资深韭的个人主页 - 老虎社区

资深韭

资深韭

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2017-08-25

$比亚迪电子(00285)$今天涨这么高下周一财报会不会跌被几个中概股吓怕了

2017-08-29

$比亚迪电子(00285)$财报不好？

2017-09-11

$丘钛科技(01478)$服我自己把这只股票从盈利50%拿到现在盈利3%

2020-11-19

$蛋壳公寓(DNK)$做空的我哭晕在天台

2017-07-27

$比亚迪电子(00285)$连着跌了好几天了

2017-09-12

$陌陌(MOMO)$陌陌够了

2021-01-27

$AMC院线(AMC)$有没有在盘前24块接的朋友？

2020-04-07

$神州租车(00699)$下车太早的我哭晕在厕所

2020-03-18

$腾讯控股(00700)$腾讯这是财报不行吗

2020-04-22

$特斯拉(TSLA)$专利这事儿难道不是一个利空消息吗

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什么原因","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/310296325","isVote":1,"tweetType":1,"viewCount":2402,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3466129247615230","authorId":"3466129247615230","name":"未来逍遥","avatar":"https://static.tigerbbs.com/1967b7f0058e6bc1f760226dbfbfe590","crmLevel":8,"crmLevelSwitch":0,"idStr":"3466129247615230","authorIdStr":"3466129247615230"},"content":"1药网不是不能做期权吗","text":"1药网不是不能做期权吗","html":"1药网不是不能做期权吗"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":337152999,"gmtCreate":1611100130811,"gmtModify":1703747985490,"author":{"id":"3458627026801700","authorId":"3458627026801700","name":"资深韭","avatar":"https://static.tigerbbs.com/f729c6d332e5d5390e9bccd51769944b","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3458627026801700","authorIdStr":"3458627026801700"},"themes":[],"htmlText":"厉害！潜下心来做学问的态度","listText":"厉害！潜下心来做学问的态度","text":"厉害！潜下心来做学问的态度","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/337152999","repostId":"2104191693","repostType":2,"repost":{"id":"2104191693","kind":"news","pubTimestamp":1610841600,"share":"https://www.laohu8.com/m/news/2104191693?lang=zh_CN&edition=full","pubTime":"2021-01-17 08:00","market":"sh","language":"zh","title":"从财报看拼多多的薪酬真实水平","url":"https://stock-news.laohu8.com/highlight/detail?id=2104191693","media":"创事记","summary":"今天我们就试着从拼多多2019年年度财务报告出发，来看看这家公司的薪酬情况。再来看研发费用（R&D）的部分。因为拼多多扩张比较快，人数变动很大，所以我们取2019年初和年底人数的平均值。总结一下就是，拼多多股权激励有两种，期权和RSU。","content":"<html><body><p>来源：吴晓波频道</p><div><comment></comment></div><p>   文 / Alice </p><p><font>最近关于<a href=\"https://laohu8.com/S/PDD\">拼多多</a>“过劳加班”的话题很多，争议也很大，但互联网企业加班的背后，总免不了会和“高薪”挂钩。</font><font>加班是共识，那么这些加班是否得到了应有的薪酬补偿呢？</font></p><p><font>今天我们就试着</font><font><font>从拼多多2019年年度财务报告出发，来看看这家公司的薪酬情况。</font></font></p><div><img src=\"http://n.sinaimg.cn/sinakd2021117s/711/w640h71/20210117/a059-khstaxs8392249.gif\"/></div><p><font>要了解薪酬，在财务报告里，就要聚焦几个关键指标，最后看能不能测算出人力成本。