We develop a structural model of the firm that accounts for dilutions, resulting from interest payment shortfalls, and allows cash surpluses to be distributed under a payout policy that permits a combination of dividends and buybacks. Since the model tracks the number of outstanding shares, it can distinguish between claims dependent on the price of a share versus claims that depend on total equity. With a further extension of the model to incorporate employee stock grants, we demonstrate how the prices of traded stock options and employee grants are affected by payout policy. The impact of both dilutions and buybacks on traded option prices and employee grants is shown to be material. This magnitude is further illustrated through a case study involving five technology firms.

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关于回购、稀释、股息和基于股票的债权定价

我们开发了一个公司结构模型，该模型考虑了因利息支付不足而导致的稀释，并允许在允许股息和回购相结合的支付政策下分配现金盈余。由于该模型跟踪流通股的数量，它可以区分取决于股票价格的债权与取决于总股本的债权。随着模型的进一步扩展以纳入员工股票赠款，我们展示了交易股票期权和员工赠款的价格如何受到支付政策的影响。稀释和回购对交易期权价格和员工补助的影响被证明是重大的。通过涉及五家科技公司的案例研究进一步说明了这一规模。