- 學位論文
投資人對員工分紅存在機械性假說之研究
A Research of Investor Mechanical Hypothesis on Employee Bonus
摘要
員工分紅制度在我國已經行之有年，由於過去員工分紅是被當作盈餘的分配，而非作為公司之費用，但是此作法與國際會計準則並不相符，因此考量股東權益以及世界各國紛紛與國際會計準則接軌的情勢之後，刪除了股息和紅利不得作為費用或損失的規定。但是在未修改法規之前，投資人並未瞭解員工分紅應該列為損益表中的費用，而是認為列在保留盈餘中作為盈餘之分配，因此投資人在進行投資決策時未能考慮董監酬勞以及員工分紅，所以投資人對員工分紅會存在機械性假說之狀況。所謂機械性假說是指：投資人會採用和過去相同的經驗來解讀淨利，因而未考慮到員工分紅與董監酬勞所造成的影響，因此產生本研究第一個研究主題。再來，隨著時間的經過，投資人應漸漸地能夠瞭解員工分紅費用化的實質意義，此乃本研究第二個研究主題。最後，投資人於員工分紅相關法規修改完成年度，應能夠完全瞭解員工分紅之實質內涵，因此不會再依循公司宣告之盈餘作為投資決策了，此乃本研究第三個研究主題。 本研究期間為1997年至2007年。研究結果顯示：(1)臺灣股票市場投資人對於員工分紅存在機械性假說之現象。研究結果顯示董監酬勞和員工現金紅利以及員工分紅配股均為正值，表示投資人仍會依循過去之投資經驗進行投資決策，因此投資人對於員工分紅存在機械性假說之現象。(2)臺灣股票市場投資人對於員工分紅仍有存在機械性假說之現象，但是隨著時間的經過，此現象有下降之趨勢。考量綜合影響下之研究結果顯示，投資人自員工分紅出現爭議開始，即開始會對股價作向下修正，且隨著時間的經過，其下修幅度會持續增加。表示隨著事件的發展，投資人越來越能夠看穿員工分紅的真實內涵。(3)臺灣股票市場投資人於2007年對員工分紅將不存在機械性假說之現象。考量綜合影響下之研究結果顯示，於2007年出現反轉現象，表示投資人已經知道員工分紅將會侵蝕股東權益，所以會對股價作向下修正。
並列摘要
Employee bonus system had been established for many years in Taiwan. However, employee bonus had not been treated as corporate expense but as a distribution of corporate earnings. This accounting treatment was not in accordance with international accounting standards. Thus, the rule of non-expensing employee bonus has been eventually deleted due to the convergence with international accounting standards. However, invertors might not understand employee bonus that should be treated as expense in the income statement, rather than as a distribution of earnings in the statement of retained earnings at the beginning. Accordingly, investors did not consider the factor of director compensation and employee bonus in their investment decision-making so that there had been existence of mechanical hypothesis on employee bonus. Mechanical hypothesis means that investors apply the experiences in the past to interpret the net income without considering the effects of director compensation and employee bonus. This is the first research issue of the study. Secondly, investors should gradually be able to understand the essence of employee bonus over time. This is the second research issue of the study. Finally, investors should be able to fully recognize the essence of employee bonus in the year when the relevant laws amended, and they would not longer follow blindly the announced earnings by firms. This is the third research topic of the study. The sample period is from 1997 to 2007 for Taiwanese listed firms. The research results indicate that: (1) there was existence of mechanical reaction of Taiwanese investors on employee bonus and director compensation. The empirical results indicate that the coefficient of director compensation, employee cash bonus (BOARDCASHBONUS) and employee stock bonus (STOCKBONUS) were significantly positively to stock price. Investors still applied their past investment experiences to make current investment decisions. (2)Even though Taiwanese stock market had mechanical phenomenon on employee bonus, the degrees of the mechanical phenomenon had been decreasing over time. The combined-effect results show that investors adjusted stock price downward with the wide-spreading dispute of employee bonus. The downward effect becomes larger and larger through time. That is, with the development of the event, investors could gradually see through the essence of employee stock. (3)Taiwanese stock market investors did not have mechanical phenomenon in 2007. The combined-effect results show that investors have finally recognized the eroding effect of employee bonus on shareholders equity interests in 2007, and adjusted stock price downward.