- 學位論文
企業不同成長階段最適員工股票選擇權研究
Optimal Executive Stock Options on Different Stages of Enterprise
摘要
本研究有系統定義企業成長過程之各個不同階段，以及其相關特徵因子與關鍵因素。當企業領導人欲運用發行員工認股權憑證，以激勵與激發員工時，能以特徵因子之對照，快速判定其企業是處於那一個企業成長階段，並能依各企業不同階段最適員工認股權憑證型式排序表， 以Johnson & Tian(1999)所提之標準型及美國六種非標準型員工認股權憑證為標的，快速決策最適發行之員工認股權憑證型式。 本研究以企業領導人的觀點，採用每增加一個單位公司收益所需的花費成本 ，分析比對不同本益比、不同資本規模、不同股價水準的企業，或當企業領導人對未來看法不同時，其對發行員工認股權憑證以激勵員工的決策影響。並藉由探討法律的不同、稅負規定的變更，了解其對企業發行員工認股權憑證所產生的影響，以作為法律、稅法修改時之參考，並以 來闡述台灣企業領導人反對將員工認股權憑證費用化的傾向與行為。 結果發現企業在種子階段、創建階段，最適發行的員工認股選擇權憑證型式為Purchased Stock Option，最不適宜為Indexed Stock Option。而在擴充階段、成熟階段，最適發行的員工認股選擇權憑證型式為Indexed Stock Option，最不適宜為Repriceable Stock Option。 公司的本益比越大，所需發行員工認股權憑證成本越高，兩者呈現正相關。同時，公司發行股票股數越多，所需發行員工認股權憑證成本越低，與公司發行股票股數呈現負相關。而未來性較好的公司，比未來性差的公司，會增加更多的員工認股權憑證費用。對公司未來看好的企業領導人，會相對比持看淡的企業領導人，更反對將員工認股權憑證列為費用。本益比相對低的公司，運用發行員工認股權憑證，留住人才或向同業競爭對手進行挖角所需的相對成本低。發行員工認股權憑證成本，以發行新股作為股票來源，比購回庫藏股抵銷資本低。 另外，本研究結果之表4- 1：企業成長階段特徵表，可供爾後企業領導人快速判定公司所處企業階段之參考。而當企業領導人欲運用發行員工認股權憑證，以求激勵與激發所屬員工，達成追求股東之最大利益目標時，本研究結果之表4- 2：企業各階段最適員工選擇權憑證排序表，可作為快速決策之依據。
並列摘要
Characteristics and key success factors of each stage during enterprise’s life cycle are defined systematically in this study. It provides owners of enterprises some easy and fast ways to ascertain which stage the enterprise is on by using the Characteristics Table. The Stock Options Ranking Table has also been created to assist owners of enterprises to easily and quickly choose the optimal Executive Stock Options (ESO) among standard stock options and six kinds of un-standard stock options, which had been brought up by Johnson & Tian(1999), when owners of enterprises tended to use ESO to encourage employees to reach the goals of the enterprises. This study analyzes from the enterprise owner’s point of view, how to use as the expenses to increase one unit profit, to find out the influence of the decision made to issue ESO by analyzing and comparing among different P/E ratios, different capital scales, different stock market price levels, and different prospects of company owners, or even among different regulations and taxations which can also be valuable references to modifications of regulations and taxations. Meanwhile, it uses to analyze the tendency and behaviors of enterprise owners whom oppose the trend of transferring ESO to be under the category of expense. In conclusion, the Purchased Stock Option is the best during the seed stage and the start-up stage, while the Indexed Stock Option is the worst. By contrast, during the expansion stage and the well-established stage, the best one is the Indexed Stock Option, while the Repriceable Stock Option is the worst It represents some positive relationships among the cost of issuing ESO and other factors. The higher P/E ratio, the more cost of issuing ESO. The more shares are issued, the less cost of issuing ESO, which is in a negative relationship. The better promising corporations will be opposed with more expenses for issuing ESO than that of corporations which have poorer future. The enterprise owners from firms with better expectation for corporation performances will be more against to put ESO under the category of expenses. It costs less for Enterprises with lower P/E ratios to issue ESO in order to maintain developed existing employees or to recruit potential employees from competitors than those who are with higher P/E ratios. It also costs less for issuing new shares than purchasing shares from currency market as ESO resources. Futhermore, the table 4-1, Characteristics of various stages of enterprises, in this study offers Owners of enterprise good references to realize which stage their own enterprise is on. Another table 4-2, the table list of Optimal Executive Stock Options on Different Stages of Enterprise, helps owners of enterprise to make decisions when ESO is decided to be used as a tool for stimulation and enforcing employees, and to pursue ultimate benefits for shareholders.