未預期員工分紅對股價之影響

Stock Price Reactions to Unexpected Employee Bonuses

陳筱君(Hsiao-Chun Chen)

指導教授 ： 李存修

國立臺灣大學/管理學院/財務金融學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.01777

摘要

本文首先利用過去年度的員工分紅資料來建立分紅預期模型，並用事件研究法來討論股價對未預期分紅之反應；接著利用OLS模型及固定效果模型來探討異常報酬與未預期分紅之關聯。結果顯示發放超過預期員工分紅之公司會有較差之異常報酬；同時，員工股票分紅對於負異常報酬的影響甚於員工現金分紅；最後也發現員工分紅的稀釋效果強於激勵效果，尤其在近年的數據中更為明顯。

關鍵字

員工分紅 ； 股價反應 ； 事件研究

並列摘要

We first form an employee bonus expectation model by the previous bonus data and examine market reactions to unexpected employee bonuses by event study. We then utilize OLS Model and Fixed Effect Model to explore the relationship between unexpected employee bonuses and abnormal returns. The results show that firms which grant more employee bonuses than expected have lower abnormal returns. Also, employee stock bonuses contribute more to negative returns than employee cash bonuses. Furthermore, the negative effects of employee bonuses have seemed to dominate over the incentive effect, particularly in latest years.

並列關鍵字

Employee Bonus ； Stock Price Reaction ； Event Study

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