NO.PZ2023040501000065
问题如下：
Henderson learns that Wright is going to change its executive compensation policies in fiscal 2017. It will replace the current stock options with performance share grants, referred to as restricted stock awards (RSAs). The RSAs will normally vest over a four-year period and are to be based on accounting performance measures as determined by the Compensation Committee of the Board of Directors. Henderson makes the following observations about the change in compensation plans:
1. The full compensation expense will be calculated and expensed when the RSAs are awarded.
2. The issuance of new shares under the new RSA plan should improve the company’s debt/equity ratio.
3. The RSAs may incentivize management to manipulate accounting numbers.
Which of Henderson’s observations about the new executive compensation plan is most accurate?
选项：
A.Observation 1
Observation 2
Observation 3
解释：
Observation 3 is the most accurate. Because the awards are based on accounting performance measure, they might incentivize management to manipulate accounting numbers in order to ensure they will meet the targets. The compensation expense for RSAs, like stock options, is calculated at grant date but is expensed over the service period, four years in this case. The RSAs will have no effect on the debt to equity ratio as there will be no change in equity: retained earnings will be decreased by the amount of the expense and paid-in capital increased by an equivalent amount.
虽然判断出来1,2肯定都是错的，3从题干中也能知道是对的，但是总是感觉这道题的考点优点偏离这个知识点，换成考RSAs的 share based expense 是否用授予日当天的fair vlaue的角度会不会更好呢？ 另外二级经典题做起来很累，每个题干都非常长，但是题干中的考点可能就几个单词，浪费了很多时间！尤其是Alternative那章，题和知识点有些完全不相干！
