上市公司員工認股權憑證執行行為探討

A Study on the Execution Behavior for the Employee Stock Option：The Case of the Listed Companies on TWSE

許錦娟(Chin-Chuan Hsu)

指導教授 ： 蔡彥卿

國立臺灣大學/管理學院/會計與管理決策組/碩士(2009年)

https://doi.org/10.6342/NTU.2009.10739

摘要

企業的競爭優勢，來自具有競爭力的優秀人才，為能在激烈的競爭市場立於不敗之地，如何延攬及留住優秀人才，一直是企業不遺餘力追求的課題。員工分紅入股制度一直受到高科技產業青睞，作為延攬及留住人才的工具，也是創造台灣經濟奇蹟一項功不可沒的利器；至於員工認股權憑證制度則是在民國89年證券交易法及民國90年公司法修正後正式引進的一項員工獎勵措施。

然而，各項員工獎酬制度其相關會計處理與稅負政策的修正或調整，對於公司在吸引及留住優秀人才政策的採用以及員工個人行為方面均有舉足輕重的影響，員工分紅入股及員工認股權憑證制度，其會計處理與稅負問題近年來爭議不斷，自民國90年5月開始有了第一家公司發行員工認股權憑證後，歷經二年閉鎖期、實際認股執行及存續期間屆滿，其中受到員工認股權憑證執行差價應課稅規定及財務會計準則第39號公報「股份基礎給付之會計處理」實施影響，企業面臨員工認股權憑證發行成本大增，加上金融海嘯席捲全球，股市一蹶不振，發行公司發行意願及員工執行員工認股權憑證行為也間接受到影響。本論文擬探討上述事件對企業發行員工認股權憑證及員工實際執行員工認股權憑證行為可能造成的衝擊與影響。

本研究主要以我國上市公司民國90年至96年底止發行之員工認股權憑證，於公開資訊觀測站申報之年度發行員工認股權憑證基本資料及已(未)執行認股情形彙總資料，從員工認股權憑證之發行、到期及相關執行結果等，分別就發行統計、到期統計及到期執行情形等構面加以整理、列示及分析，並統計分析截至民國96年底前到期之員工認股權憑證，其到期執行情形、最後執行價格狀態及失效情形，探討發行公司及員工有關員工認股權憑證之發行及執行行為，本文並彙總研究過程所發現之資料申報缺失並提出建議事項。

依據本研究統計分析我國上市公司民國90年至96年底止發行之員工認股權憑資料顯示，上市公司發行員工認股權憑證主要仍以過去偏好以員工股票分紅為獎酬制度的資訊科技產業為主，多數公司集中在下半年發行員工認股權憑證，存續期間以6年佔最大宗。民國93年公佈員工認股權憑證執行差價應課稅規定及民國96年宣布財務會計準則第39號公報「股份基礎給付之會計處理」實施對員工認股權憑證之發行造成顯著影響，然而，即使發行公司設計之發行條件上，員工認股權憑證在存續期間到期前2~3年前員工即取得100%可執行權利，但樣本資料尚無員工提前於存續期間到期前即全部提前執行完畢之情況，而且到期前即使最新認股價格處於價內，到期未執行之失效比例仍偏高。

員工分紅費用化實施後，企業積極尋求其他員工激勵措施，特別是資訊科技產業，惟財務會計準則第39號公報「股份基礎給付之會計處理」實施之後，任何股份基礎給付方式，包括於員工分紅配股及員工認股權憑證都將避免不了對企業產生成本，因此企業在評估員工酬勞成本對財務報表帶來之影響時，應更著重於整體考量員工薪資酬勞制度，並運用相關配套措施調整，在公司獲利、股東權益及員工福利三方面取得均衡，以留住且激勵優秀人才，達成企業、股東及員工三贏局面，而選擇適當時機發行屬於長期獎酬制度之員工認股權憑證，將員工福利與公司績效有效結合，以員工認股權憑證制度作為獎勵員工為公司未來努力之報酬，更提供了台灣企業長期依賴員工分紅配股外的另一種以股份獎酬員工的選擇方式。

關鍵字

員工認股權 ； 非酬勞性員工認股計劃 ； 酬勞性員工認股計劃 ； 內含價值法 ； 公平價值法 ； 凍結期

並列摘要

Corporations have long learned the ability to recruit and retain employees determines their survival in the challenging business environment. Rewarding employees with stock options are part of an incentive program which successful companies use to gain an edge over their competitors. This system was formally introduced after the revision of the Securities and Exchange Act and the Company Act in Year 2000 and 2001 separately.

Adjustments to accounting and taxation policy in dealing with employee incentive program have major attributes in determining employees’ commitment to a company. In the recent years, much disagreement has been found in the way accountants handles disputes arising from accounting and taxation of employee stock options. From when employee stock option was first issued in May of 2001, and after the completion of the 2 years vesting period, the tax on other incomes is incurred from the price differential of the employee stock options and the market price. Issuing costs of these employee stock options is further increased by the Share- Based Payment Transaction Accounting of SFAS No. 39. This release of SFAS No. 39 has significant impact on the costs Corporations have to set aside when issuing employee stock options. The recent global financial crisis have wiped off significant amount of equity resulting in further complications for Corporations trying to issue employee stock options and for employees to realize capital gains. In this thesis, we will explore further the results of the actions undertaken by Corporations in issuing options and the decision of employees to exercise them.

From the Market Observation Post System which governs the public companies in Taiwan, we investigate and study how enterprises handles employees’ exercised and non exercised employee stock options between Year 2001 to 2007. We break these information down and further analyze from the following categories; Issue Date, Expiration Date, results from exercising and the expiration of these options. This study discusses the issuance and exercising behavior of relevant employee stock options between issued companies and employees, summarizes the shortage of information declaration, and give some recommendations during this researching process.

From these studies, we found that majority of Listed Corporations which rewards employees through the issuance of stock options are in the IT industry. These actions are undertaken in the later half of the year with an average expiration date of 6 years. The execution of the tax regulation on the price differential of the market price and the exercise price of the stock options in 2004 and the announcement of SFAS No.39 Act in 2007 have influence over the decision to issue stock options to employees. Even though these options are fully vested, we found no evidence from these samples the employees exercise all the stock options before expiration date, and there are high invalidation ratio of these “in the money” stock options.

In the IT industry, Corporations are looking for different ways in motivating employees as stock bonuses to employees now has to be treated as expenses. Any stock based payments are now becoming more of a burden to Corporations due to the SFAS No.39 Act. They now have to tread carefully to justify the employees compensation and to achieve a balance where all stakeholders; employees, companies and stockholders’ interests are all considered. Corporations will also be required to evaluate the timing in issuing these employee stock options. These long term reward system bonds the employees together with the performance of the companies, thus creating a win win situation where companies excel and employees are rewarded. Employee stock bonus has lost favour and the employee stock options is becoming to be an alternative as a reward system for employee in Taiwan.

並列關鍵字

Employee stock option ； Non- compensatory stock option plan ； Compensatory stock option plan ； Intrinsic value ； Fair value ； Vesting period

參考文獻

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