- 學位論文
員工分紅入股與公司績效關係及對市場反應之研究
Coperation Financial Performance and Market Reaction of Employee Stock Ownership Plans
摘要
本研究以杜邦體系分析是否因實行員工分紅入股政策造成公司績效不同，並探討員工分紅入股政策資訊在董事會發放時市場投資人的反應，進而以電子產業為樣本利用員工分紅宣告時市場平均累計異常報酬率作橫斷面分析。依據實證結果，可歸納出以下結論： 以電子產業、非電子產業為範圍作比較ROE、銷貨利潤邊際、總資產周轉率、權益乘數各財務比率作檢驗除了非電子產業總資產周轉率無顯著不同之外，ROE、銷貨利潤邊際、權益乘數在電子產業、非電子產業皆有顯著差異。 以事件研究法檢視在董事會發佈員工分紅入股的資訊時，可以發現無論電子產業或是一般產業在事件日之前市場即開始反應，而以電子產業為研究對象時反應最為顯著；其可能為員工分紅入股資訊在發佈之前便有洩露的情形出現，而以電子產業為樣本利用複迴歸模型探討公司規模、公司帳面市價比、負債比率對員工入股訊息宣告時之平均累積異常報酬率影響，發現公司規模與市場上所反應的平均累計異常報酬率呈反向關係，公司成長機會與平均累積異常報酬率呈正向關係。
並列摘要
The study examine if the financial performance are different when the company in Taiwan adopt employee stock ownership plans or not. At the same time ,we examine stock maket response when the board meeting design to adopt employee stock ownership plans. Futher more,we use the CAAR of electricity industry for example to make cross-sectional analysis,and get the following conclusion: Take electricity industry and non-electricity industry for sample , except asset turnover ratio in electricity industry make no significant different. There are significant differents in ROE、profit margin、equity multiplier both in electricity industry and non-electricity industry. Examining the information content in board meeting date by Event Study ,we find that no matter electricity industry or traditional industry, the stock market begin to react before the board meeting date and electricity industry makes the most significant reaction. Moreover, we make use of the CAAR of electricity industry for example to make cross-sectional analysis and find that the firm size and CAAR present the opposite relation; market to book ratio and debt ratio to CAAR present the positive relation.