Employees' service and Expensing of Employee Stock Options

我考察了现行会计准则下员工股票期权费用化的基础。具体而言，我使用基于契约理论的模型分析来比较员工服务和薪酬中给出的员工股票期权。这一分析表明，雇员服务和雇员股票期权在经济价值或公允价值方面并不一定等同，无论是在授予股票期权的时候还是在行使股票期权的时候。我的分析表明了以下几点。首先，期权的授予可能不是基于权利确立时提供的雇员服务，而是基于对未来服务的预期。第二，可能无法在指定期间隔离服务。第三，即使在特定时期隔离雇员服务的问题得到解决，通常情况下，服务和期权在价值上并不等同。因此，鉴于目前的会计准则将雇员服务本身视为成本，对成本的不恰当理解可能导致留存收益资本的简单分配。

I examined the basis for expensing of employee stock options under current accounting standards. Specifically, I used contract theory based model analysis to compare employee services to the employee stock options given in compensation. This analysis showed that employee services and employee stock options were not necessarily equivalent in terms of either economic value or fair value, neither at the point at which the stock options were granted nor when exercised. My analysis indicated the following. First, that options may be granted based not on employee services offered when the rights were established, but in anticipation for future services. Second, that it may not be possible to isolate services during specified periods. Third, that even if the problem of isolating employee services during specific periods were surmounted, that, normally, services and options are not equivalent in value. As a result of these, given the current accounting standards, in which employee services are themselves considered to be costs, inappropriate understanding of costs may result in simple allocation of retained earnings capital.