The Effects of Restricted Stock Awards on Firm Performance and Earnings Management

限制員工權利新股制度對企業績效及盈餘管理之影響

戴怡蕙(Yi-Hui Tai) ； 王盈傑(Ying-Chieh Wang)

《管理與系統》 25卷1期 (2018/01) Pp. 87-113

https://doi.org/10.29416/JMS.201801_25(1).0004

摘要

The literature has rarely investigated the effect of restricted stock awards on firm performance, with even studies in the U.S. not often discussing their characteristics or those of restricted stock units. This study thus investigates the relationship between the adoption of restricted stock awards tied to performance on both firm performance and earnings management. The empirical results show that adopting restricted stock awards tied to performance provides executives with an incentive to increase firm performance. However, no matter if we define earnings management as real earnings management or accruals management, there is no correlation between the adoption of restricted stock awards tied to performance and earnings management.

關鍵字

Restricted Stock Awards ； Firm performance ； Earnings Management

並列摘要

過去台灣研究鮮少探討限制員工權利新股制度對企業績效的影響，且美國研究亦少討論限制型股票權利(restricted stock units)及限制型股票薪酬(restricted stock awards)的特性。本研究旨在探討與績效連結之限制員工權利新股制度對企業績效及盈餘管理之影響。研究結果顯示，與績效連結之限制員工權利新股制度提供經理人誘因去改善企業績效；然而，不論係定義盈餘管理為實質盈餘管理抑或是應計盈餘管理，與績效連結之限制員工權利新股制度和盈餘管理行為間都沒有關連性。

並列關鍵字

限制員工權利新股 ； 企業績效 ； 盈餘管理

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