員工紅利在台灣為最常見之獎酬制度。過去台灣之會計處理將員工紅利視為稅後盈餘分配項目,不僅導致公司過度發放員工紅利而侵蝕了股東利益,也嚴重的虛增淨利。為了能夠允當表達員工紅利對於盈餘的影響,健全公司治理並與國際會計準則接軌,台灣證期局發布新的命令,於2008年正式實施員工紅利費用化。 本研究旨在探討員工紅利之會計處理由附註揭露,轉變為強制認列於損益表中作為薪酬費用,對公司下期獲利之增額解釋效果是否能夠有效提升,並運用Mishkin理性預期模型,檢定市場是否能夠理性反應員工紅利費用資訊對於公司下期獲利之資訊內涵。實證結果顯示無論員工紅利費用化前後,員工紅利對下期獲利均存在顯著正向增額解釋效果;而在員工紅利費用化實施後,員工紅利對下期獲利之增額解釋效果呈顯著提升。再者,由於市場無法理性反應員工紅利費用化後之員工紅利資訊內涵,而有過度評價之跡象。
Taiwan’s regulation used to treat employee bonuses as one of after-tax-earnings distributing items. Consequently, there exists over-compensation phenomenon. Later, TSFC mandates listed firms formally recognizing employee bonuses and director/supervisor compensations as an expense in financial statement after year 2008. This study examines the relationships between employee bonuses and subsequent profits while the accounting principles related to employee bonus are changed from after-tax-earnings distributing items to expense recognition. Empirical results show that employee bonuses positively contribute to subsequent profits significantly. After recognizing employee bonuses as an expense item, the positive contribution for employee bonuses to subsequent profits increases, indicating that over-compensation has been reduced by new regulations of employee bonuses. Moreover, the market appears to over-value the employee bonuses expense relative to their association with subsequent profits after year 2008.