</font></p><p><font>首先，我们来看下拼多多的员工分类：</font></p><p><font><font>◎</font></font><font> Sales &amp; Marketing 市场销售</font></p><p><font><font>◎</font></font><font> Product development 产品开发</font></p><p><font><font>◎</font></font><font> Platform operation 平台运营</font></p><p><font><font>◎</font></font><font> Management and administration 管理</font></p><div><img src=\"http://k.sinaimg.cn/n/sinakd2021117s/66/w626h240/20210117/d635-khstaxs8392373.png/w720fin.jpg\"/></div><p><font>表1：拼多多员工人数</font></p><p><font>从财报的整体阅读结合我的经验/会计常识来看，这四类人的人工费用分别计入了损益表上的四处不同的地方，对应关系如下：</font></p><p><font><font><font>◎</font></font> Sales &amp; Marketing 市场销售 → Sales and marketing expenses 销售费用S&amp;M</font></p><p><font><font><font><font><font>◎</font></font></font></font></font>Product development 产品开发<font>→</font> Research and development expenses 研发费用R&amp;D</p><p><font><font><font>◎</font></font> Platform operation 平台运营<font>→</font> Costs of revenues 主营业务成本Cost</font></p><p><font><font><font>◎</font></font>Management and administration 管理<font>→ </font>General and administration expenses 管理费用G&amp;A</font></p><div><img src=\"http://k.sinaimg.cn/n/sinakd2021117s/745/w1080h465/20210117/bb76-khstaxs8392380.png/w720fin.jpg\"/></div><p>表2：2019年损益表</p><p><font>既然已经掌握了对应关系，又知道了每一类的人数，那么只要我们知道每一类费用中的人力成本是多少，就能大致测算出这类岗位的人员平均工资。</font></p><p><font>不过在测算前，我们先要做一件事。那就是剔除股权激励对人工成本的影响，而是直接算现金支付了多少薪酬。</font></p><p><font>好在股权激励的费用是在利润表里面的。（表上的数字以千元人民币为单位）：</font></p><div><img src=\"http://k.sinaimg.cn/n/sinakd2021117s/531/w1080h251/20210117/1e60-khstaxs8392470.png/w720fin.jpg\"/></div><p>表3：2019年股权激励的费用</p><p><font><font>做</font><font>完</font></font><font>这一步，我们就可以开始好好算人工成本了。先来看一下Costs of revenues的部分，也就是产品运营的人力成本。</font></p><p><font>在财报里的管理费用（MD&amp;A）中，有如下解释：</font></p><p><font>Costs of revenues...The increase in staff costs from RMB116.4 million in 2018 to RMB286.2 million (US$41.1 million) in 2019 was primarily due to the increase of annual average headcount for employees dedicated to the operations of our platform.</font></p><p><font>这段话我们不用过多理解，你只需要知道，这部分的员工费用支出是286.2百万人民币（</font><font>此处及以下文字表述中的金额均以百万人民币为单位）。</font><font>减去对应的股权激励部分，就可以得到现金支付的人力成本是262.4。</font></p><p><font>再来看研发<font>费用</font>（R&amp;D）的部分。</font></p><p><font><font>研发费用</font>（R&amp;D）里的人力费用具体是多少没有披露，但我们可以通过已知的其他费用来倒推出</font><font><font>一个人力成本的上限，也就是说，它封顶不可能超过多少。</font></font></p><p><font>我们已知<font>研发费用</font>（R&amp;D）的总数为3,870.4（表2），其中包括了向关联方购买的云计算服务873.3（表2），股权激励886.4（表3），还有折旧摊销10.2（在固定资产附注里我就不贴了），把这些都去掉还剩2,100.5。