期权会被融资稀释么？

Core Viewpoint - Stock options play a significant role in corporate financing and governance, impacting the economic interests of companies and their shareholders [1] Group 1: Impact of Financing Types on Options - Equity financing is a primary cause of option dilution, as it involves issuing new shares which increases total share capital and dilutes the ownership percentage of existing options [2] - For example, if a company has 1 million shares and an employee holds 1% of options (10,000 shares), after a financing round that issues 200,000 new shares, the total shares become 1.2 million, reducing the option's ownership percentage to 0.83% [2] - Debt financing does not lead to option dilution, as it does not involve changes in equity but rather increases the company's liabilities, potentially enhancing the value of options due to financial leverage [4] Group 2: Value Uncertainty - Post-financing, if a company's valuation increases, the value of options may rise despite a decrease in ownership percentage; conversely, if the valuation decreases, it can result in a situation where both ownership percentage and value decline [3] Group 3: Differences Between Financing and Options Trading - Financing and margin trading involve credit transactions, where investors borrow funds to buy securities or borrow securities to sell, primarily focusing on stocks [6] - Options trading, on the other hand, involves the buying and selling of rights to buy or sell an underlying asset at a specified price within a certain timeframe [8] - The risk profile differs, with margin trading risks stemming from stock price fluctuations and interest costs, while options trading carries higher risks due to potential total loss of the premium paid [6][9] Group 4: Purpose of Trading - Margin trading is mainly used for taking long or short positions in stocks, while options trading can be utilized for speculation as well as for complex strategies like hedging [7]