经理股票期权会计问题研究

【作者】 王娜；

【导师】 王治安；

【作者基本信息】 西南财经大学 ， 会计学， 2004， 硕士

【摘要】 一直以来，经理股票期权被公司治理专家认为是解决委托代理问题的有效激励措施。这种激励机制通过让经营者分享剩余收益，协调经营者和所有者之间的矛盾，使二者利益趋向一致，从而激励经营者创造优秀业绩，达到企业价值或股东财富最大化目标。自1999年中共十五届四中全会《关于国有企业改革和发展若干重大问题的决定》肯定企业可以试行经理（厂长）“持有股权”等分配方式以后，许多企业尤其是上市公司积极开展股权激励制度创新的实践。目前，国内越来越多的企业开始尝试给企业经营者、核心技术人员发放股票期权。据中国企业家调查系统《2003·中国企业经营者成长与发展专题调查报告》的资料，截止2002年9月，在其所调查的3539家样本企业中，有3.7%的企业已经采用了“期权股份”的薪酬形式。据2002年3月20日《中国证券报》报道，截止2001年年底，我国共有86家A股上市公司实施了股权激励方式来对经营者及员工进行激励，占沪深股市全部上市公司的7.57%。可以预计，随着许多企业将激励约束机制的创新作为完善公司治理和提升企业竞争力的工作重点，未来几年必将有大批企业会采用股票期权制度。但是我们也看到，经理股票期权制度涉及多方面的内容，其中股票期权会计是经理股票期权制度的核心内容。股票期权会计处理是否科学、合理，直接关系到股票期权制度的推行和规范，影响着这一制度激励功能的发挥。由于我国股票期权制度正处于起步和试行阶段，对股票期权会计尚未有明确的规定；在理论界，自1999年以来，发表了不少股票期权会计方面的论文，但大多停留在股票期权会计技术层面的讨论，而且带有较多的争议性，缺乏比较全面、系统的研究。另外，财政部会计准则委员会于2003年8月27日将《以股权为基础的支付》作为重点科研课题，看来股票期权会计成为当前亟待解决的问题。基于此，萌发了笔者撰写本文的动机。 <WP=4>研究时，本文不仅以会计基本理论和财务会计概念结构为依托，讨论股票期权确认、计量和披露的具体问题；同时，还重视会计准则的历史演变和会计处理方法的变迁，并高度关注准则所依存的社会经济环境及其背后的理论支撑，借以提高研究的深度和广度；在此基础上，对我国股票期权会计提出政策建议。全文分为3大部分，共6章：第一部分包括第一、二章。主要是对经理股票期权进行一般性研究，以便对股票期权有一个总体的认识，并试图运用经济学相关理论对这一激励制度的产生和发展进行解析。在第一章“经理股票期权的一般研究”，首先界定了经理股票期权的概念，并对其特点、激励机理进行了分析。然后介绍了经理股票期权近年来在国内外的发展现状，从其发展现状来看，股票期权制度正被越来越广泛地运用。接着，文章从公司利益和经理人利益两个角度对经理股票期权激励效应进行了分析。在第二章“经理股票期权的经济学分析”，主要是从经济学的角度对经理股票期权进行分析，旨在寻找其产生和发展的理论依据。这一部分主要运用了委托-代理理论、人力资本理论和契约理论等来分析股票期权制度。第三、四章为本文的第二部分，也是主体部分，主要是以会计理论为基础，从股票期权会计技术层面和经济后果层面进行研究。在第三章“经理股票期权的内涵性会计问题”，分为三个小节：第一节是关于股票期权确认的问题。首先从确认理论入手，并在回顾及评述已有的观点基础上，对股票期权从借贷两方面阐述其应确认为什么要素。本文认为，股票期权是有价值的且是可计量的，它是公司与员工之间的交易，公司在授予股票期权时，就承担了义务，义务的履行将导致价值流出。因此，应将股票期权在确认为费用的同时确认为负债。第二节是关于股票期权计量的问题。首先采用比较分析的方法介绍及评述了关于股票期权的两种计量方法——内在价值法和公允价<WP=5>值法，并认为公允价值法较具科学性和客观性，应选择后者作为股票期权的计量方法。接着讨论了计量日的确定问题，经过比较论证，本文认为股票期权应当在授予日计量，才能真实反映公司因此而发生的费用。然后对如何运用公允价值法进行了详细的论述，并采用清华同方真实的历史数据对公允价值法的基本模型进行解释。最后，结合我国的实际情况指出我国应采用公允价值法对股票期权进行计量。第三节，是关于股票期权信息披露的问题。这部分从信息披露的基本概念入手，探讨了上市公司临时报告和定期报告中股票期权的信息披露。重点讨论了股票期权在财务报告中的表外披露的问题。第四章“经理股票期权的外延性会计问题”，主要是通过把经理股票期权会计准则的历史演变和会计处理方法的变迁与其所依存的社会经济环境联系起来，借以阐述经理股票期权会计准则具有经济后果性。首先介绍了经济后果学说，并以此为基础，阐述了美国关于股票期权会计准则的制定过程中是如何体现出经济后果性的。面对技术观和经济后果观，本文提出会计准则制定机构应在二者之间取得一种平衡。最后，对我国制定经理股票期权会计准则应注意的问题提出了建议。第五、六章是本文的第三大部分，主要是关于经理股票期权会计在我国运用的问题以及我国在实行经理股票期权制度时面?更多还原

