原创力文档the valuation implications of employee stock option accounting for profitable（员工股票期权的估值影响占盈利）.pdfVIP
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the valuation implications of employee stock option accounting for profitable（员工股票期权的估值影响占盈利）
THEACCOUNTING REVIEW
Vol. 77, No. 4
October 2002
pp. 971-996
The Valuation Implications of
Employee Stock Option
Accounting for Profitable
Computer Software Firms
Timothy B. Bell
KPMG LLP
Wayne R. Landsman
The University of North Carolinaat ChapelHill
Bruce L. Miller
University of California,Los Angeles
Shu Yeh
National Taiwan University
ABSTRACT: We use the Ohlson (1995, 1999) and Feltham and Ohison (1999)
valuation models to investigate the markets perception of the economic effect
of employee stock options (ESOs) on firm value for a sample of 85 profitable
computer software companies. Our results suggest that the market appears
to value these firms ESO expense not as an expense but as an intangible
asset (even after controlling for the endogeneity bias arising from the me-
chanical relation between ESOs and the underlying stock prices). However,
we also find a conflict between: (1) the positive manner in which investors
appear to value ESO expense, and (2)the negative relation between current
ESO expense and future abnormal earnings. This conflict not only could be
an artifact of the restrictiveness of the abnormal earnings forecasting equation
we estimate, but it also calls into question whether investors assess correctly
the effect of ESOs on profitable software firm value.
We appreciate comments from workshop participa
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