- 學位論文
台灣員工持股信託與員工認股權之比較研究
The Comparative Study of Employee Stock Ownership Trust and Employee Stock Option in Taiwan
摘要
摘 要 台灣員工分紅入股制度行之有年，近幾年延伸出員工持股信託與員工認股權等獎勵制度來激勵員工，但因員工分紅在會計處理原則及股權稀釋等問題引發諸多爭論；故今年商業會計法案修正案三讀通過，刪除「股息、紅利等不得作為費用或損失」的規定，同時經濟部有意自明年一月起實施「分紅費用化」，以確實表達企業的獲利情況。本研究主要目的是探討二十家上市櫃公司實施員工持股信託與員工認股權對公司的股價、營運績效及員工的投資績效等做相關分析比較，研究期間以公司公佈發行員工持股信託與發行員工認股權的當日為主。研究方法以事件研究法、迴歸分析、t檢定進行研究，觀察分析其是否能為公司及員工帶來利益優勢與報酬，其研究結果如下： 1.員工持股信託公佈日當天有正面顯著的影響，但公佈前後幾日並無顯著影響。而員工認股權則於公佈日後第二天才有負面顯著的影響，一種可能解釋的說法係在發行員工認股權當天及第一天投資者對該股心存觀望，但觀望後員工發現可以用較低於市價的價格來承購員工認股權，隨即賣出舊有股票，因此在發行後第二天對股市有顯著負向報酬。 2.員工持股信託對公司經營績效有顯著正相關影響，但發行員工認股權則對經營績效有負相關的影響。而員工持股信託、員工認股權與股東權益之間相關性不強，彼此之間無共線性問題之虞。 3.在相同投資期間下總額投資與定期定額投資兩者比較下，投資績效並無顯著差異。 關鍵字：員工分紅、員工持股信託、員工認股權、經營績效
並列摘要
Abstract The Employee Stock Ownership Plan (ESOP) in Taiwan has been implemented for more than a decade. Recently, the ESOP is extended to Employee Stock Ownership Trust (ESOT) and Employee Stock Option (ESO) in order to motivate the employees to work harder than before. However, the ESOPs caused controversy recently for the accounting principles in Taiwan are different from the USA, and for the dilution effect on stock shares. During the past six months, the Business Accountancy Act in Taiwan has been amended to delete the original regulation that “Stock dividend and bonus can not be recorded as expenses or costs.” Simultaneously, the Ministry of Economics has decided to implement new regulation that the treatment of ESOP expenditure as the expense of the company since January, 2007. This study attempts to examine the impact of ESOT and ESO on the stock price, and the operational performance in perspective of publicly listed companies in Taiwan. This work uses the event study method, regression analysis and t-test to analyze the costs and benefits of the company and its employees, for those companies which implemented ESOT and/or ESO. The empirical results are summarized as follows: 1. At the announcement day of ESOT, ESOT has a significantly positive impact on the stock price of the company. However, the announcement of ESO does not have a significant impact on the stock price at the announcement day and one day after the announcement, while ESO has a significantly negative impact on the stock price of the company on the second day after the announcement date, implying that the employees waited for two days to react so that they could exercise their stock options with lower stock price than that of the announcement day. 2. The findings indicate that the ESOT had a significantly positive relationship with the operating performance. However, the ESO has a significantly negative relationship with the operating performance. The results also show that the correlations coefficients among ESOT, ESO, and the rate of return (ROR) on stockholders’ wealth are not significant, suggesting that there are no multicollinearity among ESOT, ESO and ROR on stockholders’ wealth with each other. 3. The results also show that, during the same investment period, there is no significant difference between total amount investment at one period and alloting investment for many periods. Key words: Employee Stock Ownership Plan、Employee Stock Ownership Trust、Employee Stock Option、Operating Performance.