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研究生:周佳玲
論文名稱:員工認股權對企業權益評價影響之研究:以數值分析法進行Warrant-BasedPricingModel與Black-Scholes-Model之比較
指導教授:戚務君戚務君引用關係
學位類別:碩士
校院名稱:國立政治大學
系所名稱:會計研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:46
中文關鍵詞:員工認股選擇權
外文關鍵詞:ESOWarrant-Pricing ModelBlack-Scholes-Model
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由於忽略員工認股選擇權的稀釋性會造成偏誤的企業評價,本研究利用以認購權證為基礎的改良評價模型,並配合會計研究的剩餘淨利模型,欲探討Warrant-Pricing Model與 Black-Scholes-Model之差異。由於現行國際會計準則與美國會計準則都已明確規定員工認股選擇權需依公平價值認列為費用,我國會計公報未來必定朝此方向修改,為因應使用公平價值法對員工認股權評價,本文對於財報附註揭露之表達提出建議,以提供會計人員與審計人員進行財務報表編製與查核工作時為參考。
Because employee stock option (ESO) has some special conditions which make them different from all the options transferring in markets, we can not use the general option pricing model, such as: Black-Scholes-Model, to price ESO. By using Warrant-Pricing Model and the residual income model, this research introduces us the differences between Warrant-Pricing Model and Black-Scholes-Model. Moreover this research leads to the conclusion that Warrant-Pricing Model can price ESO more properly, and it is helpful in evaluating company equity and pricing stock. This research also provide some advice to auditors and accountants on financial statement disclosures.
第一章 研究動機與問題 1

第二章 文獻回顧 3

第一節 會計處理之爭議 3
第二節 會計規範之沿革 4
第三節 現行會計規範 6
第四節 ESO相關研究 9


第三章 研究方法 13

第一節 模型介紹 13
第二節 資金成本率 20
第三節 相關釋例 22
第四節 財報附註揭露 30

第四章 模擬結果 33

第五章 結論與建議 42

參考文獻 44
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陳妙玲,2003,「員工認股選擇權會計與權益評價」,證券櫃臺月刊,第九十期,pp88-93.
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Schultz, G. U., and S. 1994, Trautmann. Robustness of Option-Like Warrant Valuation. Journal of Banking and Finance 18 (1994): 841–59.
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