- 學位論文
我國員工分紅費用化與盈餘管理關聯性之研究
The Relationship Between Employee Profit Sharing Expensing and Earnings Management
摘要
本研究的主要目的即是探討員工分紅費用化與盈餘管理之間的關係。由於公司規模日漸擴大，使經營權與所有權分離，產生資訊不對稱之現象，並引發經理人與股東間之代理衝突。為解決代理衝突，公司多設有以會計盈餘為計算基礎的獎酬制度，然此制度下可能造成經理人透過盈餘之管理進行自利行為。2008年1月1日員工分紅費用化正式實施，日後員工分紅的處理，將回歸到國際一般公認會計原則，視之為費用，不再是盈餘之分配。 本研究以2003年至2007年間，共5295家上市（櫃）公司為研究樣本。本研究使用Kothari et al.(2005)之ROA績效控制Jones Model之裁決性應計數估計數作為盈餘管理之替代變數，再以員工現金紅利、員工股票紅利作為解釋變數，再以負債比率、公司規模、總應計數、營運活動現金流量、期初裁決性應計數及經理人持股比率等做為控制變數。 探討宣布實施員工分紅費用化事件之前，受到員工分紅會計認列方法將有所改變之影響，公司管理當局是否會因員工分紅之自身利益，而對盈餘進行盈餘管理之行為。 實證結果顯示，以市價計算之員工股票紅利變數迴歸係數均顯著為正，代表當公司所分配的員工股票紅利金額愈大時，公司經理人愈存有增加自身利益之誘因，而對當期盈餘進行管理，本研究之問題獲得支持。又得知不論是全部樣本亦或是電子業和非電子業股票分紅的成長趨勢明顯的呈現逐年上升；推論公司之經理人很可能為因應2008年1月1日員工分紅費用化後所產生之衝擊運用其會計上之裁決權，對盈餘進行管理。 本研究亦進行若干敏感性測試，包括以面值計算之員工股票紅利測試、Modified Jones Model測試以及電子業測試。敏感性測試顯示主測試結果具穩固性。
並列摘要
The main purpose of this study is to examine the relationship between expensing employee bonus and earnings management. Due to the business size is more huge than before that the separation of operating right and the ownership occur informational asymmetry. In order to reduce agency problem, many companies adopted bonus schemes that could align the target of managers and stockholders. However，mangers could use their discretion to manage earnings for self-interests. January 1,2008，the employee bonus will be recognized as expense rather than earning distribution，and will be measured by fair value. This study selects 5,295 samples between 2003 and 2007 in Taiwan. This study adopts the discretionary accruals of ROA-control Jones Model, proposed by Kothari et al. (2005) to proxy listed companies’ earnings management behavior. The explanatory variables include employee stock bonus and employee cash bonus. The control variables are composed of debt ratio, the size of the company, total accruals, cash flow from operating, discretionary accruals at the beginning of fiscal year and percentage of shares held by managers. further examine whether managers manipulate earnings to the announcement of future accounting change for employee bonus. The empirical results show that market value based employee stock bonus is significantly positive-associated with the discretionary accruals. This evidence provides support to the bonus program hypothesis managers tend to manipulate earnings in order to increase their bonus of this year. And also know the electronic industry and non- electronic industry’s Profit Sharing is grow up year by year，that show management to handle the impact of expensing employee bonus. This research conducts several robustness tests, including Modified Jones Model test, face value based employee stock bonus test and electronic industry effect test. The previous results remain unchanged.