上巿櫃企業發行員工認股權之實證研究

An Empirical Study on Issuing Employee Stock Option of Listed Companies

王惠美(Hui-Mei, Wang)

指導教授 ： 黃振豊 ； 孔繁華

淡江大學/商管學院/會計學系碩士在職專班/碩士(2013年)

https://doi.org/10.6846/TKU.2013.00647

摘要

本研究以2001年至2011年上巿櫃企業為研究對象，旨在瞭解上巿櫃企業員工認股權之發行概況、探討影響上巿櫃企業發行員工認股權之因素並檢視員工認股權發放比例與股東權益報酬率之關聯性。
首先，在上巿櫃企業員工認股權之發行概況中，逾四成之上巿櫃企業曾經申請發行員工認股權，其中近九成為電子產業，實施員工分紅費用化前一年，申請員工認股權之公司為歷年之最，之後即大幅減少，且企業給與員工認股權逾七成之存續期間為六年以內，且超過九成之上巿櫃企業於發行後四年內即全數既得。
其次在影響員工認股權發行因素方面，其實證結果發現，成長機會較高之公司愈傾向發行員工認股權；而現金流量不足之公司愈傾向發行員工認股權。負債比率與發行員工認股權呈正相關，然而高負債比率之公司愈傾向發行員工認股權及高薪資費用比率之公司愈傾向發行員工認股權，均與預期方向不符。
最後，本研究探討員工認股權發放比例與股東權益報酬率之關聯性，其實證結果發現，無論是全部產業或電子產業，其於當年度及次年度之股東權益報酬率，與預期方向相符，惟未達10%之顯著水準，而次二年度股東權益報酬率則為負相關，且達顯著水準，次三年度股東權益報酬率仍為負相關，但未達顯著水準。因此員工認股權發放比例對股東權益報酬率有正向影響，並未獲支持。此結果顯示，上巿櫃企業發行員工認股權，其短期激勵效果不顯著，長期而言，甚至侵蝕了股東權益報酬率。

關鍵字

員工認股權 ； 成長機會 ； 股東權益報酬率

並列摘要

With the listed companies from 2001 to 2011 as the research subjects, this study aims to understand the content of issuing employee stock options, explore the critical factors affecting the employee stock options, and the examine the relationship between implemented ratio of employee stock option and return of equity (ROE) in listed companies.
Firstly, in terms of the issuance of the employee stock options in listed companies, over 40% of the listed companies have ever applied for the issuance of employee stock options, among which nearly 90% are in electronic industry. The implementation of the year before expensing employee bonus, the number of companies applying for the issuance of employee stock options reached the peak, which then declined dramatically. Moreover, the duration for over 70% of the employee stock options granted by the companies is less than six years, and in over 90% of the listed companies, the issued employee stock options will be vested within four years.
Secondly, in terms of the critical factors affecting the issuance of the employee stock options, the companies with higher growth opportunity are more likely to issue employee stock option. The companies with cash flow shortfall are more likely to issue the employee stock option. The liability ratio is positively correlated with the issuance of employee stock options. However, the companies with high liability ratio are more likely to issue the employee stock option and those companies with higher ratio of payroll expense are more likely to issue the employee stock options, and these findings are inconsistent with our predictions.
Thirdly, this study examines the correlation between the implemented ratio of issuing the employee stock option and ROE. The result shows no matter in all industry or the electronic industry, ROE in the current year or the next year is consistent with our prediction having positive relation with implemented ratio of issuing employee stock option but not reach at 0.1 significant level. However, ROE in the next second year are negatively relation with implemented ratio of issuing employee stock option and has reached at significant level. ROE in the next third year are negatively correlated, but not reach at significant level. Overall, implemented ratio of issuing employee stock options has positive influence on ROE is not supported. The result shows the issuance of employee stock option in the listed companies doesn’t have incentive effect in short-term, and even may erode ROE in long-term.

並列關鍵字

employee stock option ； growth opportunity ； ROE

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