員工分紅配股費用化、不同計價方式；暨上市、上櫃電子股投資價值

Expense of Stock Bonuses, Different Pricing Methods and Investment Value of Electronic Stocks.

蔡慧玉(Hui-Yu Tsai)

指導教授 ： 李又剛

淡江大學/商學院/國際貿易學系國際企業學碩士班/碩士(2007年)

https://doi.org/10.6846/TKU.2007.00381

摘要

有鑒於美國於2006年起已正式將員工股票選擇權費用化，我國在與國際接軌的原則下，將於2008年1月1日落實員工分紅配股費用化，該會計處理原則的修定除了對員工實質所得和企業的獲利產生嚴重的負面影響，投資人對個股的投資評價亦將隨之產生改變。可見，此舉將會對國內從事員工分紅配股之科技業者，形成不容輕忽之衝擊。
本研究以2005年度上市、上櫃電子公司之十項財務解釋變數進行實證研究。首先，審視國內電子公司實施員工分紅配股之現況，探討費用化對其每股盈餘所造成之影響為何。其次，利用除權參考價以及股東會召開前一日之公平市價，探討以不同計價方式費用化對企業獲利所造成的侵蝕、費用化成本較高之個股在電子次產業的分佈情形。並透過逐步迴歸分析法，建構電子股投資報酬率之計量模型，篩選出主導個股投資報酬率的顯著解釋變數，觀察員工分紅配股率或(/與)每股盈餘是否為顯著解釋變數，進而研判個股投資報酬率是否會因回饋效果及衝擊效果而有所減損。最後，透過費用化方式修正解釋變數重新進行逐步迴歸分析，深入剖析此舉對原始計量模型所造成的影響。
實證結果與分析發現：一旦落實員工分紅配股費用化，對於上市、上櫃電子公司之每股盈餘及投資報酬率都將造成衝擊，而以股東會召開前一交易日之收盤價為費用之處理基礎時，其帶給電子類股的侵蝕程度都甚於以除權參考價者。其次，逐步迴歸分析結果顯示，每股盈餘皆為上市及上櫃電子類股投資報酬率顯著的解釋變數，可見每股盈餘為投資人最關切的財務數據。而修正後的計量模型分析顯示，少數公司將員工分紅配股費用化後，投資報酬率將由正轉為負。以上市電子公司而言，在兩種計價方式之下，修正後之每股盈餘仍是投資人視為影響投資報酬率的關鍵因素；然而，上櫃電子公司部分，顯著解釋變數由每股營業利益和每股存貨取代修正後每股盈餘，可知費用化對於上櫃電子類股報酬率的評價產生很大影響，使得每股盈餘主導個股投資報酬率的力量隨之消失。故一旦將員工分紅配股提列費用，企業應更審慎地實施員工分紅配股制度，方能在員工福利與維護股東權益之間取得權衡。

關鍵字

員工分紅配股費用化 ； 投資報酬率 ； 每股盈餘 ； 逐步迴歸方法 ； 電子股

並列摘要

Since 2006 American Financial Accounting Standard Board
has required the employee stock options as operating
expense, we are going to execute the expense of stock
bonuses from 2008. This amendment of accounting principle
will extremely influence the real income of employees,
earnings of the listed companies and change the stocks'
valuation of investors. Thus, it would be a great impact
on Taiwan’s electronic stocks’ price. Those companies
are engaging in executing the stock bonuses.
We utilize 2005 ten financial variables of Taiwan’s
listed electronic companies to analyze the impact of
expense of stock bonuses”. First, we examine the
development of the employee’s stock bonus nowadays and
discuss the influence of expense on earnings per share.
Second, we use two different pricing methods, after stock
dividend price and the closing price on the working day
right before the stockholders’ meeting, to evaluate the
damage to the profit (total earnings & EPS) of those
firms. Then, we apply the step-wise regression to extract
the dominant variables affecting the rate-of-return of
electronic stocks, then to analyze whether the stock
bonuses impose negative influence on rate-of-return.
Finally, considering the expense of stock bonuses, we
re-calculate the relevant variables and re-regress amended
econometric model, then evaluate the difference between
two models.
After empirical study, we find once the expense of stock
bonuses is implemented, the profit and rate-of-returns of
those companies will all be extremely influenced, and the
injury of “the closing price on the working day right
before the stockholders’ meeting” as the accounting
principle is more serious than “the after stock dividend
price”. Furthermore, the result of the step-wise
regression demonstrates that the EPS is the only
significant and critical variable in both the public and
over the counter markets when investors evaluate the value
of investment in Taiwan’s electronic stocks. According to
the analysis of amended model, some companies’ profits
even reverse to net loss. For the public markets, the
amended EPS with two different pricing methods is still
regarded as the significant factor by investors. However,
with regard to OTC market, we can’t find out the expense
effect, then in the econometric amended the EPS is
replaced by the both inventory per share and operating
profit per share. Therefore, once the stock bonuses must
be recorded as expense, the companies must properly
execute the stock bonuses, in order to balance the
employee welfare and equity of stockholders.

並列關鍵字

Employee Stock Bonuses ； Rate of Return ； EPS ； Step-wise Regression ； Electronic Stocks

參考文獻

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8.許崇源(2005)，「我國員工分紅與員工認股權課稅規定之探討」，會計研究月刊，第233期，頁72-81。

13.楊勝傑 (2006)，「依不同計價方式將員工分紅配股費用化後，對上市、櫃電子股之投資價值所造成的影響評估」，淡江大學國際貿易學系國際企業研究所碩士論文。

15.鍾惠珍 (2002)，「員工分紅費用化？爭論不休！」會計研究月刊，第205期，頁91-96。

1.林育麟 (2003)，「上市電子股個股投資報酬率主導變數暨投資價值之剖析」，淡江大學國際貿易學系國際企業研究所碩士論文。