The Effect of Risk in the Choosing between Stock Options or Restricted Stock Rewards

風險對採用股票選擇權或限制權利新股之影響

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

《中華會計學刊》 16卷2期 (2020/12) Pp. 259-295

https://doi.org/10.6538/TAR.202012_16(2).0003

摘要

Stock options are given to employees through granted rights to buy stocks at a certain exercise price when the vesting conditions are completed. Restricted stock rewards, conversely, are granted stocks awarded to employees with limited rights in which they can acquire full stock rights after the vesting conditions are completed. This study uses the concepts of systematic risk and idiosyncratic risk to measure the risk that a firm encounters based on data of Taiwanese-listed companies from 2011 to 2018 and investigates the effects of matching these two equity-based compensation plans and said risk on firm performance and earnings management. Our empirical results show that a company's performance is better if the idiosyncratic risk that firm faces is higher and there is a larger amount of stock options compared to the amount of restricted stock rewards. In addition, the level of earnings management is not greater when the firm's systematic risk or idiosyncratic risk is higher and when the ratio of the amount of stock option to the amount of restricted stock is higher.

關鍵字

Earnings management ； Firm performance ； Risk ； Equity-based compensation plans

並列摘要

股票選擇權為先授予員工一可以行使價格購買股票的權利，在行使條件滿足時，員工即可依該行使價格購買股票。與股票選擇權不同的是，限制權利新股為授予員工一有限權利的股票，在行使條件滿足時，員工便可行使其原先被限制的股票權利。本研究主要在調查，企業所面臨的風險在企業對此兩種員工權益薪酬對企業績效與盈餘管理中的角色。本研究透過系統性風險與獨特性風險來衡量企業所面臨的風險，並以2011年至2018年的上市公司為樣本。結果發現，當企業所面臨的獨特性風險較高時，較多的股票選擇權比例會有較佳的企業績效。此外，當公司所面臨的風險較高且股票選擇權數量對限制權利員工新股數量比率越高時，公司並沒有較高的盈餘管理程度。

並列關鍵字

盈餘管理 ； 公司績效 ； 風險 ； 權益薪酬

參考文獻

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