有关期权赠予的几种问题行为

期权是公司激励和留住员工的一种手段。公司允许员工在规定时间内以某个固定价格购买一定数量的公司股票。这个固定价格通常就是期权赠予(options grants)之时公司股票的交易价。

由于缺乏有关期权赠予的法律,一些公司趁机钻空子,获赠期权者中从发了大财,投资者的利益可能受到损害。主要有以下问题行为:

1, 选择比获赠期权之日更早的日期的股价为期权价,目的当然是降低期权的价格,让获赠者从中赚到更多,这叫期权回溯(backdating)或跨时赠予(time-travel grants);

2. 认定股价未来走低,所以将未来某日的股价定为期权价格,以使获赠者将来能够以较低的价格行权。这叫日期前置(Forward-dating);

3. 未来若有利好消息,则将该消息发布前的价格定为期权价。待消息发布后,股票上涨,获赠者便可行权从中获利,这就像给期权加了一道助推的弹簧,所以叫做“装弹簧”(springloading);

4. 未来若有利空消息,便推迟赠予。在利空消息发布后,股价走低,再赠予期权,即避免了获赠后价格下降的风险,还可享受到更低的期权价。这叫做“躲子弹”(bullet dodging)。
 
如今只有第一种作法属于严重违规,近乎是对股东资产的公然抢劫。史蒂夫·乔布斯即曾有过期权回溯行为。另外三种基本上属于钻空子,它们是将未来的某个时刻的股价定为期权价,只要公司能对赠予的时机做出合理的解释,投资者也奈何它不得

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