也就是说</font><font><font>现金支付的人力成本最高不可能高于2,100.5。</font></font></p><div><img src=\"http://k.sinaimg.cn/n/sinakd2021117s/17/w1080h537/20210117/d13e-khstaxs8392471.jpg/w720fin.jpg\"/></div><p><font>再来看销售费用（S&amp;M）的部分。</font></p><p><font>同理，已知总数为27,174（表2），其中包括广告和推广折扣25,868（</font><font>见下引用），股权激励860.9（表3），折旧摊销2.4。所以剩余的部分，也就是现金支付的人力成本不可能高于443。</font></p><p><font>Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB1,259,610, RMB12,867,833 and RMB25,867,772(US$3,715,673) for the years ended December 31, 2017, 2018 and 2019, respectiv</font><font>ely.</font></p><p><font>管理费用（G&amp;A）部分。</font></p><p><font>已知总数为1,296.7（表2），其中包括股权激励786.6（表3），另外我把</font><font>租金成本129（见附注8，引用见下）全部算在管理费用（G&amp;A）里面了129，剩余381.1。通常算在管理费用（G&amp;A）里还有很多其他杂七杂八的费用，比如水电物业啊，</font><font>办公用品啊，员工餐啊，公关费用啊等等，这些我们都不知道是多少，我保守估计个31吧。</font><font>人力成本封顶算350。</font></p><p><font>The Group has operating leases mainly for offices in China. For the year ended December 31, 2019, operating lease costs and short-term lease costs were RMB94,929 and RMB34,255, respectively.</font></p><p><font>现在我们有了一个最高</font><font>可能的人力成本了，然后我们来除以人数。</font></p><p><font>因为拼多多扩张比较快，人数变动很大，所以我们取2019年初和年底人数的平均值。</font></p><div><img src=\"http://k.sinaimg.cn/n/sinakd2021117s/691/w1080h411/20210117/e0b9-khstaxs8392574.png/w720fin.jpg\"/></div><p><font>这样算出来的是公司平均雇佣一个人需要支付的钱，并不等同于员工的工资。</font><font>这里包括了公司为你缴纳的税、费、保险、公积金等等。</font><font>看各个公司的政策，可能还会包含一些隐形福利、非物质的员工奖励。</font><font>具体比例是多少我不是很清楚。</font><font>这里就先取公司成本的60%来算吧。</font></p><div><img src=\"http://k.sinaimg.cn/n/sinakd2021117s/693/w1080h413/20210117/9db0-khstaxs8392572.png/w720fin.jpg\"/></div><p><font>我想说明一下：除了产品运营的数字可能比较准确以外，其他三类都是高估的。因为上面的计算方式基本上是“只要你没有说这钱花哪儿了，我们就假设你是花在员工身上了”。这显然是不准确的。由于我没有更好的估算方法，所以取了一个很高的上限。</font></p><p><font>跟你想象的高薪一样吗？</font></p><div></div><p><font>说完了现金支付的部分，再说股权激励的部分。</font></p><p><font>我之所以分开讲，是因为</font><font><font>财报上显示的计入费用的股权激励的数字，和员工觉得他拿到的数字，相去甚远。</font></font></p><p><font>计入费用的股权激励，是按照发放当时的价值入账。将来不管股票价格飞涨到什么地步，对于公司的成本来说没有任何变化。</font></p><p><font>另外，每期计入费用的是按照发放总额，除以分几年领取的年限计入的。</font></p><p><font>所以我们不用太关注报表上“股权激励费用”这个数字。对于员工来说，主要关注的是有多少股</font><font>、什么时候可以行权，以及行权时的股价。</font></p><div><img src=\"http://k.sinaimg.cn/n/sinakd2021117s/88/w1080h608/20210117/9e7f-khstaxs8392700.png/w720fin.jpg\"/></div><p><font>总结一下就是，</font><font><font><font>拼多多股权激励有两种，期权和RSU。</font><font>期</font></font></font><font><font><font>权是大头，RSU是零头。</font></font></font><font>期权全部拿到要七年，RSU全部拿到要4年。</font></p><p><font>期权的常规操作是分四年到手、每年到手25%，到手即可行权。