期权有几种模式
（1）公司自己会发期权给员工（可以以一个通常低于市场价的价格购买公司股票）作为一种奖励。一般不允许在交易所交易或者出售。
（2）个人或者是券商自己卖（写）的期权，可以在交易所交易流通，卖方赚取保险费，买房等于买个保险，对冲自己市场上的风险，通常出售股权者自己已经拥有等同数量的股票或者现金，如果没有的话叫naked option，万一持有期权的人在到期时行使权利，要看是call 还是 put ，出售者就要以一定的价格同期权持有者出售或者购买股票。当然这些期权本身也有价格，可以在交易所交易。

你说的是（2）种情况，理论上说不会影响普通股数量，因为出售股权方不能发行普通股。这里说的应该是第一种。举例说市场价格是5元一股，股权允许公司CEO以2元购买1000股，当CEO行使这个权利的时候，公司会发行1000普通股给CEO。当然第一种情况都会在上市公司的年报里面体现出来，当公司高管行使股权的时候，公司也要向交易所报告。

另外交易所不负责，也无权发行证券，他们只是中间人和监管机构，做买卖价格的配对而已。 除非交易所自己也上市，比如果澳洲的ASX，他们自己也上市，也时交易所，他们可以发行的只有自己公司的期权，而不是在他们交易所挂牌公司的期权。

Wiki的解释没有这个清楚。

Dilutive stock is any security that dilutes the ownership percentage of current shareholders - that is, any security that does not have some sort of embedded anti-dilution provision. The reason why dilutive stock has such negative connotations is quite simple: a company's shareholders are its owners, and anything that decreases an investor's level of ownership also decreases the value of the investor's holdings.

Ownership can be diluted in a number of different ways:

1. Secondary Offerings: For example, if a company had a total of 100 shares on the market and its management decided to issue another 100 stocks, then the owners of the first 100 stocks would face a 50% dilution factor. For a real life example of this scenario, consider the secondary offering made by Google Inc. in the fall of 2005. The company decided to issue more than 14 million shares of common stock to raise money for "general corporate purposes", and it diluted then-current holdings.

2. Convertible Debt/Convertible Equity: When a company issues convertible debt, it means that debtholders who choose to convert their securities into shares will dilute current shareholders' ownership when they convert. In many cases, convertible debt converts to common stock at some sort of preferential conversion ratio. For example, each $1,000 of convertible debt may convert to 100 shares of common stock, thus decreasing current stockholders' total ownership.

Convertible equity is often called convertible preferred stock. These kinds of shares usually convert to common stock on some kind of preferential ratio - for example, each convertible preferred stock may convert to 10 shares of common stock, thus also diluting ownership percentages of the common stockholders.

3. Warrants, Rights, Options and other claims on security: When exercised, these derivatives are exchanged for shares of common stock that are issued by the company to its holders. Information about dilutive stock, options, warrants, rights and convertible debt and equity can be found in a company's annual filings.

Read more: http://www.investopedia.com/ask/ ... k.asp#ixzz2HX7bKGRn

最主要这些证券的拥有者并没有直接拥有公司的股权，如果他们使用他们证券所附带的权利转换成股票，公司就要发行普通股，这样就会稀释所有普通股的所有权。

我能理解convertible debt/secuirty, 但是option为什么会有转换的权利？如果一个option到期，不是应该就结束了吗~而且option不是芝加哥option exchange发行的吗，公司也无法控制，为什么能够转换成股票了啊？ 谢谢！

你太猛了~ 现在终于清楚了~  就你说的，我又有两个问题，希望能够赐教下~ 谢谢！  1.交易所为什么自己不能上市？是一般证券会规定不能上市的吗？（ 中国的交易所不用说了，都是国家控制的，像美国全都是私有的，难道他们就不想上市吗？）   2. 原来我一直理解的是交易所发布期权给大家来操作。按您的意思，是其他机构弄好找到相应公司弄好期权相关手续在交易所交易？