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二零一七年年報
貿易通電子貿易有限公司
Notes to the Financial Statements
(Continued)
財務報表附註
（續）
24
以股權結算並以股份為基礎的
交易（續）
(b)
購股權的公允價值及假設
作為授出購股權代價而獲得的服務公允
價值，乃參照已授出購股權的公允價值
計算。已授出購股權的估計公允價值乃
根據柏力克舒爾斯模式計算。此模式亦
會計及購股權的合約年期。
預期波幅乃參考本公司過往與預期購股
權有效期長度相同之期間的每日歷史波
幅作出。預期股息乃按過往股息而定。
用作計算的主觀假設如有更改，可能重
大影響公允價值的估計。
購股權是基於已提供服務的條件授出。
計算所獲提供服務於授出日期之公允價
值時，並無考慮該項條件。授出購股權
與市況無關。
24 Equity-settled share-based transactions
(Continued)
(b) Fair value of share options and assumptions
The fair value of services received in return for share options
granted is measured by reference to the fair value of share
options granted. The estimate of the fair value of the share
options granted is measured based on Black Scholes Model. The
contractual life of the share option is used as an input into this
model.
2017
2016
二零一七年
二零一六年
Fair value of share options and
assumption
購股權的公允價值及假設
HK$0.205
港幣
0.205
元
HK$0.180
港幣
0.180
元
Share price
股價
HK$1.592
港幣
1.592
元
HK$1.57
港幣
1.57
元
Exercise price
行使價
HK$1.592
港幣
1.592
元
HK$1.57
港幣
1.57
元
Expected volatility (expressed
as weighed average volatility
used in the modelling under
Black Scholes Model)
預期波幅（按柏力克舒爾斯
模式所用之加權平均波幅
呈列）
31.0%
30.0%
Option life
購股權有效期
5 years
5
年
5 years
5
年
Expected dividends
預期股息
6.6%
6.7%
Risk-free interest rate
(based on the yield of
Hong Kong Government Bonds)
無風險利率（按香港政府債
券收益率計算）
1.149%
0.589%
The expected volatility is made with reference to the daily
historical volatilities of the Company with period commensurate
to the expected option life. Expected dividends are based on
historical dividends. Changes in the subjective input
assumptions could materially affect the fair value estimate.
Share options were granted under a service condition. This
condition has not been taken into account in the grant date
fair value measurement of the services received. There were no
market conditions associated with the share option grants.