Capital Market Evaluation of the Stock Option Plans in Japan

日本股票期权计划的资本市场评价

• 批准号: 11630148
• 负责人: NOGUCHI Akihiro
• 金额: $ 2.05万
• 依托单位: NAGOYA UNIVERSITY
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 1999
• 资助国家: 日本
• 起止时间: 1999 至 2002
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-11630148/
• 关键词: STOCK OPTION; CAPITAL MARKET; ABNORMAL RETURN; JAPAN; ACCOUNTING STANDARD

The reaction of the share price was examined for the listed corporations at the First Section of the Tokyo Stock Exchange that approved the resolution to grant treasury stock type stock options at the shareholders' meeting by the end of September 1997. There were fifteen corporations. The average abnormal return on the next trading day of the directors' meeting that approved the adoption of stock option plans was not statistically significant. Instead of limiting samples to the first fifteen corporations, the abnormal returns was calculated in the same manner for eighty four samples, which introduced stock option plans and/or quasi-stock option plans by 1998. By increasing the number of data, abnormal returns became significant.It was on May 28, 1997, when the recommendation for timely disclosure was issued from Tokyo Stock Exchange. However, by then, thirteen corporations among the first fifteen corporations have already approved to introduce stock options at the directors' meeting. S … More o the next day of the directors' meeting was not the correct event day. By using the announcement date instead of the next day of the directors' meeting, significant t value can be observed even for the first fifteen corporations. The amendment of the rule for the timely disclosure could not catch up with the speed of the amendment of the Commercial Code, which caused in some kind of confusion in the capital market. As the adoption of stock option plans in the compensation program in the company seems to be a good news, which should be released timely in order to avoid the confusion in the capital market.In 2001, Japanese Commercial Code was amended to combine the articles that regulates convertible bonds, bonds issued with stock purchase warrants, and stock options, as those are all call options issued by the company. Although the Commercial Code no longer limits the number of stock options to be granted, the restriction to be eligible for the preferential treatment for the income tax seems to restrict the number of stock options to be granted to the employees. Less

以1997年9月末在东京证券交易所第1科股东大会上通过授予库务局股票型股票期权决议案的上市公司为对象，分析了股价的反应。有15家公司。通过股票期权计划的董事会议下一个交易日的平均异常收益不具有统计学意义。不将样本限制在前15家公司，而是以相同的方式计算了84家样本的异常收益，这些样本在1998年之前引入了股票期权计划和/或准股票期权计划。随着数据数量的增加，异常收益变得显著。1997年5月28日，东京证券交易所提出了及时披露的建议。但是，到目前为止，在首批15家公司中，已经有13家公司在董事会议上同意引入股票期权。更重要的是，董事会议的第二天不是正确的活动日。用公告日代替董事会议次日，即使是前15家公司也能观察到显著的价值。及时披露规则的修改跟不上商法典修改的速度，这在资本市场上造成了一定的混乱。由于公司在薪酬方案中采用了股票期权计划，这似乎是一个好消息，应该及时发布，以免造成资本市场的混乱。2001年，日本《商法》进行了修改，将公司发行的可转换债券、股票认购权证债券、股票期权的相关条款合并在一起。虽然《商法典》不再限制可授予的股票期权数量，但对享有所得税优惠待遇资格的限制似乎限制了可授予员工的股票期权数量。少

项目成果

野口晃弘: "会計ビッグバンとストック・オプション"証券経済学会年報. 36. 219-222 (2001)

Akihiro Noguchi：《会计大爆炸和股票期权》证券经济学会年度报告 36. 219-222 (2001)。

野口晃弘: "新株予約権の会計"国際会計研究学会年報. 2002年度. 79-88 (2003)

Akihiro Noguchi：“股票收购权会计”国际会计研究协会 2002 年年度报告。79-88 (2003)。

Akihiro Noguchi: "Accounting for Stock Subscription Warrants in Japan"Bulletin of Japanese Association for International Accounting Studies. 2002. 79-88 (2003)

Akihiro Noguchi：“日本股票认购权证的会计”日本国际会计研究协会公告。

Akihiro Noguchi: "Accounting for Stock Options"Annals of Society for the Economic Studies of Securities. No.36. 219-222 (2001)

Akihiro Noguchi：《股票期权会计》证券经济研究学会年鉴。