會計原則修訂對公司的影響-以美國為例

option-based compensation in the U.S. pre and post the adoption of SFAS 123R.

蘇筱嵐(Shiau-Lan Su)

指導教授 ： 詹佳縈

元智大學/管理學院/財務金融學系/碩士(2009年)

摘要

本論文探討員工認股權的會計原則修訂對公司的影響，我們比較實施SFAS 123R之前採用內含價值法和公平價值法的公司在轉換為SFAS 123R前後給予經理人的報酬和其公司特徵不同之處及兩類公司的長短期市場表現和營業表現的差異。我們發現公司治理狀況較佳的公司會提早採用市場價值法以配合資訊透明化；當認股權的會計原則由內含價值法轉換為公平價值法時，公司會減少員工認股權的發放來抵銷大量提升的認股權費用，尤其是在安隆案發生後主動轉換為市場價值法的公司特別明顯。我們也發現在SFAS 123R之後原先採用內含價值法的公司營業表現和長期市場表現都比採用市場價值法的公司差，意味著雖然公司會刪減認股權來因應上升的認股權費用，卻不會為了不影響公司價值而大幅調降員工認股權的發放。另外，在SFAS 123R宣告的期間，採用內含價值法公司相對於市場價值法公司的股票價格將受到較大的負面衝擊。

關鍵字

SFAS 123R ； 公司治理 ； 員工認股權 ； 會計原則修訂 ； 經理人補償

並列摘要

In this dissertation, we examine the impact of accounting reforms on employee stock options in relation to the operational and market performance. We investigate the change of executive compensation, the firm’s characteristics and firm’s performance around accounting reforms according to firms choice of either the intrinsic value method or the market value method to SFAS 123R. We find that firms with higher quality of corporate governance would have more incentives to early adopt the market value method, and when firms change the accounting principle from the intrinsic value method to the market value method, they would slash stock options grant due to the increasing compensation expense: in particular between 2002-2005, which was the period that firms voluntary to expensing stock options. We also find that firms adopted the intrinsic value method would perform worse after SFAS 123R; it may because those firms did not slash as much as enough stock options for the increasing compensation expense, and hence damage their operational performance. Additionally, we observe the short-run market reaction on announcement of SFAS 123R. Empirical findings also confirm that the firms which adopted the intrinsic value method would have more significantly negative abnormal returns in that period.

並列關鍵字

SFAS 123R ； corporate governance ； employee stock options ； accounting reforms ； executive compensation

參考文獻

3. 侯乃文，「從比較法觀點探討我國認股權憑證之法制建構-以美國模式為藍本」，中原大學，碩士論文，民國93年。

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