The Abnormal Returns of Announcing and Exercising Restricted Stock: An Event Study

限制員工權利新股宣告和執行的異常報酬：事件研究法

戴怡蕙(Yi-Hui Tai) ； 王盈傑(Ying-Chieh Wang)

《中華會計學刊》 15卷2期 (2019/12) Pp. 201-237

https://doi.org/10.6538/TAR.201912_15(2).0002

摘要

In response to the expenditure impact of employee bonus shares and firms' needs to recruit and keep talent, the Taiwan government approved the issuance of restricted stock as company compensation in 2011. This research thus examines publicly-listed companies that adopted restricted stock awards (RSA) in Taiwan from July 2011 to the end of 2016. In accordance with the signaling hypothesis, we investigate how investors react to the RSA a firm offers, as well as whether the information provided in the announcement period differs from that during the exercise period. The results indicate that the announcement and exercise periods both exhibit no significantly positive cumulative abnormal returns. However, larger and more significant cumulative abnormal returns arise for firms with a larger announcement size, for the period during initial announcement, and firms with a higher percentage of restricted stocks being exercised.

關鍵字

restricted stock ； announcement ； exercise ； event study

並列摘要

為了因應員工分紅費用化的衝擊，台灣政府在2011年通過核准企業發行限制員工權利新股作為薪酬，以回應企業對招募人才彈性的需求。本研究以台灣2011年7月至2016年底有採行限制員工權利新股制度的上市櫃公司為研究樣本。本文透過訊號假說，探討投資人對台灣企業發行限制員工權利新股之反應，以及該獎酬計畫在宣告期和執行期所提供的資訊是否有差異。結果發現，在限制員工權利新股的宣告期和執行期，市場上沒有顯著正的累計異常報酬。然而，如果該公司在宣告日宣告了較多的限制員工權利新股、或為首次宣告發放限制員工權利新股、抑或是在執行日實際執行了較大比例的限制員工權利新股，則該公司會產生較顯著正的累計異常報酬。

並列關鍵字

限制員工權利新股 ； 宣告 ； 執行 ； 事件研究法

參考文獻

Aboody, D., and R. Kasznik. 2008. “Executive stock-based compensation and firms' cash payout: The role of shareholders’ tax-related payout preferences." Review of Accounting Studies 13 (2-3): 216-251.

Agrawal, J., and W. A. Kamakura. 1995. “The economic worth of celebrity endorsers: An event study analysis." Journal of Marketing 59 (3): 56-62.

Aharony, J., and I. Swary. 1980. "Quarterly dividend and earnings announcements and stockholders' returns: An empirical analysis." The Journal of Finance 35 (1): 1-12.

Allen, F., and G. R. Faulhaber. 1989. "Signalling by underpricing in the IPO market." Journal of Financial Economics 23 (2): 303-323.

Asquith, P., and D. W. Mullins. 1986. “Signalling with dividends, stock repurchases, and equity issues." Financial Management 15 (3): 27-44.