員工分紅費用化對員工實質所得及公司本益比之影響－以上市公司為例

The Impact of the Regulations Recognizing Employee Bonus as Expense to the Employees’ income and the PE ratio of the Corporation - Listed Companies

葉明仁(Ming-Jen Yeh)

指導教授 ： 李建然

國立臺北大學/商學院/會計學系/碩士(2009年)

摘要

過去員工分紅配股制度一直是台灣企業激勵員工的重要工具，但隨著員工分紅費用化制度的實施，此項會計處理的改變，不僅衝擊公司帳上經營獲利結果，更對員工實質所得造成負面的衝擊，影響台灣的人力市場，本研究即在探討員工分紅費用化正式實施後，對公司員工分紅發放方式、員工實質所得及投資人的影響。
　　本研究以上市公司作為研究樣本，採敘述性統計方式分析比較員工分紅費用化實施前後，樣本公司的員工分紅發放方式是否產生改變，及該樣本公司員工的實質所得是否有減少的現象；另透過以本益比為應變數的複迴歸分析方式，研究投資人是否了解員工分紅費用化對股東的真實效益，從而給予較高之本益比。
　　研究結果發現，在員工分紅費用化實施後，因員工分紅配股改以市價作為計算基礎，造成員工激勵效果大幅下降，除導致公司改變過去發放員工分紅股票的習慣，降低發放股票的比例外，對於員工的實質所得也產生減少的效果，即便部分公司已執行所謂的配套措施給予員工補償，但仍無法完全彌補員工的損失，此項結果，勢必對於公司未來的人才管理及聘雇產生重大的影響。另從股東的角度來看，過去公司發放大量員工分紅股票稀釋股東財富之情形，將因員工分紅費用化的實施而得以改善，雖然從實證結果來看，與本研究預期股東因可獲配之公司剩餘價值增加，致股價上升及本益比提高之結果不符，但可以確定的是未來公司的獲利將全數歸屬於股東，不再有被員工稀釋的情形發生，淨利的資訊將更有助於投資人評估公司的未來價值。

關鍵字

員工分紅 ； 敘述性統計 ； 本益比

並列摘要

An employee stock bonus was the main method for companies in Taiwan to reward their employees in the past. However, from 2008, companies should treat employee bonus(EB) as expenses instead of after-tax distribution of net income. This new accounting treatment not only affects company operating incomes but causes negative impacts on employee’s real incomes. This study explored whether treating EB as expenses will influence on distributive manners of EB for companies, employee’s real incomes, and investors.
　　The study adopted descriptive statistics to compare distributive manners of employee bonuses before and after 2008. It examined whether distributive manners will be changed by listed companies in Taiwan and real incomes will decrease for employees. In addition, this study adopted multiple-regression-analysis and chose P/E ratio as dependent variable to examine whether investors are willing to give higher P/E ratio to companies when they understand shareholder could gain real advantages if companies recognize EB as expenses.
　　The study found after recognizing EB as expenses, companies were required to use market price as calculated bases to distribute EB, new accounting treatment diminished motivational effect on employees. Hence, companies started to reduce shares on EB and tried to compensate their employees whose real incomes have been decreased. Even though companies adopted remedial measures, reimbursements still couldn’t recover all employees’ losses. This result will bring huge impacts on company human resource management.
　　From shareholder’s point of view, this situation that companies issued many EB in the past and diluted shareholders’ wealth will be improved after recognizing EB as expenses. Empirical evidence didn’t highly support the theory of this study which was shareholders could give higher P/E ratio and stock price will rise as well because of company residual value increase. However, it is confirmed that recognizing EB as expenses will make information concerning net incomes more valuable for investors
when they evaluate company’s future value. In other words, company’s profit will only belong to shareholders, and profit will not be diluted due to EB anymore.

並列關鍵字

employee bonus ； Descriptive Statistics ； P/E ratio

參考文獻

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