臺灣股市對員工紅利評價之研究
Other Title
Market Valuation of Employees’ Bonus in Taiwan
Date Issued
2000
Date
2000
Author(s)
陳智瀛
DOI
892416H002028
Abstract
Firms in Taiwan are required by law to
distribute a portion of their net income to
employees as bonus. According to Taiwan’s
GAAP, the employees’ bonus is regarded as
distribution of earnings rather than an expense
in the income statement. Therefore the
earnings available for shareholders are less
than the accounting earnings. The study finds
that the association between accounting
earnings and firm value is lower when the
employees’ bonus relative to net income is
higher. The study also finds a negative
association between employees’ bonus and
firm value, which suggests that investors
consider the dilution effect of the bonus on
firm value to be greater than the incentive
effect. The dominance of the dilution effect is
stronger as stock bonus increases.
Subjects
Employees’ bonus
Employee
stock options
stock options
Compensatory plans
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
other
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