從比較法觀點探討我國員工認股權憑證之法制建構—以美國模式為藍本

Comparative Study on the Regulatory Scheme of the Employee Stock Option —Role-Modeling the US Mode—

侯乃文(Nai-Wen Hou)

指導教授 ： 謝易宏

中原大學/商學院/財經法律研究所/碩士(2004年)

https://doi.org/10.6840/cycu200400026

摘要

中文摘要
本論文共分九章，第一章序論。
第二章對員工認股選擇權之概述，本章就員工認股權憑證介紹、優缺點、適用範圍、特性功用，並釐清在名詞上之差異，對員工認股權憑證為一概括性之介紹。
第三章就美國的認股選擇權制度作介紹，探詢其根源目的，因該制度已經行之久遠，其整體配套措施較完整，對其制度做一整體架構上的探究，主要係以美國內地稅法和證券交易法為主，並針對近年來所爆發的會計醜聞事件中所產生的會計爭議問題探討，期望其相關修正能成為我國制度形成過程之借鏡。
第四章就員工認股選擇權的特殊議題，即對最近正在改變的範疇。包括給予選擇權是否須經股東會同意、調換或常青條款、低於平均水準以下的選擇權、死亡或離婚、終止後的選擇權爭議、後恩龍時代認股選擇權之爭議問題等討論。
第五章就相關之員工持股計畫介紹，因為員工持股制度在美國有多種計劃皆能達成員工持股之目的，員工認股選擇權僅為其中一小部分，在退休金機制中亦有許多此種計劃，廣為美國企業所使用，故於恩龍(Enron)破產案中，因為恩龍高級員工在得知破產之前即行使其鉅額的認股選擇權，而使員工投資於公司股票的401(k)的退休金價值大幅縮水，損失慘重。故於同一個事件當中，即有兩個不同的員工入股制度，但卻是一勝一負的零和遊戲，此微妙的關係中隱藏著耐人尋味的意義，故有公司治理或相關會計問題或揭露等議題的討論。同為員工入股制度，其目的雖不同，但卻牽一髮而動全身，相互影響，且現正對員工認股選擇權改革之際，微軟即改發受限制股票取代員工認股選擇權，顯示改革後的利基顯然大不如前，故有必要提供多種員工入股計劃供企業選擇。
第六章針對我國的員工認股選擇權法制及其現行的基本操作介紹。
第七章中探討員工認股選擇權和我國實行已久的員工分紅入股制度相互配合的問題，若兩制度的設計無法秉持中立性的設計以及與國際接軌的理念落實於制度中，恐怕仍未解決問題，亦喪失改革之初衷，故本章中探討此二制度應相互調和運作，但應對不公平的立法首先修正，始為正途。另外，本文亦藉由恩龍案的啟示對員工認股選擇權的公司治理提出一些看法。
第八章係就台灣和美國員工認股選擇權做比較。
第九章則為結論及建議。

關鍵字

後恩龍時代 ； 公司治理 ； 員工股票購買計劃 ； 員工入股 ； 合格的認股選擇權 ； 不合格的認股選擇權 ； 員工分紅入股 ； 激勵性認股選擇權 ； 退休金 ； 員工認股選擇權 ； 權益報酬

並列摘要

Abstract
In many countries,“Employee Stock Option”has been an effective incentive to make employees devotion themselves to their companies recently. In United States, it had resulted in the miracle of “Silicon Valley”, famous to the world. The adoption of this instrument made start-ups which don’t own much capital success. Once the companies go public, the prices of its stocks will rise. If the employees there were granted stock options before IPO, they’ll get benefits between grant prices and fair market prices. Besides, Internal Revenue Code provides tax advantages in this aspect if employees meet all requirements of Code. As a result, either corporation or employees also have a speculative appeal. Therefore, it has been a current trend to be compensation of employees, directors or executives in many corporations. In 2000, lawmakers enacted relative provisions of “Employee Stock Option” in Taiwan, wanting to attract excellent employees by learning experience of other countries. However, regarding laws is not good enough, like tax consequences of employees and corporations, to implement plans. In addition, when enact laws or regulations, lawmakers should pay attention to match existing employee-ownership systems in Taiwan and international statements to reform them. Consequently, this research focus on comparative study on “Employee Stock Option”—Role-Modeling the US Mode to be direction of law modification in Taiwan.
The scheme of this study comprises nine parts as follows:
ChapterⅠis a preface, illustrating the motives, methods, limitations and realm of this paper.
Chapter Ⅱ contours the background of the “Employee Stock Option”, including the definition, nature, function, application field of this financial instrument.
Chapter Ⅲ puts emphasis on regulatory scheme of “Employee Stock Option” in United States. It contains its history of legislative initiatives, legislative designation (Internal Revenue Code and Securities laws).By introducing integrated framework of “Employee Stock Option”, Taiwan’s lawmakers can regulate probably acts. Meanwhile, also briefly looks at some of the substantive provisions related securities law reporting requirements, including recent SEC rules expanding equity compensation disclosure requirements for public companies and discusses the issue of accounting resulting from Post-Enron.
Chapter Ⅳ depicts recent changing landscape of “Employee Stock Option”. It includes the issues of shareholders approval considerations, reloads, evergreen provisions, underwater options, die or divorce, post-termination and Post-Enron.
Chapter Ⅴ introduces other employee-ownership plans, which let employees become owners, not only employees such as pension plans, ESOP, 401(k),warrants, restricted stock plans, phantom stock and SARs. However, those differ from “Employee Stock Option”.
Chapter Ⅵ focus on the provisions and practices of “Employee Stock Option” in Taiwan. It is intended to give the reader a general overview of how “Employee Stock Option”are used in Taiwan.
Chapter Ⅶ analyzes when lawmakers will promulgate laws to regulate such a financial instrument, they need to consider current employee-ownership system in Taiwan and then enact or modify laws.
Chapter Ⅷ compares the regulatory scheme of “Employee Stock Option” of United States with that of Taiwan.
Chapter Ⅸ itemizes issues as well as propositions pertaining to remark a brief conclusion.

並列關鍵字

Employee Stock Ownership Plan(ESOP) ； Equity Compensation ； Employee Stock Option ； SFAS 123 ； Employee Stock Purchase Plan(ESPP) ； Nonqualified Stock Option ； Employee Ownership ； 401(k) ； Qualified Stock Option ； Incentive Stock Option (ISO) ； APB 25。 ； Corporate Governance

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