这个知识点讲义是哪张ppt？

问题如下：

The CFO at a non-dividend-paying firm asks a financial analyst to evaluate a plan by the firm to grant stock options to its employees. The firm has 60 million shares outstanding. Under the proposal, the firm would issue 3 million employee stock options, with each option giving the holder the right to buy one share of the firm’s stock at a strike price of SGD 70. The employee stock options would expire in 4 years. A four-year call option on the stock with the same strike price is currently valued at SGD 4.39 using the Black-Scholes-Merton model. Which of the following is the best estimate of the price of one employee stock option assuming that the call option is correctly priced?

选项：

A.

SGD 3.97

B.

SGD 4.18

C.

SGD 4.39

D.

SGD 4.45

解释：

B is correct. The value of each employee stock option is computed as:

[𝑁/(𝑁+𝑀)]∗(Call Option Value) = [60,000,000/(60,000,000+3,000,000)]∗4.39=𝑆𝐺𝐷 4.1809

Where:

N = total number of shares outstanding

M = number of new shares (options) contemplated

A is incorrect. SGD 3.97 is the call option price less the cost of the employee stock options per share (= 4.18 – 0.209 = 3.978). The total cost of the employee stock options = SGD 4.18 x 3,000,000 = SGD 12,540,000. And the cost per share = 12,540,000/60,000,000 = SGD 0.209.

C is incorrect. SGD 4.39 is the value of each call option.

D is incorrect. SGD 4.45 is the value of one employee stock option incorrectly computed as being equal to the call option price plus the cost per share, where the incorrect cost per share = 4.18/strike price = 4.18/70 = SGD 0.0597. Therefore, the incorrect price of one employee stock option = 4.39 + 0.0597 = SGD 4.4497.