以剩餘所得評價模型探討員工認股權證之會計處理
Other Title
Employee Stock option Accounting in Residual Income Valuation framework
Date Issued
2005
Date
2005
Author(s)
葉疏
DOI
932416H002026
Abstract
We use the residual income valuation framework to compare the equity valuation
implications of four approaches to employee stock options (ESOs) accounting proposed
by regulators: APB 25 “recognize nothing”, SFAS 123 (revised) “recognize ESO expense”,
FASB Exposure Draft “recognize and expense ESO asset” and “recognize ESO asset and
ESO liability”. Our theoretical analysis shows that only grant date recognition of an
asset and a liability, and subsequent marking-to-market of the liability, results in
accounting numbers that accurately capture the dilution effects of ESOs on current
shareholder value when used in the residual income valuation model. The other
accounting methods lead to over-estimates of current equity value. Out-of-sample and
in-sample empirical tests are used to assess value relevance of the four accounting
methods. The out-of-sample tests compare contemporaneous equity market value
predictions based on each of the four methods. The in-sample tests compare the model
explanatory power from estimating equations relating to each of the four accounting
methods. The out-of-sample tests indicate the method with grant date asset and liability
recognition has the lowest prediction errors, followed by the Exposure Draft method, the
SFAS 123 (revised) method, and the APB 25 method. Findings from the in-sample tests
are largely consistent with our theoretical expectations and provide support for the grant
date recognition of an ESO asset and liability.
Subjects
employee stock options
residual income valuation framework
dilution effects
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
other
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