</font></p><p><font>然而拼多多还要外加三年。</font></p><p><font>比如说，自拿到期权起，做满一年以后到手了25%，但是呢，在之后的三年内你都不可以随便把股票卖掉哦，要通过公司批准才可以兑现哦。</font></p><p><font>不仅如此，如果你在这三年内离职（不管自愿还是非自愿），公司可以单方面决定以行权价收购你的股票（也就是你一分钱都拿不到）。</font></p><p><font>实际上2017-2019这三年内，还没有一个人行权呢。（是不想呢还是没批准呢？）</font></p><p><font>综上就是，从你拿到期权开始，要整整四年以后你才可以行使第一个25%的期权；要全部拿到需7年。</font></p><div><img src=\"http://k.sinaimg.cn/n/sinakd2021117s/200/w1080h720/20210117/6c17-khstaxs8392769.jpg/w720fin.jpg\"/></div><p><font><font>RSU的情况略好一点，期限是四年。</font></font><font>根据2019年vest（行使股权）的数目来看，只有很少部分的是第一年vest（行使股权）25%的，大部分可能都是要做满两年才vest（行使股权）50%的。</font></p><p><font>而且在2018年第一次发放RSU后，第二年就有有一大笔的弃权情况（占了第一年发放的33%）。估计可能是有拿了大笔RSU的高管离职。</font></p><p><font><font><font>所以，股权的确给得很多，但是由于限制诸多而且时间过长，不可控因素太多了，它的实际价值可能没有那么高。</font></font></font></p><p><font>如果有人跟你说拿了年终奖500万，你可能要问问他能不能撑得过七年哦，且不说七年以后股价是多少没人知道，算算到手的够不够付七年以后的医药费？</font></p><p><font>几个Q&amp;A做一点补充说明</font><font>。</font></p><p><font><font><font><font>Q1 </font></font></font></font></p><p><font><font><font><font>有没有可能一部分用人成本资本化了而没有计入费用？</font></font></font></font></p><p><font><font><font><font><font><font><font>▶︎ </font></font></font></font></font></font></font><font>理论上可能，但是拼多多没有。</font><font>根据美国会计准则US GAAP，唯一有可能资本化的用人成本是internal developed software，也就是自主研发的软件。</font><font>但是财报完全没有提到有资本化这部分人力成本。</font></p><p><font>另外如果有资本化这类成本，在资产负债表上应有体现。</font><font>然而我们去看Property Plant and Software（固定资产）的明细里，也没有一条是有关自主研发软件的。</font><font>所以可以肯定所有的人力成本都计入了费用。</font></p><p><font><font><font><font>Q2 </font></font></font></font></p><p><font><font><font><font><font>不是有年终奖吗？算进去了吗？</font></font></font></font></font></p><p><font><font><font><font><font><font><font>▶︎ </font></font></font></font></font></font></font><font>如果是以现金支付的年终奖，不管是年底已经发了，还是要等来年初再发，都应该已经算进去了。</font><font>如果是以股权形式的年终奖，那么已经发了的算在股权激励部分，没发的就没有算进去。</font></p><p><font><font><font>| 一个小彩蛋 |</font></font></font></p><p><font>2019年的20-F（注册地不在美国的外国公司年报）上Item 6（D） Employees 部分这样写着：</font></p><p><font>We believe that we maintain a good working relationship with our employees, and we have not experienced any major labor disputes.（我们相信，我们与员工保持着良好的工作关系，并且我们没有遇到任何重大的劳资纠纷。）</font></p><p><font>你猜2020年的20-F上会怎么写？