台灣員工認股權之稅務探討

Taxation Analysis of Employee Stock Options in Taiwan

張哲(Vicky Chang)

指導教授 ： 胡為善

中原大學/商學院/會計學系/碩士(2008年)

https://doi.org/10.6840/cycu200900037

摘要

自1970年代以來的金融創新與革命，促使員工紅利的類型由現金轉變為以股份為支付基礎。隨著高科技業之發展，以股份為基礎支付之員工紅利也逐漸取代傳統以給付現金為主之員工紅利。隨之而來要面對的問題即是如何公正的在會計上之衡量與認列，來表達出新型態員工分紅之資訊。會計上的議題自國際會計準則委員會（IASB）於2004年發佈國際財務報告準則第二號（IFRS NO2）及美國會計準則委員會FASB訂定財務會計準則FAS 123R後，已得到相當之共識。然而，許多研究文獻均指出，稅負其為影響公司發放員工認股權及員工執行員工認股權之重要因素。但是，在稅務議題方面總無法與會計議題方相同的文獻加以整合。為能提供有關於員工認股權稅務政策的指南，經濟合作發展組織（OECD）於2006年1月出版『員工認股權的稅務處理』，作為會員國制定稅務政策時之參考。本研究將依OECD之觀點，提出對員工認股權之租稅政策之建議，以期能有利於員工認股權制度在我國之推行。

關鍵字

員工認股權 ； 租稅套利 ； 員工認股選擇權 ； 員工認股選擇權稅務 ； 員工分紅稅務

並列摘要

The revolution in financial innovation that began in the 1970 encouraging a shift from cash-based to share-based employee ownership plan. Along with the development of high-tech industries in particular, share-based payments plan largely replaced cash-based payments for employee ownership plan. This fact inevitably raises the problem of how to truthfully present the economic substances of such payments in Accounting. A consensus opinion was reached by the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) when they issued International Financial Reporting Standard (IFRS No.2 ) and Financial Accounting Standard 123R (FAS 123R), respectively.
However, the systematic and effective tax treatment for employee stock option plan has yet to be combined with the accounting treatment. Although there are numerous obstacles encountered, the lack of effective tax treatment has clearly prevented the capital markets from implementation. The Organization for Economic Cooperation and Development (OECD), meanwhile, issued “The Taxation of Employee Stock Options” in 2006, which establishes certain tax policies for her members. This study investigates the taxation of employee stock options (ESOs) under the OECD framework and attempts to extract from the well-established framework of major guidance for the formulation of similar tax treatment in Taiwan in the near future. This work also provides various evaluation methods to value the ESOs.
In summary, this investigation suggests that the government in Taiwan, R.O.C. to amend the current weakness of the relevant laws or rules, such as the time of ESOs to be recognized, the classification of income, the method of measurement. This study also suggests the enterprises to use the ESO plan as their major means of employee reward system to lower the impact of recognizing the expense of employee bonuses.

並列關鍵字

Employee Ownership Plan ； Tax arbitrage ； Expense of Employee Bonus ； Employee Stock Options

參考文獻

2003 年12 月。

黃嘉斌（1999）譯，寰宇財金出版選擇權定價公式手冊(The Complete Guide to Option Pricing Formulas)Espen Gaarder Haug 著，寰宇財金。

Core, J. and W. Guay (2001), “Stock Option Plans for Non-executive Employees” Journal of Financial Economics, .VOL.61,P.253-287.

DeAngelo, H and R. Masulis (1980), “Optimal capital structure under corporate and personal taxation” Journal of Financial Economics, VOL.25,P271-342.

International Financial Reporting Standard 2 『Share-based Payment』This version includes amendments resulting from IFRSs issued up to 31.12.2004.