員工分紅費用化前後對公司經營績效及股價的關聯性研究

The Correlation Study of the Impacts of Performance and Stock Price on Expensing Employee Bonus

鍾嘉鳳(Chia-Feng Chung)

指導教授 ： 楊清溪

國立臺北大學/商學院/會計學系/碩士(2011年)

摘要

在立法院三讀通過商業會計法修正案，刪除員工分紅不得費用化規定，並於該法第64條中規定「商業對於業主分配的盈餘，不得作為費用或損失」，即只有分配給股東的盈餘，才可作為盈餘的分配，對於員工分紅，應即以費用處理，而員工分紅的會計處理及揭露方式於財務會計準則公報第39號「股份基礎給付之會計處理準則」規定，並於民國97年1月1日開始適用。本研究選取民國95年至98年以員工分紅費用化政策實施前後各2年的上市公司資料，分為電子產業及非電子產業，採迴歸分析方式探討企業在員工分紅費用化後的員工紅利發放狀況，及該政策對公司經營績效及股價的影響。
實證結果如下:（1）在員工分紅費用化後，公司發放員工紅利總金額占稅後淨利比降低，且在員工分紅費用化後，公司發放之員工現金紅利佔稅後淨利比提高，而公司發放之員工股票紅利佔稅後淨利比降低。（2）在員工分紅費用化後，公司降低發放員工紅利總金額，公司經營績效降低，而產業別為電子產業影響較為顯著。（3）在員工分紅費用化後，經營績效與公司股利殖利率的關聯性提高；在員工分紅費用化後，公司價值降低，淨值報酬率降低，股價降低，因而推論股東認為發放員工紅利對公司的激勵效果高於對公司稀釋效果，所以在員工分紅費用化後，降低發放員工紅利總數，公司價值並未因此提高。

關鍵字

員工分紅 ； 企業經營績效 ； 員工分紅入股

並列摘要

After the Amendment to Business Accounting Law has passed by the Legislature Yuan, in which the regulation that the employee bonus cannot be listed in expense has been removed, and state explicitly in regulation # 64 that the surplus should not be seen as expense or loss in business operations; in other words, only the surplus that is supposed to be shared among shareholders should be divided to shareholders while the employee bonus should be included in expense. The disclosure and accounting of the employee bonus has been regulated in Fiscal and Accounting Bulletin No. 39, which was applicable since 1st Jan. 2008. The current paper has chosen the material of public companies, mainly separated into electronics industry and non-electronic industry, from 2006 through 2009, a duration compassing four years and was marked at middle by the implementation of the Expensing Employee Bonus policy. We adopt regression analysis method to explore how a firm actually tackles issue of the employee bonus after the expensing employee bonus policy is implemented and how that policy affects the corporate performance and stock price of a firm.
The empirical results are as follows: 1. After implementing the Expensing Employee Bonus, seen from the base of the after-tax profit margin, both the percentage of the total cost for employee compensation and employee stock compensation decreases, while the employee cash bonus increases. 2. After implementing the Expensing Employee Bonus, a firm tends to decrease the total cost of the employee compensation, which in turn affects the previous better corporate performance, especially for electronics industry. 3. After implementing the Expensing Employee Bonus, the correlation of business performance and dividend yield becomes stronger, while the value of a firm, the return on equity and stock price all become lower; therefore we may induce that shareholders consider employee bonus to be a positive, not a thinning, effect on a firm, which explains why the value of a firm will not increase subsequently after curtailing the total cost of employee bonus.

並列關鍵字

Employee Bonus ； Corporate Performance ； Employee Stock Bonus

參考文獻

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