葉疏2006-07-262018-06-292006-07-262018-06-292005http://ntur.lib.ntu.edu.tw//handle/246246/18432本研究利用剩餘所得評價模型，比較四種員工認股權證會計處理反映經濟實質 的能力。四種會計方法係指目前美國實行的APB 25 ，SFAS 123 ，FASB 1993 Exposure Draft 法，以及IASB ED-2 之延伸法。ED-2 延伸法係將員工認股權證給予義務視為 負債，並將授予日後之給付義務公平價值變動金額納入所得計算及資產負債表中。 本研究將運用股利折現模式（dividend discount model ），分析員工認股權證對普通股 價值稀釋效果、並推導出現有普通股及員工認股權證價值；再利用剩餘所得模型， 推衍出不同會計方法下，員工認股權證隱含的股權價值。本研究根據四種會計處理 產生之隱含價值（implied value ），比較四種員工認股權證會計處理反映經濟實質的 能力。分析認為唯有ED-2 延伸法之會計資訊，方能允當反映員工認股權證發行對 於現有普通股權益價值之稀釋效果。 為驗證前述模型分析之有效性及合理性，本研究使用S &P 500 公司之股價及 會計資料，以實證方式測試前述模型分析結果。本研究測試發現，1.除ED-2 延伸 法外，於普通股權益評價方程式，加入依公平價值衡量之認股權證為自變數並限制 其迴歸係數為-1 的作法，將可提高該方程式之解釋能力；2. SFAS 123 會計處理產生 之資訊於普通股權益評價方程式的解釋能力，低於其他三種會計處理產生之資訊的 解釋能力。We use the residual income valuation framework to compare the equity valuation implications of four approaches to employee stock options (ESOs) accounting proposed by regulators: APB 25 “recognize nothing”, SFAS 123 (revised) “recognize ESO expense”, FASB Exposure Draft “recognize and expense ESO asset” and “recognize ESO asset and ESO liability”. Our theoretical analysis shows that only grant date recognition of an asset and a liability, and subsequent marking-to-market of the liability, results in accounting numbers that accurately capture the dilution effects of ESOs on current shareholder value when used in the residual income valuation model. The other accounting methods lead to over-estimates of current equity value. Out-of-sample and in-sample empirical tests are used to assess value relevance of the four accounting methods. The out-of-sample tests compare contemporaneous equity market value predictions based on each of the four methods. The in-sample tests compare the model explanatory power from estimating equations relating to each of the four accounting methods. The out-of-sample tests indicate the method with grant date asset and liability recognition has the lowest prediction errors, followed by the Exposure Draft method, the SFAS 123 (revised) method, and the APB 25 method. Findings from the in-sample tests are largely consistent with our theoretical expectations and provide support for the grant date recognition of an ESO asset and liability.application/pdf133085 bytesapplication/pdfzh-TW國立臺灣大學會計學系暨研究所員工認股權證剩餘所得衡量模型稀釋效果employee stock optionsresidual income valuation frameworkdilution effectsotherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/18432/1/932416H002026.pdf