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Effects of recognition versus disclosure on the structure and financial reporting of share based payments.

机译：确认与披露对基于股份的支付的结构和财务报告的影响。

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摘要

I examine whether financial statement preparers (managers and auditors) treat recognized versus disclosed fair value of option compensation differently. Recognition refers to items that appear on the face of financial statements and that are included in subtotal figures that appear in the summary accounts; disclosure refers to items that appear in words and amounts in only the financial statement footnotes. I find that fair value recognition of option compensation is likely to have a significant impact on net income. Firms in my sample granted options amounting to a median fair value of 7% of profits in 1996 and 11% of profits in 2004. I compare the terms of option grants and the properties of fair value estimation under a disclosure reporting regime to terms and properties under a recognition regime. Under a fair value recognition regime, I find firms reduce/eliminate option grants across all levels of employees, reduce the statutory length of options, and substitute restricted stock and bonuses for option compensation. The fair value reduction in option grants is on average 9% (0.4%) of absolute net income. In contrast, under a fair value disclosure regime, option compensation was not reduced. I also find that firms increase the bias in three inputs to fair value option estimation: volatility, dividend, and interest. This increase amounts to 4%, 2%, and 0.3% of fair value cost. Mandatory recognition firms also display increased dividend and interest input accuracy. Combined, these results suggest that financial statements reflect differences in behavior between recognition and disclosure reporting regimes, such that both real actions and fair value estimation are used to reduce recognized values.
机译：我研究了财务报表编制者（经理和审计师）是否将认股权补偿的公允价值与披露的公允价值区别对待。确认是指出现在财务报表正面的项目，这些项目包括在摘要帐户中的小计数字中；披露是指仅在财务报表脚注中以文字和金额显示的项目。我发现期权补偿的公允价值确认可能对净收益产生重大影响。我样本中的公司授予的期权的中位数是1996年利润的7％和2004年利润的11％。我将期权授予的条款和根据披露报告制度的公允价值估计的属性与条款和属性进行比较在承认制度下。在公允价值确认制度下，我发现公司减少/消除了各级雇员的期权授予，减少了法定的期权期限，并用限制性股票和红利代替了期权补偿。购股权授予的公允价值减少平均为绝对净收入的9％（0.4％）。相反，在公允价值披露制度下，期权补偿没有减少。我还发现，企业在公允价值期权估计的三个输入中增加了偏差：波动率，股息和利息。该增加相当于公允价值成本的4％，2％和0.3％。强制性认可公司还显示出更高的股息和利息输入准确性。综合起来，这些结果表明，财务报表反映了确认和披露报告制度之间行为上的差异，因此实际行为和公允价值估计均用于减少已确认的价值。

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  • 作者

    Choudhary, Preeti.;

  • 作者单位

    Duke University.;

  • 授予单位 Duke University.;
  • 学科 Business Administration Accounting.
  • 学位 Ph.D.
  • 年度 2008
  • 页码 102 p.
  • 总页数 102
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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