</font></p><p><font>* 本文首发于知乎专栏</font></p><div></div><p><font><font><font>本篇作者</font></font><font><font>| </font></font></font><font>Alice</font><font><font><font><font><font><font>|</font></font></font></font></font></font><font>当值编辑 </font><font>| </font><font>杨帅</font></p><p><font><font><font><font>责任编辑 </font>|</font></font></font><font>何梦飞</font><font><font><font>| </font></font>主编 </font><font>|</font><font>郑媛眉</font></p><div><comment></comment></div><comment></comment></body></html>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n从财报看拼多多的薪酬真实水平\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-17 08:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-01-17/doc-ikftssan7277223.shtml><strong>创事记</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：吴晓波频道   文 / Alice 最近关于拼多多“过劳加班”的话题很多，争议也很大，但互联网企业加班的背后，总免不了会和“高薪”挂钩。加班是共识，那么这些加班是否得到了应有的薪酬补偿呢？今天我们就试着从拼多多2019年年度财务报告出发，来看看这家公司的薪酬情况。要了解薪酬，在财务报告里，就要聚焦几个关键指标，最后看能不能测算出人力成本。首先，我们来看下拼多多的员工分类：◎ Sales & ...</p>\n\n<a href=\"http://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-01-17/doc-ikftssan7277223.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9ad0916074d4fd8a0d19716314c632dc","relate_stocks":{"PDD":"拼多多"},"source_url":"http://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-01-17/doc-ikftssan7277223.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2104191693","content_text":"来源：吴晓波频道   文 / Alice 最近关于拼多多“过劳加班”的话题很多，争议也很大，但互联网企业加班的背后，总免不了会和“高薪”挂钩。加班是共识，那么这些加班是否得到了应有的薪酬补偿呢？今天我们就试着从拼多多2019年年度财务报告出发，来看看这家公司的薪酬情况。要了解薪酬，在财务报告里，就要聚焦几个关键指标，最后看能不能测算出人力成本。首先，我们来看下拼多多的员工分类：◎ Sales & Marketing 市场销售◎ Product development 产品开发◎ Platform operation 平台运营◎ Management and administration 管理表1：拼多多员工人数从财报的整体阅读结合我的经验/会计常识来看，这四类人的人工费用分别计入了损益表上的四处不同的地方，对应关系如下：◎ Sales & Marketing 市场销售 → Sales and marketing expenses 销售费用S&M◎Product development 产品开发→ Research and development expenses 研发费用R&D◎ Platform operation 平台运营→ Costs of revenues 主营业务成本Cost◎Management and administration 管理→ General and administration expenses 管理费用G&A表2：2019年损益表既然已经掌握了对应关系，又知道了每一类的人数，那么只要我们知道每一类费用中的人力成本是多少，就能大致测算出这类岗位的人员平均工资。不过在测算前，我们先要做一件事。那就是剔除股权激励对人工成本的影响，而是直接算现金支付了多少薪酬。好在股权激励的费用是在利润表里面的。（表上的数字以千元人民币为单位）：表3：2019年股权激励的费用做完这一步，我们就可以开始好好算人工成本了。先来看一下Costs of revenues的部分，也就是产品运营的人力成本。在财报里的管理费用（MD&A）中，有如下解释：Costs of revenues...The increase in staff costs from RMB116.4 million in 2018 to RMB286.2 million (US$41.1 million) in 2019 was primarily due to the increase of annual average headcount for employees dedicated to the operations of our platform.这段话我们不用过多理解，你只需要知道，这部分的员工费用支出是286.2百万人民币（此处及以下文字表述中的金额均以百万人民币为单位）。减去对应的股权激励部分，就可以得到现金支付的人力成本是262.4。再来看研发费用（R&D）的部分。研发费用（R&D）里的人力费用具体是多少没有披露，但我们可以通过已知的其他费用来倒推出一个人力成本的上限，也就是说，它封顶不可能超过多少。我们已知研发费用（R&D）的总数为3,870.4（表2），其中包括了向关联方购买的云计算服务873.3（表2），股权激励886.4（表3），还有折旧摊销10.2（在固定资产附注里我就不贴了），把这些都去掉还剩2,100.5。