為什麼阿里和新浪在 2013 年的合作會使新浪的「Stock-based Compensation」增加了 1100 萬美元的花費？

General and Administrative. Our general and administrative expenses increased by 290% from $5.8 million in 2012 to $22.5 million in 2013. The increase was primarily due to an increase of $11.0 million in stock-based compensation primarily related to the Alibaba transaction and an increase of $1.4 million of bad debt provision expenses, primarily resulting from the increase in advertising and marketing revenues.

首先我想說，大家最好還是對知乎上的問題認真一些，沒有把握的可以不發言，至少不會誤導別人。

這塊stock-based compensation不止體現在管理費用上這些，還有的被allocate到其他科目上，比如成本、營銷、產品開發。

發生的原因是2013年阿里巴巴入股新浪微博時，新浪微博允許持有股票和期權的管理層及員工將一部分股票、期權套現。具體的方式是，阿里巴巴入股後，新浪微博獲得了大量現金，公司用一部分按照高於公允價值的價格回購了部分股票和期權。這部分高於公允價值的金額在會計準則上被認定為一種stock-based compensation，記到了相應的成本、費用科目。其實關於這部分內容在招股書的很多地方都提到了，仔細找找是能發現的。

另外有一個中文的新聞可以參考：
阿里入股新浪微博最新進展：新浪微博員工套現 門戶編輯寒心

以下是招股書原文：

The ordinary shares held by Alibaba were recognized at an initial fair value of $54.2 million as of the Transaction Date, which were purchased by Alibaba directly from the employees』 ordinary shares or from the Company, which repurchased vested employee options. In order to facilitate the transaction, the Company issued ordinary shares to Alibaba on the Transaction Date and then repurchased the 3.5 million vested options from employees subsequent to the Transaction Date. The consideration for both the ordinary shares and vested options were paid to the Company first and then paid/to be paid to the employees subsequently. The employees sold their shares and vested options above the current fair value and the difference between the proceeds received by the employees and the fair value of the shares or vested options sold was considered to be compensation for their past services in accordance with ASC 718-20. Therefore, a stock-based compensation of $27.1 million was recorded for the year ended December 31, 2013. As of December 31, 2013, consideration for the ordinary shares and vested options had not been fully paid and the remaining balance was included in accrued liabilities due to third parties and employees.