蔡彥卿臺灣大學:會計學研究所江宗哲Chiang, Tsung-CheTsung-CheChiang2010-05-052018-06-292010-05-052018-06-292008U0001-0406200813473900http://ntur.lib.ntu.edu.tw//handle/246246/179840本研究探討員工認股權假設參數合理性與公司治理之關聯性，樣本期間為2004年至2007年第3季，分析方法採用OLS Model。其實證結果如下: 首先，本研究探討「員工認股權假設參數合理性之無風險利率與公司治理之關聯性」部份，實證結果發現，監事席次愈高、董監事持股質押比例愈高、控制權與現金流量請求權偏離程度愈高者、董事長兼任總經理，愈有可能透過操弄員工認股權參數假設來進行盈餘管理；另外，模型實證結果也發現，在法人持股部份，當法人持股比例愈高時，公司透過操縱員工認股權參數假設來進行盈餘管理的機會就愈低。上述結果意味著公司治理較差的公司，愈有機會透過操弄選擇權評價模型參數達到操縱損益之目的。 再者，探討「員工認股權假設參數合理性之預期股價波動性與公司治理之關聯性」部分，本研究實證結果發現，法人持股比例愈高、董事長兼任總經理、時，愈有可能透過操弄員工認股權參數假設來進行盈餘管理；此外，模型實證結果也發現，控制股東董事席次控制百分比愈高、控制股東現金流量請求權愈高，公司透過操弄員工認股權參數假設來進行盈餘管理的機率就愈低。上述結果意味著公司治理較差的公司，愈有機會透過操弄選擇權評價模型參數達到操縱損益之目的。 最後，根據本研究以上實證結果顯示，公司治理變數對於利用選擇權評價模型參數進行操縱損益之顯著情形及影響方向不盡相同；但本研究之實證結果，根據大部份假說之相符，可推論得知，公司治理愈好之公司，該公司透過操縱選擇權評價模型參數之手法達到操縱損益之機率較低。This research focuses on the association between the inputs of model of employee stock options and corporate governance. The sample period is from year 2004 to the third quarter of year 2007. The analysis models adopted in the research is OLS Model.Empirical results suggest what mentioned below. First,this study focus on the association between the inputs of model of employee stock options-risk-free rate and corporate governance. The empirical results are as follows:.The number of inspectors is positively associated with earnings management through controlling the risk free rate with statistical significance..The percentage of shares pledged of directors is positively associated with earnings management through controlling the risk free rate with statistical significance..The degree of divagating between voting rights and cash flow claims is positively associated with earnings management through controlling the risk free rate with statistical significance..The chairman who is also the manager in the company is positively associated with earnings management through controlling the risk free rate with statistical significance..The ratio of the stock held by the institutional shareholders is negatively associated with earnings management through controlling the risk free rate with statistical significance. Second, this study focus on the association between model inputs of employee stock options-volatility and corporate governance. The empirical results are as follows:.The ratio of the stock held by the institutional shareholders is positively associated with earnings management through controlling the volatility with statistical significance..The chairman who is also the manager in the company is positively associated with earnings management through controlling the volatility with statistical significance..The percentage of the board of directors controlled by controlling shareholders is negatively associated with earnings management through controlling the volatility with statistical significance..The cash flow claims is negatively associated with earnings management through controlling the volatility with statistical significance. Finally, the empirical results mean that when a company with good corporate governance ,it is seldom to do earnings management through controlling the inputs of the model of employee stock options.口試審定書..............................................i　　謝 ..............................................ii文摘要 .............................................iiibstract ..............................................iv一章 緒論.............................................1一節 研究背景 ......................................1二節 研究動機與目的...................................3三節 研究架構.........................................5二章 文獻探討.........................................7一節 員工認股權的介紹.................................7二節公司治理意義及架構...............................12三節公司治理相關文獻.................................15四節公司治理與盈餘管理...............................19三章研究方法.........................................22一節研究架構與假說之建立.............................22三節變數之衡量.......................................28四節實證模型.........................................35五節 研究期間及樣本選取..............................39四章 實證結果與分析..................................41一節 資料分布及敘述性統計分析........................41二節 相關性與共線性分析..............................48三節多元回歸分析 .....................................53五章 結論與建議......................................61一節 研究結論......................................61二節 研究限制........................................63三節 後續研究建議....................................64考文獻...............................................65次1 - 1 研究流程圖 62 - 1世界銀行之公司治理架構 15次1 - 1認股權計畫比較表 92 - 1半導體產業及光電產業於民國93年至96年第3季發放員工認股權之家數 12表3 - 1】直接影響選擇權價值之因素及影響其價值之方向 30表3 - 2】變數衡量彙總表 34表3 - 3】模型a樣本選取彙總表 40表3 - 4】模型b樣本選取彙總表 41表4 - 1】無風險利率差與預期股價波動性差樣本分配表 41表4 - 2】無風險利率差之全部樣本之敘述性統計 43表4 - 3】預期股價波動性之全部樣本之敘述性統計 44表4 - 4】RfDif<0之樣本之敘述性統計 45表4 - 5】RfDif>0之樣本之敘述性統計 46表4 - 6】VolaDif<0之樣本之敘述性統計 47表4 - 7】VolaDif>0之樣本之敘述性統計 47表4 - 8】RfDif各解釋變數間之Pearson相關係數分析 49表4 - 9】VolaDif各解釋變數間之Pearson相關係數分析 50表4 - 10】無風險利率差解釋變數之VIF值 51表4 - 11】預期股價波動性差解釋變數之VIF值 52表4 - 12】選擇權評價模型參數無風險利率合理性與公司治理特質之OLS分析 59表4 - 13】選擇權評價模型參數預期股價波動性合理性與公司治理特質之OLS分析 60application/pdf649442 bytesapplication/pdfen-US公司治理員工認股權盈餘管理無風險利率預期股價波動性corporate governanceemployee stock optionearnings managementrisk-free ratevolatilityhttp://ntur.lib.ntu.edu.tw/bitstream/246246/179840/1/ntu-97-R95722044-1.pdf