Chi phí tiền mặt và mua lại nợ Nợ ngắn hạn kỳ hạn hiện tại của nợ dài hạn Long-Term nợ điều chỉnh giá mua ít: Trừ: Trừ: Hội chợ Giá trị tài sản hiện tại Hội chợ giá trị tài sản hữu hình Hội chợ Giá trị vô hình Tài sản Phần mềm Noncompete cơ sở khách hàng tên thương mại Hiệp định công nghệ trong quá trình nghiên cứu và Phát triển | I Valuation Issues Related to Stock Options 919 more in tune with the real world. These models are not only applicable to the valuation of stock options but are used to value capital investments intangible assets and entire divisions or companies. Before these valuation techniques are introduced it is important to understand the characteristics of stock options and the terminology used in describing them. The following paragraphs review those key issues and create the foundation for the work that follows. ValTip Employee stock options ESOs are particularly attractive given the ability to defer the recognition of these grants as compensation and the fact that cash is not normally involved. Vesting rights often are embedded in these ESOs to promote employee retention by rewarding longevity. Definitions 1. American option. An option that can be exercised at any time during its life. 2. Binomial option pricing model. An option pricing model based on the assumption that stock prices can move only to two values over a short period of time. 3. Black-Scholes model. A model used to calculate the value of a European call option. Developed in 1973 by Fisher Black and Myron Scholes it uses the stock price strike price expiration date risk-free return and the standard deviation volatility of the stock s return to estimate the value of the option. 4. Call option. A provision that gives the holder the right but not the obligation to buy a stock bond commodity or other instrument at a specified price within a specific time period. 5. Carrying value. Also know as book value it is a company s total assets minus liabilities such as debt. 6. Employee stock option ESO . Stock options granted to specified employees of a company. These options carry the right but not the obligation to buy a certain amount of shares in the company at a predetermined price. 7. European option. An option that can be exercised only at the end of its life. 8. Incentive stock option ISO . A type of employee .
