員工分紅費用化對上市櫃公司股價之影響 -以事件分析法與個案研究法探討-

Impacts of Expensing Employee Bonus on Listed Firms in Taiwan Stock Market-An Event Study And Case study

黃金燕(Ching-Yen Huang)

指導教授 ： 楊葉承 ； 廖益興

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800420

摘要

2006年4月28日立法院三讀通過「商業會計法修正案」，刪除「員工分紅不得費用化」規定；2007年3月30日金管會發佈金管證六字第0960013218號函，明確列示公開發行公司有關員工分紅之會計處理與揭露事項，並於2008年1月1日開始實施。因此，本研究將藉由檢視三個與員工分紅費用化相關之事件日，採事件研究法分析員工分紅費用化對於上市、櫃公司的股價是否有顯著的影響。除此之外，本研究還選取個案公司，計算分紅費用化之後對公司財務狀況所產生之影響。

　　事件一立法院三讀通過商業會計法之修正草案，即刪除了員工分紅不得費用化之強制規定當天，實證結果支持假說(H1-1)和假說(H1-3)，即在員工分紅費化之事件期間有顯著負的累計異常報酬。實證結果不支持假說(H1-2)和假說(H1-4)，推測可能原因是一般投資大眾認知員工分紅費用對高科技產業影響最大，所以此議題公布時對傳統產業沒有產生太大的影響。

　　事件二確立了「員工分紅費用化」的會計處理，實證結果不支持假說二，即在員工分紅費化之事件期間沒有顯著負的累計異常報酬。推測可能原因是投資者認為員工分紅費用化相關議題對股價影響已經反映過。且員工分紅費用化之落實規定時，一般投資大眾對會計處理改變無如此強烈衝擊。

　　事件三2008年04月30日公布第一季報揭露，實證結果支持假說三，因員工分紅費用化之揭露，使第一季較前年度第一季的稅後淨利減少、每股盈餘也變小。此一調整後盈餘資訊反映在股價上，即在員工分紅費化之事件期間有顯著負的累計異常報酬。

　　在個案研究探討中，員工分紅費用化後為費用的加項，使聯發科帳面上的稅後淨利減少，每股盈餘減少。在新制度下員工分紅配股總數減少，使得員工分紅配股對公司股本稀釋效果下降，反而有助於提高公司未來的每股盈餘。在保留盈餘方面並未減少，而盈餘分配源自保留盈餘所以可分配股東的保留盈餘相較現行制度為高，公司配股的能力略為提高。

關鍵字

事件研究法 ； 員工分紅費用化 ； 股價

並列摘要

As the third reading of the “Revision of the Commercial Accounting Law” was passed by the Legislative Yuan on April 28, 2006, the regulation on “prohibition from expensing employee bonuses” was deleted. As per document Jin-Guan-Zheng (6) Zi No. 0960013218 released by the Financial Supervisory Commission on March 30, 2007, the accounting process and disclosure items regarding employee bonuses of public listed companies have been clearly enumerated, and enforced as of January 1, 2008. Thus, by reviewing the three event dates in relation to expenditure-based employee bonuses, the study used event study analysis to investigate if the application of expensing employee bonuses would have significant influence on the share prices of the TSEC and OTC companies. In addition, the study also selected some individual companies to analyze the influence of expensing employee bonuses on a company’s financial status.
Event 1: The empirical results derived on the day the Legislative Yuan passed the third reading of the “Revision of the Commercial Accounting Law”, that is, the deletion of the mandatory regulation of “prohibition from expensing employee bonuses”, supported Hypotheses H1-1 and H1-3, which illustrated that there was a significant, negative, cumulative, and irregular reward during the event period of expensing employee bonuses. The empirical results did not support Hypotheses H1-2 and H1-4, suggesting that general investors perceive that the IT industry would receive the highest impact from expensing employee bonuses in the first place. Therefore, when the issue was announced, traditional industry was not seriously affected.
Event 2: The accounting process of expenditure-based employee bonuses was confirmed. The empirical results did not support Hypothesis 2, which illustrated that there was no significant, negative, cumulative and irregular reward during the event period of expensing employee bonuses. It suggests that investors thought that the share price had already reacted to the issue relating to expensing employee bonuses. In addition, after the fulfillment of expensing employee bonuses, general investors did not feel strongly concerning the change of the accounting process.
Event 3: According to the financial statements of the first quarter released on April 30, 2008, the empirical results supported Hypothesis 3. Given the disclosure of expensing employee bonuses, the after-tax profit of the first quarter decreased compared with the same period of the previous year, which leads to lesser EPS. The adjusted earning information was reflected in the share price, which resulted in significant, negative, cumulative, and irregular reward during the event period of expensing employee bonuses.
With the case study, it was found that the expense occurring from employee bonuses was put on the credit side, which caused MediaTek to experience lesser after-tax net profit and EPS on the book. While the total number of shares earned from employee bonuses under the new system was reduced, a company’s capitalization will be less diluted from the shares of employee bonuses; contrarily, it will bring about higher EPS for the company in the future. On the other hand, retained earnings are not reduced as a result of expensing employee bonuses, whereas earnings distribution stems from retained earnings. Thus, the retained earnings available for distribution can be greater than that of the existing system. As is the case, a company’s bonus share distribution capacity will be enhanced accordingly.

並列關鍵字

event study analysis ； share price ； Expenditure-based employee bonuses

參考文獻

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