”，预购股票价格和市场价格的不同可以称为股票8的内在价值。当股票市场价格低于预购股票价格的时候，这种现象可以说是“输钱了”，这时候的股票内在价值就是零。对企业盈利的影响对大多数的英国企业来说，股份支付准则带来的影响是很小的，因为职工股份期权在英国是很比较盛行。如果非得说有，那也大约12。然而在美国，股份支付相应产生的费用很大。英国一个调查表明在2004年，如果按
38、照准则要求的话，企业必须支付净收益的5的税。美国证券交易商自动报价系统协会前100的企业需支付的税平均高达22。调查指出因特尔公司如果把职工股份支付都费用化的话，公司的净收益会下降17个百分点，加拿大白鲑公司的净利润将下降24。信息技术部门公司已经是非常反对费用股票期权，生物技术公司也是一样。但是很多这些类型的企业即将启动这样的处理方法，他们将会有较大的现金流出，会依赖用股票来酬劳广大的员工们。这些企业将不会倾向于报表的完美，他们甚至会因为股票支付费用化损失更多，更远的来说，没有一个令人满意的方法来决定公允价值，以至于很多问题都不能解决。新准则的要求是什么IFRS2指出有股份支付大部分要被费用
39、化，费用是以得到的服务的公允价值为依据的，如果公允价值不能可靠的计量，那么就以授予的股票期权的公允价值为基础。实际上因为不能可靠的计量员工提供的服务的公允价值，所以常用的决定费用的方法是以授予的股票期权的公允价值为基础。IFRS2第15段告诉我们费用与股票期权时间区域有联系的确认计量。这个取决于等待期，在许多英格兰的例子中等待期是属于股票期权时效的前两或三年。比如，南瓜有限公司在2004年6月首次公开发行募集，2百万股票期权发行给公司高管，条件是他们必须在公司任职三年，而且行权期是两年。其实在既定市场条件达到后，高管们可以在2007年6月至2009年6月中的任何一天行权，在这个例子中行权价格是
40、公开募集的价格，但是股票期权只有在公司股票达到既定价格后才能行权。在股票期权授予日一公允价值计量，股票期权转化为职工持有股。如果行权，每股价格0306，这次转化总共要计入费用金额达600,000。在等待期内分摊计入费用，也就是每年200,000。实际上，这样的计算是以预期行权数量为基础的，而不是总数，有一部分股9票期权会不计入费用，比如，员工辞职或者放弃行权，员工死亡，或者被解雇，或者公司解散。显然地，股票期权的预期行权数量依据股票的价格可以改变等待期，比如，在南瓜有限公司这个例子中，当股票价格是每股275时，可以看出股票给高管们可能可以带来丰厚的收益，所以在这样的情况下，高管们会更倾向于留在
41、公司。因此，在IFRS2准则下，要求费用在等待期内每年进行分摊确认，相应的在实收资本科目下确认权益。职工股票认购权的公允价值期权的价值决定于六个变量期权的价格变动，期权基础股份的现行价格，期权的有效期限，股票价格的期望波动率，期望的股票红利，股票的无风险利息率。还有其他的因素使这个价值更加复杂。最主要的一个因素是，一般职工股票认购权不会在开始就授予，但是能在服务期结束后的任何时候使用，这样就容易受到内幕交易所影响。所以，职工股票认购权是美国和欧洲股票期权的混合体。对于交易中的期权，又一个简单的规则不要过早全部使用没有股息的股份支付。但是当市场上的期权可以交易流通时，员工股份优先认购权缺乏流通性
42、。流通性是很有价值的，管理者们能增加流通性的唯一途径就是使用他们自己的权利然后卖出股票。所以可能是迫于员工们想把自己的财富多样化的欲望，这样使得早点使用权利是正常的。他们通常会有效的把货币资金从人力资本中分配出来。以上这些都说明了员工股份期权好似很难计量，以及在最终的结果里还有好多不确定的因素影响。很多评估者会用二项式期权定价模型来确定公允价值，这个二项式期权定价模式能很好的对付大多数以上描述的复杂情况。有些人会用斯科尔斯和莫顿模型来确定公允价值，在模型里运用的是股票期权的期望时限。相关总结股份支付的基本会计处理是简单的就是在等待期内分摊费用化。主要的困难是获得一个较准确的公允价值来计量，以及行权数量的可靠估计。前者，公允价值，由合理的，成熟的程序步骤可以获得，后者是可以靠管理的多年经验可以积累获得，这是靠内部的经验判断得到。在我看来，公允价值的决定是最难的一部分。然而，在领先的金融行业里，会有这方面的专家，会制定出适合我们大众需要的先进的计量模式。10大卫伊曼纽尔奥克兰大学商业周刊2005年第二宗P3946