【Abstract】 All the while, Executive Stock Option (ESO) has been considered by experts of corporate governance as the effective incentive scheme to solve principal-agent problems. This incentive mechanism harmonizes the contradiction between managers and shareholders through sharing residual claim, and impels both to seek the identical benefit, then promoting the managers to create the outstanding performance to meet the objective of maximizing the shareholders’ value. In 1999, “The decision about some important issues of state –owned enterprises (SOEs) reform and development” affirmed the distribution method of trying to practice “stock option plan”. After that, many enterprises, especially listed companies, have developed stock option incentive mechanism and put them to practice actively. Nowadays, more and more enterprises in our country try to distribute stock option to managers and key technicians. According to the information from the investigation system of Chinese enterprisers “2003·The investigation report for Chinese managers growing up and development”, until Sept.2002,3.7% of all inquisitional enterprises (3539) have already adopted the awards form of “stock option”. According to the report in the Chinese Security Daily of March.20, 2002, by the end of 2001, there had been 86 listed companies which quoted in stock market “A” adopted stock option plan to promote their mangers and employees, which taking 7.57% of all listed companies in Shanghai and Shenzhen stock markets. It can be expected that, along with more and more enterprises making the newly incentive mechanisms as the main point of perfecting corporate governance and improving their competition strength, we can expect that there will be a large number of enterprises to adopt the stock option system in the near future. <WP=8>ESO system involves extensive matters, but the accounting for stock option is the core content of them. The scientific and reasonable accounting process of ESO relate with development and incentive of stock option system directly, which will influence the incentive function. As a result of the research of national stock option system lies in preliminary and trying out phases, there are many papers about accounting for stock option have been published since 1999. But those papers are still short of complete, systematic research. That is why this thesis is written.This thesis discusses the specific issues about recognition, measurement and disclosure pertaining to stock option on the support of the basic accounting theory and conceptual framework of financial accounting; meanwhile, it reiterates the historic evolution and changes to the accounting process, and pays high attention to the social and economic environments the accounting standard relies on, as well as the supporting theories behind them, by which improves the depth and range during the research. On the above foundations, the author gives out the policy proposes on the accounting of Chinese stock option.There are three parts (six chapters) in this thesis:Chapter I “The general study on Executive Stock Options”, defines the concept of ESO firstly, and makes analysis on its characteristics and stimulating mechanism. After that the thesis introduces the recent development at home and abroad. For the consideration of the present situation, the author concludes the system of stock options has been applied more and more widely. Next, the thesis analyses the stimulating effect of ESO from two perspectives: benefits of companies and of executives.Chapter II “The economic analysis on Executive Stock Options”, ESO are being analyzed from the perspective of economics, aiming at seeking the theoretic foundation of generation and development. In this <WP=9>part the theories of principal-agent, human capital and contracts have been utilized for construing the system of stock options.Chapter III “The intrinsic accounting issues of Executive Stock Options” comprises three subsections:The first subsection is about the problem of recognizing stock options. St更多还原