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引文資料
題名:
Evaluating the Mandatory Disclosure Effect of Pro Forma EPS Deducted by Employee Bonus in Taiwan
書刊名:
會計評論
作者:
范宏書
/
陳慶隆
作者(外文):
Fan, Hung-shu
/
Chen, Ching-lung
出版日期:
2006
卷期:
42
頁次:
頁109-140
主題關鍵詞:
員工紅利
;
稀釋效果
;
誘因效果
;
擬議配發員工紅利及董監酬勞後之設算每股盈餘
;
Employee bonus
;
Dilution effect
;
Incentive effect
;
Pro forma EPS deducted by employee bonus
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(
8
) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:
8
共同引用:0
點閱:44
證期會發佈台財政六字第0920000457號令,要求自2002會計年度起,公開發行公司須揭露董事會通過之考慮擬議配發員工紅利及董監酬勞後設算每股盈餘資訊,企求藉此規範權宜地解決有關員工紅利會計處理的爭議。此種以「揭露」取代正式「認列」的權宜政策可否達到政策目的?投資者是否會認知到員工紅利的本質是費用,而在規範實施後自動調整其對股票的評價?此為本研究欲探討的主題。本研究以1999至2004年間有發放員工紅利之上市(櫃)公司為樣本,發現在證期會強制要求揭露考慮擬議配發員工紅利及董監酬勞後之設算每股盈餘及相關資訊之後,員工紅利資訊(特別是股票紅利)對股價之稀釋效果顯著增強,顯示投資者意識到員工紅利是盈餘的減項,會自動調整其對發放員工紅利之公司的股票評價。另外,觀察員工紅利宣告日前後5日之異常報酬發現,在強制揭露員工紅利資訊的規範實施後,宣布發放員工紅利的公司其股價呈現負異常報酬反應,此亦顯示投資人似乎對於員工紅利係費用性質以及公司價值稀釋效果作出反應,且此效果甚至大過員工紅利之誘因效果。因此,不論就年度之長觀察期或5日之短觀察期,均發現證期會強制揭露政策之實施使得員工紅利稀釋效果顯著增強,故就強制揭露之目的而言,證期會的權宜性規範似乎可以促成投資者對公司價值重作評估,達到政策目的。
以文找文
Based on Taiwan's regulation, employee bonus is treated as an item of after-tax-earnings distribution rather than an expense of a firm. The Taiwan Securities and Futures Commission promulgated a new order on January 30, 2003 which required public companies to ”disclose pro forma EPS deducted by employee bonus and director/supervisor compensation” rather than to ”recognize employee bonus and director/supervisor compensation as a firm expense” in 2002 (and later) annual reports. Could such an expedient regulation make investors realize that the employee bonus is an expense that should be formally recognized in firm's financial statements? This study is motivated to examine the mandatory disclosure effect of employee bonus as a firm expense after this new order is enforced. The empirical results indicate that the interactive variable of employee stock bonus and the dummy for the years of carrying out the new order is significantly negatively related to stock price. It evidences that the dilution effect of employee bonus (particularly stock bonus) becomes stronger than before. The results of the event study on 5-days around the employee bonus announcement date also indicate that investors reverse their stock valuation after the new orders and suggest that the dilution effect of employee stock bonus becomes stronger and even dominates its incentive effect. That is, the mandatory disclosure policy of pro forma EPS deducted by employee bonus and director/supervisor compensation achieves its objective.
以文找文
期刊論文
1.
Aboody, D.、Barth, M. E.、Kasznik, R.(2004)。SFAS No.123 stock-based compensation expense and equity market value。Accounting Review,79,251-275。
2.
Bell, T. B.、Landsman, W. R.、Miller, B. L.、Yeh, S.(2002)。The valuation implications of employee stock option accounting for profitable computer software firms。Accounting Review,77,971-996。
3.
Chen, C. Y.(2003)。Investment opportunities and the relation between equity value and employeess' bonus。Journal of Business Finance & Accounting,30(7),941-973。
4.
Easton, P. D.、Harris, T. S.(1991)。Earnings as explanatory variables for returns。Journal of Accounting Research,29,19-36。
5.
Kruse, Douglas L.(1996)。Why do firms adopt profit-sharing and employee ownership plans?。British Journal of Industrial Relations,34(4),515-538。
6.
Ma, Y. F.、Goo, Y. J.(2005)。A study of employee profit sharing and stock ownership plans in Taiwan。International Journal of Management,22(1),127-141。
7.
White, Halbert(1980)。A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity。Econometrica,48(4),817-838。
8.
Aboody, D.(1996)。Market valuation of employee stock options。Journal of Accounting and Economics,22,357-391。
9.
Feltham, Gerald A.、Ohlson, James A.(1995)。Valuation and clean surplus accounting for operating and financial activities。Contemporary Accounting Research,11(2),689-731。
10.
Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Security Valuation。Contemporary Accounting Research,11(2),661-687。
會議論文
1.
Chang, C. C.(1999)。The effect of employee bonus and direct compensation on price。1999 Contemporary Accounting Theory and Practice Conference,Department of Accounting, National Taipei University 。
學位論文
1.
Chang,P. C.(2003)。Determinants of employee stock grants and their impact on firm's performances(碩士論文)。National Taiwan University。
2.
Chang, S. W.(2000)。The impact of disclosure of employees' bonus information on stock values(碩士論文)。Soochow University。
3.
Chau, H. L.(2002)。Profit sharing and firm performance(碩士論文)。National Central University。
4.
Chen, Y. J.(2003)。The study for the effects of employee bonus and director compensation on firm performance and stock returns(碩士論文)。National Taipei University。
5.
She, J. J .(2003)。The effects of profit-sharing on profitability of Taiwan's high-tech firms: a simultaneous equation model analysis(碩士論文)。National Taipei University。
6.
Yeh, C. J.(2003)。The relationship between stock bonus schemes and stock price(碩士論文)。National Taipei University。
圖書
1.
Financial Accounting Standard Board(1995)。Accounting for stock-based compensation. FASB Statement No.123。Norwalk, CT:FASB。
2.
Accounting Principles Board(1973)。Accounting for stock issued to employees。New York, NY:NY: APB。
3.
Neter, J.、Wasserman, W.、Kutner, M. H.(1989)。Applied Linear Regression Models。Homewood, IL:New York:Irwin。
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