由於忽略員工認股選擇權的稀釋性會造成偏誤的企業評價，本研究利用以認購權證為基礎的改良評價模型，並配合會計研究的剩餘淨利模型，欲探討Warrant-Pricing Model與 Black-Scholes-Model之差異。由於現行國際會計準則與美國會計準則都已明確規定員工認股選擇權需依公平價值認列為費用，我國會計公報未來必定朝此方向修改，為因應使用公平價值法對員工認股權評價，本文對於財報附註揭露之表達提出建議，以提供會計人員與審計人員進行財務報表編製與查核工作時為參考。 / Because employee stock option (ESO) has some special conditions which make them different from all the options transferring in markets, we can not use the general option pricing model, such as: Black-Scholes-Model, to price ESO. By using Warrant-Pricing Model and the residual income model, this research introduces us the differences between Warrant-Pricing Model and Black-Scholes-Model. Moreover this research leads to the conclusion that Warrant-Pricing Model can price ESO more properly, and it is helpful in evaluating company equity and pricing stock. This research also provide some advice to auditors and accountants on financial statement disclosures.