證券市場投資人對員工紅利評價之研究

VALUATING OF EMPLOYEES’ BOUNS IN THE STOCK MARKET

趙怡惠(Yi-Hui Chao)

指導教授 ： 鍾 彩 焱

元智大學/管理學院/管理研究所/碩士(2004年)

摘要

本研究認為如果員工紅利真為公司的費用成本,則未計入員工紅利之市場上公開的資金成本(即本益比倒數)會與市場風險係數無關。而新調整後的資金成本(即新本益比倒數)，會與市場風險係數有關。而如果市場投資人認同將員工紅利視為費用，則預期市場會因為盈餘的虛增，而自行評價，則發放員工紅利比例愈高的公司，市場投資人會給予的本益比會愈低。
本研究選取樣本以台灣證券市場所有非金融類股的上市公司，從民國82年到92年的財務資料齊全之樣本來採迴歸分析,得到結果為未計入員工紅利之市場上公開的資金成本會與市場風險係數無關．而新調整後的資金成本，會與市場風險係數有關。所以認為員工紅利的確隱含著酬勞成本，要算為稅前盈餘的費用是比較合理的，才會比較接近市場真正的資金成本。另用T檢定發現，在民國92年時員工紅利發放比率高的一組，其本益比平均值較低，員工發放比率低的一組，本益比平均值較高，且有顯著相關；但民國91年則沒有此現象。

關鍵字

員工紅利 ； 資金成本 ； 市場風險係數

並列摘要

This study hypothesizes if employees’ bonus it is indeed part of the cost of the firms the cost of capital computed by the inverse of price-to-earnings ratio, which treated employees’ bonus as a distribution of profit, will be unrelated to the beta. On the other hand, the adjusted cost of capital (counting the employees’ bonus) will be related to the beta. If investors had realized that employees’ bonus to be an expense, shares that have higher employees’ bonus should have lower P/E ratio.
The Sample firms are: (1) TSE listed firms and (2) which have positive earnings and no missing necessary financial information in consecutive eleven yeas from 1993 to 2003. A multiple regression analysis was used to study the relationship between the beta and the cost of capital. The results indicate that the beta and the cost of capital after adjusting the employees’ bonus as an expense are more strongly associated then when no adjustments were made to the cost of capital.
Using the T-test analysis, the empirical results support the hypothesis that there is a negative association between employees’ bonus shares and P/E ratio in 2003, but there is no significant result in 2002. Such difference could be due to the wide publicity of the nature of the employee stock bonus and investors became aware of it and adjusted the stock price accordingly.

並列關鍵字

employees’ stock bonus ； cost of capital ； beta