Market Valuation of Disclosed Employee Stock Option Expenses-Evidence from Taiwan

台灣員工認股選擇權費用與股價之關連性

郭啟賢(Chii-Shyan Kuo) ； 余士迪(Shih-Ti Yu)

《證券市場發展季刊》 25卷1期 (2013/03) Pp. 115-158

https://doi.org/10.6529/RSFM.2013.25(1).4

摘要

台灣財務會計準則第39號公報規定：公司於2008年（含）給予員工及主管認股選擇權須依｢公平價值法｣認列薪資費用。可能為試圖減緩因該公報的施行對公司獲利能力之負面影響，許多高科技公司選擇將給予認股權的時點提前在2007年（或更早）。因此，僅附註揭露而未入帳之股份基礎薪資費用在2008及2009年因而大幅增加。本文主要探討投資人如何看待這些僅揭露在附註而未認列入帳的薪資費用。我們發現：(1)一般而言，未認列的選擇權攤銷費用對股價有負面影響。(2)在第39號公報生效後（2008及2009年），該攤銷費用與股價的負向關聯性更加明顯。進一步測試結果指出：選擇權費用與股價關係呈現系統性變化的原因可能與第39號公報生效有關；另外，也有可能與選擇權所產生的激勵作用逐年遞減有關。

關鍵字

員工認股選擇權 ； 股價關連性 ； 揭露或認列 ； 盈餘管理

並列摘要

In Taiwan, a newly announced accounting rule requires optiongranting firms to recognize stock-based compensation starting from 2008. We find a sample of high-tech firms during 2004-2009 grants a huge amount of options in 2007, resulting in an enormous unrecognized stock-based compensation in 2008 and 2009. Despite managers' attempts to sidestep the adverse effect of ESO expense on their firm's profitability and thus on share prices, we find that investors on average negatively price the unrecognized expense. Further, we also find the negative pricing effect of disclosed stock-based expense becomes more pronounced after 2008. More interestingly, we find that in the early (later) stage of the sample period, disclosed option-related expense is positively (negatively) related to firm value. Additional tests suggest that the size of disclosed stock-based compensation and profitability of firms cannot satisfactorily explain such unique patterns in the pricing effect. Instead, the results are more in line with the explanations of the new recognition rule effect and the ＂fade out＂ effect. Finally, we do not find any significant results for ESO expense recognized in 2008 and 2009, which is probably driven by its insignificant size.

並列關鍵字

Employee Stock Option ； Value Relevance ； Reporting Regime ； Earnings Management

參考文獻

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