從員工分紅配股費用化之宣示效應，剖析國內上市、櫃電子公司的貪婪程度

From Announcement Effect of Stock Grant`s Expense, to Analyze Degree of Greediness in the Listing and OTC Electronic Stocks.

張鈺祥(Yu-Hsiang Chang)

指導教授 ： 李又剛

淡江大學/商學院/國際貿易學系國際企業學碩士班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00268

摘要

隨著我國資本市場日趨成熟以及股票市場的蓬勃發展，國內科技業者藉由盈餘轉增資配發股票作為主要紅利已為普遍現象，在國內員工分紅配股不必列為費用之規定下，使得財報無法呈現出企業真實的營運成本與盈餘數字。當下，為了要與國際會計制度接軌，相關單位已著手修法，並規定從2008年1月1日起將員工分紅配股正式費用化。然而，在費用化正式上路之前，尚仍存在一年不須列為「費用」處理的空窗期，本文透過不同的計價方式，觀察國內上市、櫃電子公司在最後的這段期間所呈現的貪婪心態上的變化。

本研究透過跨年度的整體面及各分項指標，來比較員工分紅配股的貪婪程度；以不同計價方式下，員工分紅配股對企業獲利所造成之侵蝕；暨觀察上市、櫃電子業者們所展現的貪婪心態上之變化，以探究國內上市、櫃電子業者在確定員工分紅配股即將費用化的同時，是否會放棄這最後一次大肆發放員工分紅配股的機會，抑或還是抱著混水摸魚大撈一票的心態。最後，針對上市與上櫃電子公司的員工分紅配股情形加以剖析，究竟在空窗時期裡，在不同計價方式下，到底是上市抑或是上櫃電子公司，何者會呈現較為貪婪的風貌。

研究結果顯示，大體而言國內員工分紅配股呈現兩種極端現象，即在可以從事員工分紅配股但選擇不發放的比重，均大幅地攀升，屬於清者自清的風貌；暨有從事員工分紅配股者，呈現出要發就大肆發放的結論，屬於濁者自濁的情形。此外，就上市、櫃電子公司而言，其中又以上市電子公司較為貪婪。我們亦發現往往提及員工分紅配股課題，就會成為眾矢之的的IC設計產業，確實在發放員工分紅的比例上拔得頭籌，但我們卻同樣地發現，在知識密集度較低的設備與通路廠商，卻也一樣地不惶多讓。最後，在以股東會前一日的計價基礎下，於相關的分析期間裡，其反應的成本均會高於以除權參考價計價時的成本，因此相對上依此所設算出來的費用化成本，將會有高估的疑慮。

關鍵字

員工分紅配股費用化 ； 空窗期 ； 股東會前一日 ； 除權參考價

並列摘要

Since the capital market became mature, and the stock market boomed in Taiwan, electronic companies offering stock bonuses have become a general phenomenon. Their financial reports have been misleading due to domestic regulations. In order to keep step with the accounting standard of developed-countries, then the authority modified the laws and declared: all the stock bonuses should be treated as expenses from Jan. 1, 2008. However, before the appointed time there was still a one year time lag. In this lecture, we will utilize different imputed price to analyze the behaviors of electronic companies in the gap year. We will compare the outcomes from recent two years, and utilize integral views and different specific indicators to inspect the effects on electronic companies` imputed earnings per share. Moreover, we will observe the transformation of electronic companies` greediness. Should they give up offering stock bonus to employees, or should they use the opportunity to become greedier. Besides, we will compare the performance of electronic companies between listed and OTC market.

In this lecture we find: from the macro point of view, there are more listed and OTC electronic companies have given up offering stock bonuses even though they have positive earnings. Besides, those companies grant stock bonuses become greedier during the gap year. In the recent two years, we find that electronic companies in the Listed market were more generous to grant stock bonuses than in the OTC. On the other hand, investors of Listed companies had to share more costs caused by employee’s stock bonuses. Finally, the imputed “the closing price on the working day right before shareholders` meeting” caused more costs than the basis price of the ex-rights day.

並列關鍵字

stock grant`s expense ； time lag ； different imputed price

參考文獻

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