自2008年開始,國內實施「員工分紅費用化」政策,員工分紅由股東權益的減項變成以成本費用認列,會計制度也將正式與國際接軌。而規範各類以股票給付員工酬勞的三十九號會計公報也同步實施,2008年4月30日公布第一季財報,企業必須將所有員工紅利及酬勞,以市價為基礎,預先估算並列為公司費用。 本研究主要探討三種不同的員工分紅的方法,對員工分紅認列費用之後公司績效的變化,自變數將三種員工分紅方式區分為現金分紅、股票分紅和認股選擇權,其中股票及認股選擇權分別採用市價以及利用Black-Scholes模型計算其公平價值認列為費用,如此較能反映現實情況。 本研究以國內股票上市、上櫃之812家公司,以食品工業、塑膠工業、紡織纖維、電機機械、電器電纜、化學生技醫療、鋼鐵工業、電子工業及建材營造九大產業來區分,選取2002年至2007年六個年度為研究期間,利用成對樣本t檢定和 Panel Data模型衡量員工分紅及其費用化與同期財務績效(ROA和ROE)及同期市場績效(Tobin’s Q)之關係,實證結果如下: 1.若採用財務績效來衡量公司績效,發現員工分紅費用化會顯著降低公司績效指標,其中電子業降低的程度多;但採用市場績效來衡量公司績效,發現員工分紅費用化則不會影響公司績效指標。 2.若採用財務績效來衡量公司績效,則大部分產業的員工現金分紅和股票分紅對於公司績效指標有顯著的正相關,惟電子業呈現顯著負相關;採用市場績效來衡量公司績效,則大部分的產業中,員工現金分紅和股票分紅對於公司績效指標有顯著的正相關。 3.無論採用財務績效或市場績效來衡量公司績效,大部分產業的員工認股選擇權對於公司績效指標沒有顯著性的影響。
From 2008, the policy of “Expensing employee bonus” implemented domestically. The accounting for employee bonus officially reclassified from a rdeuction account under shareholders’ equity to an expense, which is consistent with international practices. The accounting of No. 38 carried out at the same time, which provides that giving any type of stock to employee. When firms issue the finanical statement on April 30, 2008, must have to estimate and recognize employee bonus and director compensation to expense of company in advance, which base on the price of markdet. This studay focus on the impact of expensing employee bonus on firm’s prformance in three different ways of employee bonus. This study takes ROA, ROE and Tobin’s Q as independent variables, and cash bonus, stock bonus and stock option bonus as independent variables. To show real situation, this study use market price and Black-Scholes model to evaluate stock and options bonus’ fair-value. The sample data is collected between 2002 to 2007, chosing 821 publicly listed companies at stock exchange market and over-the-counter market from the food, plastic, textile, electric, cable, chemical, steel, electronic and construction industry. Using Paired t test and Panel Data to examine the relationships between expensed employee bonus and firm’s performance. The empirical results are summarized as follows: 1.If this study uses financial performance to proxy the firm’s performance, it was found that expensed employee bonus reduce significantly firm’s performance. The phenomenon observed above is more profound in the electronic. But if this study uses market performance to proxy the firm’s performance, it was found that expensed employee bonus do not affect company performance. 2.No matter what performance measure this study uses, financial performance or market performance to proxy the firm’s performance, it was found that the positive effect of employee cash bonus and stock bonus on the firm’s performance. 3.No matter what performance measure this study uses, financial performance or market performance to proxy the firm’s performance, it was found that employee stock option do not significantly affect the firm’s performance.