The Tax and Distributional Effects of ESOP and an Empirical Analysis of the Employee Stock Plans in Taiwan

ESOP的稅負效果、分配效果與員工入股對股票報酬影響之實證－以台灣為例

馬黛(Tai Ma)李永全(Yun-Chuan Lee)

《中國財務學刊》 3卷2期 (1996/01) Pp. 49-62

https://doi.org/10.6545/JoFS.1996.3(2).3

摘要

本研究根據Chaplinsky及Niehaus（1990）模式，進一步導出不影響現有股東財富之公司提撥比例。此外，我們實證分析台灣的員工入股辦法，發現一般而言，員工入股辦法之宣告對股價無顯著影響，但是，入股辦法的架構（包括資金來源、股票移轉的限制，認購價格等）對股價表現有顯著影響。

並列摘要

In this study we extend Chaplinsky & Niehaus's (1990) mode l and derive the indifferent corporate contribution ratio for ESOP. In addition, the employee stock plans in Taiwan are empirically examined. We find that (1) generally speaking, the announcements of employee stock plans do not result in significant price changes; however, (2) the structure of the stock plans (including the source of funds, the restrictions on stock transfer, the purchase price, etc.) does have significant impact on the performance of stocks.