- 學位論文
投資人對員工分紅存在功能性固著之研究
A RESEARCH OF INVESTORS’ FUNCTIONAL FIXATION ON EMPLOYEE STOCK BONUS
摘要
員工分紅制度是我國為勞資和諧所特有的制度，但由於以往之商業會計法規定，分紅必須做為公司盈餘之分配，而非公司之費用。但是此一作法並不符合會計學理及國際會計準則之規定。因此，員工分紅制度(含董監酬勞)之會計表達允當性，廣受國內各界之爭議，連外國專業投資法人亦對此一現象，表達不滿。由於以往員工分紅並未在損益表列為費用，而是在保留盈餘表做為盈餘之分配，且投資人通常認為：損益表係反應公司之經營績效，而保留盈餘表只是盈餘之分配情形。因此投資人未能夠將董監酬勞及依市值設算之員工分紅金額納入投資考量，因而對員工分紅產生功能性固著之現象。所謂功能性固著係指：投資人採用和過去相同觀念來解讀本期損益，未考慮到員工分紅費用化所造成之影響，此乃本研究之第一個研究主題。其次，本研究亦將檢視：在觀察此一事件之演進時，投資人是否能逐漸認知董監酬勞與員工分紅實際上應當作費用而非股東權益之減項，方屬允當，此乃本研究之第二個研究主題。 本研究之研究期間為1997至2006年。研究結果顯示：(1)臺灣股票市場對於員工分紅存在功能性固著之現象。研究結果顯示董監酬勞、員工現金分紅及員工分紅市值調整項之係數顯著均為正值，代表投資人在制定投資決策時，除了公司所宣告之每股盈餘外，並未將董監酬勞與員工分紅視為費用，顯示投資人對員工分紅有功能性固著之現象。(2)臺灣股票市場對於員工分紅雖然存在功能性固著之現象，但該現象隨時間經過有下降的趨勢，研究結果顯示，員工分紅爭議事件發生之前期，投資人對於董監酬勞、員工現金分紅及調整出的員工分紅市值存有較嚴重之功能性固著之現象，但是在2001至2006年期間，該現象逐漸減緩，表示愈隨著事件之發展，投資人愈能夠看穿員工分紅的實質會計處理並向下調整公司之股價。
並列摘要
Employee bonus system is a unique system of which purpose is to enhance the harmony of employers and employees in Taiwan. However, the previous Business Accounting Law required that bonus be treated as a distribution of corporate earnings, rather than as corporate expense. This accounting treatment is not in accordance with accounting theories and international accounting standards. Thus, it had been widely debated in Taiwan whether this accounting treatment provided true and fair presentation of corporate performance. In recent years, even foreign institutional investors also had voiced their discontent on this phenomenon. Accordingly, employee bonus was treated as a distribution of earnings in the statement of retained earnings, rather as an expense in income statement. Moreover, investors usually consider that income statement can reflect the operating performance of a corporation and that statement of retained earnings merely presents earnings distribution between a corporation and its shareholders. Thus, investor might not treat director compensation and employee bonus as expense in making investment decisions so that the investor had functional fixation on employee bonus. Functional fixation means that investors apply the notions that they have learned in the past to interpret the current net income, without considering the effects of employee bonus expense. This is the first research issue that this study will investigate. Secondly, this study also examines whether investor could gradually recognize that employee bonus should be, in fact, an expense rather than a distribution of earnings as time and the phenomenon had been evolving. This is the second research issue of the study. The sample period is from year 1997 through 2006 for Taiwanese listed firms. The research findings indicate the following. First, Taiwanese stock market was functionally fixated on employee stock bonus. The empirical results show that the coefficient of director compensation, employee cash bonus (BOARDCASHBONUS) and market price adjustment (ADJ) were significantly positively correlated with stock price. That is, when investors make investment decisions, they do not treat director compensation and employee bonus as expense. Secondly, even though Taiwanese stock market was functionally fixated on employee stock bonus, the degrees of the functional fixation had been decreasing over time. The result shows that investors were more functionally fixated on employee cash bonus (BOARDCASHBONUS) and market price adjustment (ADJ) in earlier period (from year 1998 through year 2000), but the functional fixated phenomenon had been decreasing in and after year 2001. That is, with the development of the event, investors finally could see through the essence of employee stock bonus and, accordingly, adjust stock price downward.