許多文獻證實發行員工認股權有助於企業未來獲利(Hanlon et al. 2003; 呂霆螢 2006),發行員工認股權可視為企業發展人力資本的手段,應依發行時之公平價值認列為企業資產,再逐年予以攤銷。本研究依員工認股權與後續年度盈餘之關連,估算員工認股權之各年度攤銷率後,獲取員工認股權之資產報導,並檢測員工認股權資產對市場投資人是否具有價值攸關性。 實證研究期間為2001至2007年,樣本選擇為曾發行員工認股權之台灣上市櫃公司。實證結果顯示,發行員工認股權當年度至後續五年之攤銷率依序為11.45%、15.35%、20.58%、14.56%、22.45%及15.60%;員工認股權資產與市場價值呈顯著正相關,說明員工認股權資本化對投資人具有增額資訊內涵。實證結果對員工認股權評價之不同預設存續期間,對不同的市場價值攸關檢測模型,對是否控制年度效果皆具穩健性。
Prior researches show that issuing employee stock options can improve future profitability (Hanlon et al. 2003; Lu 2006). Since issuing employee stock options can be treated as a means of developing human capitals, the fair values of options should be recognized as assets on issuing date and amortized in subsequent years. This study explores the relationship between employee stock options and earnings of subsequent years, and estimates the rate of amortization for each year. After obtaining the employee stock options assets, I further examine the value relevance for such an item of assets. This empirical study covers the period from 2001 to 2007. Research sample includes the firms listed in TSE or OTC markets and ever issued employee stock options. Empirical results reveal that the rates of amortization from current year to subsequent five years are 11.45%, 15.35%, 20.58%, 14.56%, 22.45%, and 15.60% in turn. After controlling for other assets and liabilities, the employee stock options assets are positively associated with market value significantly, indicating that the employee stock options capitalization possesses incremental information for investors. The empirical results are robust for different preset durations of options in computing fair values, distinct market valuation models, as well as year effect.