题目
A company's stock price is $100.00 and 50.0 million shares are outstanding, so that its equity market capitalization is $5.0 billion. The company is considering granting 2.0 million at-the-money employee stock options (ESOs) because it has been advised that a grant equal to 4.0% of the outstanding is competitive. The ESOs have a 10 year maturity, and for analytical convenience we assume there are no vesting restrictions (an unrealistic assumption). Option exercises will be handled by issuing more shares. The stock price volatility is 26.0% per annum. The 10-year risk-free rate is 4.0%. The company has no plans to pay dividends. Which is nearest to the total cost of the warrant issue?
选项
A.$31.2 million
B.$44.3 million
C.$88.5 million
D.$109.7 million
答案
C
解析
The BSM price of the option is $46.00, such that the cost to the company per option is 50.0/(50.0 + 2.0) × $46.0 = $44.2308, and the total cost is about $44.2308 × 2.0 million = $88.46 million. Note that If the market perceives no benefit from the warrant issue, the reduced market cap is about $4.912 billion and a per-share reduction of stock price of about $1.77; i.e., new share price of about $98.23.期权的BSM价格是$46.00，则每个期权需要花费50.0/(50.0 2.0)× $46.0 = $44.2308，总花费为44.2308 × 2.0 million = $88.46 million。值得注意的是，若市场认为权证发行没有带来任何好处，则减持后的市值约为49.12亿元，每股股价下跌约1.77元；即，新股价格约为98.23元。