NO.PZ2023040501000061
问题如下：
Since 2010, annual executive compensation has included stock options on the company’s stock. On 1 September 2013, the company introduced a restricted stock grant program for all non-executive employees who had worked for the company for three years or more.
The average volatility of the company’s stock had been in the range of 38–42% during 2008–2010, but since 2011, it has declined to the 19–24% range.
If the recent changes in the volatility of the company's stock persist, it will most likely affect the company's compensation expense for:
选项：
A.both non-executive employees and executives.
non-executive employees only.
executives only.
解释：
Only the executive stock option plan is affected by volatility of the company’s stock. The volatility affects the initial valuation of the stock options granted (e.g., through use of the Black–Scholes model to determine the fair value of the options). The initial valuation of the options determines the expense recognized. Compensation expense for stock grants is based on the fair market value of the stock on the day of the grant and is not affected by the stock’s volatility.
1.高管从2010年或得期权，此时的波动性还是很高的，期权价值也高。在对这批期权费用摊销时不受影响，因为摊销的是期权的初始授权日的fair value。
2.从2011年波动性答复下降，那么期权的价值下降。
3.在2013.1.1日授予普通员工一批期权，此时波动性已经下降了，期权价值也会下降。
因此，受到影响的应该是普通员工的期权啊，而高管的期权expense不受影响，我理解应该这样啊，对吗？