也就是说现金支付的人力成本最高不可能高于2,100.5。再来看销售费用（S&M）的部分。同理，已知总数为27,174（表2），其中包括广告和推广折扣25,868（见下引用），股权激励860.9（表3），折旧摊销2.4。所以剩余的部分，也就是现金支付的人力成本不可能高于443。Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB1,259,610, RMB12,867,833 and RMB25,867,772(US$3,715,673) for the years ended December 31, 2017, 2018 and 2019, respectively.管理费用（G&A）部分。已知总数为1,296.7（表2），其中包括股权激励786.6（表3），另外我把租金成本129（见附注8，引用见下）全部算在管理费用（G&A）里面了129，剩余381.1。通常算在管理费用（G&A）里还有很多其他杂七杂八的费用，比如水电物业啊，办公用品啊，员工餐啊，公关费用啊等等，这些我们都不知道是多少，我保守估计个31吧。人力成本封顶算350。The Group has operating leases mainly for offices in China. For the year ended December 31, 2019, operating lease costs and short-term lease costs were RMB94,929 and RMB34,255, respectively.现在我们有了一个最高可能的人力成本了，然后我们来除以人数。因为拼多多扩张比较快，人数变动很大，所以我们取2019年初和年底人数的平均值。这样算出来的是公司平均雇佣一个人需要支付的钱，并不等同于员工的工资。这里包括了公司为你缴纳的税、费、保险、公积金等等。看各个公司的政策，可能还会包含一些隐形福利、非物质的员工奖励。具体比例是多少我不是很清楚。这里就先取公司成本的60%来算吧。我想说明一下：除了产品运营的数字可能比较准确以外，其他三类都是高估的。因为上面的计算方式基本上是“只要你没有说这钱花哪儿了，我们就假设你是花在员工身上了”。这显然是不准确的。由于我没有更好的估算方法，所以取了一个很高的上限。跟你想象的高薪一样吗？说完了现金支付的部分，再说股权激励的部分。我之所以分开讲，是因为财报上显示的计入费用的股权激励的数字，和员工觉得他拿到的数字，相去甚远。计入费用的股权激励，是按照发放当时的价值入账。将来不管股票价格飞涨到什么地步，对于公司的成本来说没有任何变化。另外，每期计入费用的是按照发放总额，除以分几年领取的年限计入的。所以我们不用太关注报表上“股权激励费用”这个数字。对于员工来说，主要关注的是有多少股、什么时候可以行权，以及行权时的股价。总结一下就是，拼多多股权激励有两种，期权和RSU。期权是大头，RSU是零头。期权全部拿到要七年，RSU全部拿到要4年。期权的常规操作是分四年到手、每年到手25%，到手即可行权。然而拼多多还要外加三年。比如说，自拿到期权起，做满一年以后到手了25%，但是呢，在之后的三年内你都不可以随便把股票卖掉哦，要通过公司批准才可以兑现哦。不仅如此，如果你在这三年内离职（不管自愿还是非自愿），公司可以单方面决定以行权价收购你的股票（也就是你一分钱都拿不到）。实际上2017-2019这三年内，还没有一个人行权呢。（是不想呢还是没批准呢？）综上就是，从你拿到期权开始，要整整四年以后你才可以行使第一个25%的期权；要全部拿到需7年。RSU的情况略好一点，期限是四年。根据2019年vest（行使股权）的数目来看，只有很少部分的是第一年vest（行使股权）25%的，大部分可能都是要做满两年才vest（行使股权）50%的。而且在2018年第一次发放RSU后，第二年就有有一大笔的弃权情况（占了第一年发放的33%）。估计可能是有拿了大笔RSU的高管离职。所以，股权的确给得很多，但是由于限制诸多而且时间过长，不可控因素太多了，它的实际价值可能没有那么高。如果有人跟你说拿了年终奖500万，你可能要问问他能不能撑得过七年哦，且不说七年以后股价是多少没人知道，算算到手的够不够付七年以后的医药费？几个Q&A做一点补充说明。Q1 有没有可能一部分用人成本资本化了而没有计入费用？▶︎ 理论上可能，但是拼多多没有。根据美国会计准则US GAAP，唯一有可能资本化的用人成本是internal developed software，也就是自主研发的软件。但是财报完全没有提到有资本化这部分人力成本。另外如果有资本化这类成本，在资产负债表上应有体现。然而我们去看Property Plant and Software（固定资产）的明细里，也没有一条是有关自主研发软件的。所以可以肯定所有的人力成本都计入了费用。Q2 不是有年终奖吗？算进去了吗？▶︎ 如果是以现金支付的年终奖，不管是年底已经发了，还是要等来年初再发，都应该已经算进去了。如果是以股权形式的年终奖，那么已经发了的算在股权激励部分，没发的就没有算进去。| 一个小彩蛋 |2019年的20-F（注册地不在美国的外国公司年报）上Item 6（D） Employees 部分这样写着：We believe that we maintain a good working relationship with our employees, and we have not experienced any major labor disputes.（我们相信，我们与员工保持着良好的工作关系，并且我们没有遇到任何重大的劳资纠纷。）你猜2020年的20-F上会怎么写？* 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