員工分紅配股費用化後對台股上市、櫃電子股所造成之衝擊

The Impact of“Expense of Employee Stock Bonus”on Taiwan's High-tech Stocks

黃元新(Yuan-Hsin Huang)

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(2005年)

https://doi.org/10.6846/TKU.2005.00567

摘要

近年來，由於美國爆發安隆案等一連串會計醜聞，引起國際間對於會計處理準則的檢討聲浪，近來美國財務會計準則委員會已確認舉凡美國上市公司，於2005年起，屬於員工薪酬性質的員工股票選擇權必須以市值列為損益表上的費用科目。反觀國內上市、櫃電子科技公司普遍實施員工分紅配股制度，其性質亦屬於員工薪酬，未來一旦必須將員工分紅配股費用化，對國內上市、櫃電子公司的衝擊恐怕難以輕忽。
本文以投資人的觀點，藉由研究期間國內上市、櫃電子類股的財報資料，嘗試剖析台灣電子股實施員工分紅配股的全貌。透過各項衡量指標來呈現國內電子股員工分紅配股的嚴重程度。其次，透過個股投資報酬率與十項財務解釋變數進行之逐步迴歸分析，試圖篩選出投資報酬率之主導變數，並觀察其中員工分紅配股率的影響是否顯著，進而利用此一迴歸所得之計量參數，設算一旦員工分紅配股必須依市價進行費用化，對個股投資報酬率所帶來的影響效果。最後，利用修正後的十項財務變數重新進行逐步迴歸，嘗試釐清員工分紅配股費用化，是否會對原始之投資報酬率計量模型造成影響。
實證結果顯示，國內電子股從事員工分紅配股實是極普遍之現象，員工分紅配股費用化之後，少數電子個股甚至轉盈為虧。以2003年來說，名列員工分紅配股較為嚴重的次產業，分別為IC設計、零組件暨通路類股，其中研發人員需求較低的通路類股，員工分紅配股的程度卻絲毫不遜色於其它族群，實令人咋舌。其次，就迴歸分析結果顯示，在研究期間中，員工分紅配股率於上市及上櫃各自其中三個年度為顯著解釋變數，顯見員工分紅配股實為投資人所關心的評價要項，即使在員工分紅配股費用化後的修正逐步迴歸分析中，員工分紅配股率於上市及上櫃各自其中三個及四個年度(額外增加了2000年)為顯著解釋變數，更可見員工分紅配股一旦必須費用化處理，更將加強員工分紅配股率對於個股投資報酬率之影響威力。另外，利用員工分紅配股率之迴歸參數估計值，進而設算出員工分紅配股一旦費用化，其負向衝擊效果已足以將整體個股投資報酬率侵蝕殆盡。

關鍵字

員工分紅配股 ； 投資報酬率 ； 逐步迴歸法 ； 每股盈餘 ； 電子股

並列摘要

Since 2000 winter, America had exploded lots of business accounting scandals, how to fix the accounting principle became a broadly debated issue. Recently, American Financial Accounting Standard Board has determined that the employee stock options must be recorded as operating expense by the market value since 2005. However, if the employee stock bonus prevailing in Taiwan’s high-tech companies also must be expensed, then it would be a great impact on Taiwan’s high-tech stocks’ prices.
In this study, first, we try to use the financial statement data of Taiwan’s listing high-tech companies to understand the situation of executing employee stock bonus in those firms. Second, we utilize step-wise regression to extract the dominant variables affecting the return of the high-tech stocks in practice, and further to find out whether employee stock bonus imposes negative influence on stock price. When employee stock bonus ratio is a significant variable, we try to figure out the specific value of negative effect on rate of return. Finally, we take account of expense of employee stock bonus, then re-calculate the ten financial variables and rerun the step-wise regression. We want to know that the significance of employee stock bonus ratio would be persistent or not.
The empirical results show that the employee stock bonus is very popular in Taiwan’s high-tech firms. After expense of employee stock bonus, some firms’ profits even reverse to net loss. Moreover, in 2003, the IC design, the electronic components, and the electronic vender are the first three leading sub- electronic industries which most engage in executing the employee stock bonus. What surprise is the third rank of the electronic vender, because they usually don’t need as many research employees as other high-tech companies do. Furthermore, the outcome of step-wise regression shows that the employee stock bonus ratio is significant in three of the six years in both public and the counter market. It means the employee stock bonus ratio is a vital consideration when we evaluate the value of investment in Taiwan’s high-tech stocks. Even in the condition of expensing employee stock bonus, the employee stock bonus ratio is still significant in the adjusted regression model. In addition, by utilizing the coefficient of regression, we can calculate the value of the negative effect on rate of return resulting from expensing the employee stock bonus, and we find out the rate of return of total high-tech companies almost evaporates away.

並列關鍵字

Employee Stock Bonus ； Rate of return ； Step-wise Regression ； EPS

參考文獻

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