A Case Study on Fair Value Valuation of Stock Options in Share Payment of A Technology Enterprise
This case describes the application of real option model to evaluate the fair value of stock options when enterprises implement equity incentive plans.Firsly,the paper introduces the real option pricing model,the asset characteristics of real option valuation and the application of Black-Scholes option pricing model in stock option valuation.In the case statement,the overview and evaluation ideas of the enterprise equity incentive plan are described,and the value process of the underlying asset value and other parameters are explained in detail.Black-Scholes call option model including dividend payout is used to calculate the evaluation value,and the sensitivity analysis of parameters is carried out.By collecting the option incentive schemes of 207 listed companies in Wind,the applicability of the real option pricing model is analyzed,as well as the consideration of the value of parameters that are not constrained by relevant regulatory guidelines,such as risk-free return rate,stock volatility and dividend yield.Finally,suggestions are put forward to carefully select the model,standardize the parameter value and strengthen the supervision of information disclosure,to improve the applicability of real option model and the objectivity of results.
Stock Option ValuationStock IncentiveCase StudyReal Option Model
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