b*****o
发帖数: 715 | 1 是从董事会大股东那里分来的？
还是从流通市场上买来的？
或者是像央行印超票那样，无中生有来的？（感觉上市的公司应该没有这个全力，因为
这会损害所有股东的利益）？
另一方面，当你离开公司，假设还有没有vest的股票。这时候这些股票是要还给谁呢？ |
r***l
发帖数: 9084 | 2 应该是公司发的，也就是你说的无中生有，相当于dilute,但因为数额相比outstanding
很小，所以对股价没影响。其实只要董事会同意，就可以发股票或者期权的。很多公司
高层都是这么致富的. |
b*****p
发帖数: 9649 | 3 有些股票是不流通的，公司放在手上，可以防止其他公司恶意收购，还可以发
restricted stock, 或option.
http://www.fool.com/investing/small-cap/2005/04/29/quotoutstand |
c***y
发帖数: 286 | 4 authorized by the board, financed by the market - stockholders.
it an incentive for the employee to work hard and add value to the company. |
i*********n
发帖数: 5465 | 5
outstanding
无中生有？
应该就是发非流通股里面的把
dilute 每次都要提前公告的。
【在 r***l 的大作中提到】
: 应该是公司发的，也就是你说的无中生有，相当于dilute,但因为数额相比outstanding
: 很小，所以对股价没影响。其实只要董事会同意，就可以发股票或者期权的。很多公司
: 高层都是这么致富的.
|
m*****i
发帖数: 4342 | 6 Not exactly. In US, big tech companies issued significantly number of shares
for stock option.
Look at CSCO for example, if you add all the earning from 2000 to 2012, I
bet the total should be in the ranage of $15/share.
So why on earth, after so many years(they started the divdidend like last
year), the stock is still at 20, because of the stock option.
This is the biggest scam IMHO.
outstanding
【在 r***l 的大作中提到】
: 应该是公司发的，也就是你说的无中生有，相当于dilute,但因为数额相比outstanding
: 很小，所以对股价没影响。其实只要董事会同意，就可以发股票或者期权的。很多公司
: 高层都是这么致富的.
|
r***l
发帖数: 9084 | 7 我理解不是公司手上的股票，是董事会同意的，相当于是增发，但因为数量相对总股本
太小了，不存在dilute问题。当然的确是楼上说的是stockholder买单。
【在 i*********n 的大作中提到】
:
: outstanding
: 无中生有？
: 应该就是发非流通股里面的把
: dilute 每次都要提前公告的。
|
c***y
发帖数: 286 | 8 I don't think it is a scam. It's an expense for the company to compensate
people, and that's why you have to calculate DCF and earnings per share.
Actually the cost is lower to compensate this way rather than using salary
if you calculate the cost per share.
it would be a scam if they don't count these shares in their report, but
they are required to do so.
shares
【在 m*****i 的大作中提到】
: Not exactly. In US, big tech companies issued significantly number of shares
: for stock option.
: Look at CSCO for example, if you add all the earning from 2000 to 2012, I
: bet the total should be in the ranage of $15/share.
: So why on earth, after so many years(they started the divdidend like last
: year), the stock is still at 20, because of the stock option.
: This is the biggest scam IMHO.
:
: outstanding
|
r***l
发帖数: 9084 | 9 恩，每次发的不多，对股价没影响，但积少成多，10多年下来，总股本的增加就很客观了
shares
【在 m*****i 的大作中提到】
: Not exactly. In US, big tech companies issued significantly number of shares
: for stock option.
: Look at CSCO for example, if you add all the earning from 2000 to 2012, I
: bet the total should be in the ranage of $15/share.
: So why on earth, after so many years(they started the divdidend like last
: year), the stock is still at 20, because of the stock option.
: This is the biggest scam IMHO.
:
: outstanding
|
g*********e
发帖数: 14401 | 10 对于高速增长的公司,是公司手中一直持有的部分为主.
对于成熟大大公司,是从流通市场上买回来的
你没见公司的财报里有一项是stock repurchase cost? |
|
|
w********2
发帖数: 16371 | 11 Company issues stocks when it is established but not necessary to allocate
them all.
For some companies, they could reserve a pool like 10% or 30% for the
employee. And they allocate or give some of the stocks to the employee along
the way.
There is no dilution in this process (by giving the stock to the employee),
these stocks are already there and just change owner from "company" to the
employee, it is just like a change hands.
However, the stocks to the employee increase the liquidity, because employee
could sell stock in the market.
If the company want to issue more stocks to the employee or investors or
anyone than they originally planned, then they need approval from the board.
Only then, it will dilute the shares.
That is my understanding. |
s******8
发帖数: 4192 | 12 你说的情况都可能发生。只要通过董事会同意然后公告就行。
这个事情一般好几年才通过一次，然后用在以后几年里。不是每年都要搞。
没有vest的股票回到pool里，发给其他人。发完了，董事会再通过新的决议就行了。 |
g*q
发帖数: 26623 | 13 都是无中生有的,在05年SEC改会计规则前,也不需要把dilution考虑进成本.
但是公司可以再把股票从open market买回来做treasury stock
当年还发生过这样的怪事,INTC年年巨额盈利,基本没有红利(最多拿出利润的5%),大部
分利润用于股票回购,但是00-05年,shares outstanding一股没减.就是说这几年下来
INTC的实际利润是0.其它公司要么不回购,任由股票dilution,要么不发那么多option,
所以没有那么明显.
【在 i*********n 的大作中提到】
:
: outstanding
: 无中生有？
: 应该就是发非流通股里面的把
: dilute 每次都要提前公告的。
|
g*q
发帖数: 26623 | 14 05年SEC改规则后,要把grant时option跟市场的差价计入公司成本.
观了
【在 r***l 的大作中提到】
: 恩，每次发的不多，对股价没影响，但积少成多，10多年下来，总股本的增加就很客观了
:
: shares
|
i*********n
发帖数: 5465 | |
