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When you securitize the AR, you could get more money than your AR book value, which causes the gain.

Stock option exercise, usually you will exercise when your strike price is below the market price. Your action is exercise your option to the company, you pay the money (option price * shares) to the company and company gives you the stock. Meanwhile, company will repurchase the stock by using the money obtained from you. But you know, since the option price is different from market price, this difference will be granted tax benefit.

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You are totally correct!

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