In finance, options backdating is the practice of altering the date a stock option was granted, to a usually earlier (but sometimes later) date at which the underlying stock price was lower. This is a way of repricing options to make them more valuable when the option "strike price" (the fixed price at which the owner of the option can purchase stock) is fixed to the stock price at the date the option was granted. Cases of backdating employee stock options have drawn public and media attention.
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| - Scandale des stock options antidatées (fr)
- 백데이팅 (ko)
- Options backdating (en)
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| - 백데이팅(backdating)은 스톡옵션을 소급해 적용하는 것이다.미국에서 많이 행해진다. 예를 들어, 어느 회사에서 12월 31일에 사장에게 스톡옵션 10만주를 부여하고 5년뒤에 행사할 수 있도록 결의했다고 하자. 12월 31일에 이 회사 주가는 3만원이었다. 그런데 스톡옵션 기준 날짜를 주가가 2만5천원으로 바닥을 쳤던 9월로 정한다면, 스톡옵션 부여 시점에 이미 5억원의 이익이 보장되는 것이다. 백데이팅은 필요한 인력을 유인하는 유효한 수단으로, 구체적인 사안에 따라 합법적일 수도 위법일 수도 있다.보통 문제가 되는 것은 투명성이다. (ko)
- In finance, options backdating is the practice of altering the date a stock option was granted, to a usually earlier (but sometimes later) date at which the underlying stock price was lower. This is a way of repricing options to make them more valuable when the option "strike price" (the fixed price at which the owner of the option can purchase stock) is fixed to the stock price at the date the option was granted. Cases of backdating employee stock options have drawn public and media attention. (en)
- Le scandale des stock options antidatées est une affaire politico-financière qui survient en 2006 aux États-Unis. Des entreprises antidatent, sans en avertir les actionnaires, la date de distribution des stock options de façon à faire coïncider le cours le plus bas de l'action avec celui de la date d'émission des stock options. Ainsi, les dirigeants peuvent engranger un profit maximum au moment de la vente. (fr)
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| - Le scandale des stock options antidatées est une affaire politico-financière qui survient en 2006 aux États-Unis. Des entreprises antidatent, sans en avertir les actionnaires, la date de distribution des stock options de façon à faire coïncider le cours le plus bas de l'action avec celui de la date d'émission des stock options. Ainsi, les dirigeants peuvent engranger un profit maximum au moment de la vente. En juillet 2006, la SEC a lancé des enquêtes sur 80 entreprises qui auraient utilisé cette méthode. Pour des fraudes portant sur plusieurs centaines de millions USD, deux dirigeants sont déjà inculpés. Plus de 2000 entreprises auraient modifié les dates d'attribution de stock options remises à leurs dirigeants, permettant à ceux-ci de gagner encore plus d'argent. Dans plusieurs cas, ces modifications sont survenues au lendemain des attentats du 11 septembre 2001, alors que le cours des actions était au plus bas depuis des années. (fr)
- In finance, options backdating is the practice of altering the date a stock option was granted, to a usually earlier (but sometimes later) date at which the underlying stock price was lower. This is a way of repricing options to make them more valuable when the option "strike price" (the fixed price at which the owner of the option can purchase stock) is fixed to the stock price at the date the option was granted. Cases of backdating employee stock options have drawn public and media attention. Stock options are often granted to the upper management of a corporation. While options backdating is not always illegal, it has been called "cheating the corporation in order to give the CEO more money than was authorized." According to a study by Erik Lie, a finance professor at the University of Iowa, more than 2,000 companies used options backdating in some form to reward their senior executives between 1996 and 2002. In an "uncanny number of cases," the "companies granted stock options to executives right before a sharp increase in their stocks." To be legal, backdating must be clearly communicated to the company shareholders, properly reflected in earnings, and properly reflected in tax calculations. The U.S. Securities and Exchange Commission’s opinions regarding backdating and fraud were primarily due to the various tax rules that apply when issuing “in the money” stock options versus the much different – and more financially beneficial – tax rules that apply when issuing “at the money” or "out of the money" stock options. Additionally, companies can use backdating to produce greater executive incomes without having to report higher expenses to their shareholders, which can lower company earnings and/or cause the company to fall short of earnings predictions and public expectations. Corporations, however, have defended the practice of stock option backdating with their legal right to issue options that are already in the money as they see fit, as well as the frequent occurrence in which a lengthy approval process is required. (en)
- 백데이팅(backdating)은 스톡옵션을 소급해 적용하는 것이다.미국에서 많이 행해진다. 예를 들어, 어느 회사에서 12월 31일에 사장에게 스톡옵션 10만주를 부여하고 5년뒤에 행사할 수 있도록 결의했다고 하자. 12월 31일에 이 회사 주가는 3만원이었다. 그런데 스톡옵션 기준 날짜를 주가가 2만5천원으로 바닥을 쳤던 9월로 정한다면, 스톡옵션 부여 시점에 이미 5억원의 이익이 보장되는 것이다. 백데이팅은 필요한 인력을 유인하는 유효한 수단으로, 구체적인 사안에 따라 합법적일 수도 위법일 수도 있다.보통 문제가 되는 것은 투명성이다. (ko)
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