未費用化下末代員工紅利及董監酬勞超額發放狀況及其公司特質分析

The Research of Excess Distribution of Last Un-expensed Employee Bonus and Director Compensation and Firm Characteristics

洪茂銓(MAO-CHUAN HUNG)

指導教授 ： 張仲岳

國立臺北大學/商學院/會計學系/碩士(2009年)

摘要

商業會計法第六十四條修正後，員工紅利及董監酬勞之會計處裡必須按費用認列，而一般法規和準則的修訂，其發布日和適用日間通常會存有緩衝期間，企業通常會透過此過渡期間調整組織政策及制度。員工分紅費用化自民國九十七年一月一日開始適用，民國九十六年可視為台灣企業面對此變革之緩衝期間，企業相當有可能利用無須費用化的最後一個年度（民國九十六年），提前發放未來可能的酬勞，以避免未來的發放將造成費用的增加而導致淨利減少。本研究即以此為出發點，探討企業於民國九十六年過渡期間是否有超額發放員工紅利及董監酬勞的情況？除此之外，本研究並進一步探討民國九十六年發放狀況與臺灣企業之公司特質及公司治理情形方面是否存在相關性？
本研究在探討民國九十六年發放狀況時，除了將員工紅利及董監酬勞合併衡量外，亦將其分別衡量。結果發現，部分公司確實會利用員工紅利及董監酬勞無須費用化的最後一個年度，進行超額發放員工紅利及董監酬勞之情況，而此類公司無論員工紅利及董監酬勞合併衡量或分別衡量，皆占了四成多，比例著實不低。
此外，本研究利用多元迴歸模型，實證結果發現，在民國九十六年員工紅利及董監酬勞超額發放狀況愈嚴重的公司，其董事會規模及獨立董事比例有愈低的情況，而這些公司之董事長及總經理由同一人兼任的情況也愈嚴重，席次控制權及股份控制權偏離的程度亦愈大，此外，這些公司通常有規模大及成長機會大的特性。但是，民國九十六年員工紅利及董監酬勞超額發放的公司，侷限於電子科技業的情況並不明顯，本研究認為此乃因為各個產業皆有利用此最後一年超額發放的情況。

關鍵字

員工紅利、董監酬勞、費用化、公司特質、超額發放

並列摘要

After the revision of Article 64 of Business Accounting Law, employee bonus and director compensation should be treated as an expense in income statement. In general, there is cushion period between amendment date and effective date if the laws and regulations are revised. Enterprises will usually use this period to adjust organizational policies and systems. Employee bonus and director compensation should be treated as an expense starting from January 1, 2008. Therefore, the year of 2007 can be regarded as a cushion period when Taiwan enterprises face this changeover. Enterprises in Taiwan probably use the last year（year 2007）when employee bonus and director compensation were not be treated as an expense to distribute future possible rewards ahead of time to avoid future increase in expenses and, thus, decrease future net income. Accordingly, the study examines whether Taiwan enterprises distribute excess employee bonus and director compensation in the cushion period（year 2007）than in the past. In addition, the study further examines the relationships among excess distribution, firm characteristic, and corporate governance.
To examine the distribution of employee bonus and director compensation in 2007, the study measures employee bonus and director compensation either separately or jointly. The results show that some Taiwan enterprises indeed distribute excess employee bonus and director compensation in the cushion period（year 2007）than in the past. And the proportions of these enterprises are all higher than 40% whichever measurement method is used. The proportions are not insignificant.
In addition, the empirical results find that as enterprise distribute more employee bonus and director compensation in the cushion period（year 2007）than in the past, their size of board and percentage of independent directors tend to be lower. And the concurrence of both Chairman and CEO, and the deviation of control rights from the cash flow rights are positively associated with excess distribution. Besides, firm size and growth opportunity are also positively associated with excess distribution. However, enterprises that distributed more employee bonus and director compensation in the cushion period（year 2007）than in the past are not just limited to the electronic technology industry.

並列關鍵字

employee bonus, director compensation, to be treated as an expense, firm characteristic, excess distribution

參考文獻

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