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根据《企业会计准则第11号——股份支付》,对于权益结算的涉及职工的股份支付,应当按照授予日权益工具的公允价值计入成本费用和资本公积(其他资本公积),不确认其后续公允价值变动。而权益工具之中,股票期权的公允价值一般都是以B-S模型进行计算。由于对于B-S模型中的无风险收益率并没有进行相应准确的规定,国内企业一般采用中国人民银行金融机构人民币基准存款利率或者银行间固定利率国债进行确认。本文通过三聚环保的案例分析认为,关于无风险收益率的选择并不会对期权总费用造成太大的影响。但是,国内上市公司对于无风险利率的选择合理性仍然值得商榷,应该向金融体制健全的国家多多学习。
According to the “Accounting Standards for Business Enterprises No. 11 - Share-based Payment”, the share-based payment of employees involved in equity settlement shall be included in the cost and capital reserve (other capital reserve) according to the fair value of the equity instruments on the grant date, Its subsequent changes in fair value. Among the equity instruments, the fair value of stock options are generally calculated using the B-S model. Since the risk-free rate of return in the B-S model is not properly specified, domestic enterprises generally use the benchmark lending rate of RMB of the People’s Bank of China’s financial institutions or the inter-bank fixed-rate government bonds for confirmation. This article through Trimerization case analysis of environmental protection that the choice of risk-free rate of return will not have a significant impact on the total cost of the option. However, the rationality of the choice of risk-free interest rate of listed companies in China is still debatable, and a lot should be learned from countries with sound financial system.