林世銘臺灣大學：商學研究所碩士在職專班會計與管理決策組蘇耀中Sue, Yaw-JongYaw-JongSue2007-12-032018-06-292007-12-032018-06-292006http://ntur.lib.ntu.edu.tw//handle/246246/63816立法院於95年4月28日三讀通過「商業會計法修正案」，金管會並於95年8月28日公布「員工分紅費用化之相關會計處理及配套措施」，「員工分紅費用化」將於97年1月1日正式上路。日後員工分紅之處理，將回歸到一般公認會計原則，視之為費用，不再是盈餘分配。 本文之研究之目的，在於利用事件研究法以及統計檢定，探討宣布「員工分紅費用化」事件之前後，受到會計認列方法將有所改變之影響，公司股票價格是否因此產生異常報酬之現象，並建立迴歸模型以分析異常報酬與公司特質之相關性，藉此評估「員工分紅費用化」對企業價值之影響。事件日有二，定95年4月28日為事件日一，95年8月28日為事件日二。 本研究之實證結果可摘述彙整如下： 一、 第一事件期間累積異常報酬率(CAR)之平均值為-6.34%，第二事件期間減少為-0.99%；兩個事件期間之CAR平均值，皆為負值，達到1%顯著水準。此一結果代表受到「員工分紅費用化」消息公布之影響，公司股價呈現負向異常報酬。同時，也發現會計處理原則與配套措施公布之後，分紅費用化事件對異常報酬之影響趨向緩和。 二、 分紅費用化的確造成公司EPS下降。以研究樣本而言，平均EPS減少8.58%，標準誤為9.82%。假設其他條件不變，依據實證結果顯示，如EPS減少1%，平均CAR之點估計值將下降0.1612%。 三、 員工分紅係依公司盈餘之一定成數提列，為一定額觀念，而且市價通常高於面額10元，分紅費用化之後，將以公平價值(市價)計算紅利股數，所以分紅配股股數將減少，總流通股數跟著減少；如公司價值不變，因總股數減少，股價應該上漲。本文之實證結果顯示，此一股價上漲比率與CAR有正向關係，與預期相符。 四、 已發行海外存託憑證的公司，必須依照國際公認會計準則，將員工分紅予以費用化，其財報應已揭露費用化之盈餘，推論其透明度較高，較不受分紅費用化消息的影響。實證結果與預期相符。 五、 員工分紅配股比率對CAR之影響，由事件日一之負向關係轉為事件日二之正向關係，代表事件期間一之「稀釋效果」大於「激勵效果」，而事件期間二為「激勵效果」大於「稀釋效果」。The Legislative Yuan passed the amendment of Business Accounting Act on April 28, 2006, and FSC announced the related accounting rules for expensing employee bonus on August 28, 2008. With such revision, the employee bonus will be recognized as expense rather than earning distribution, and will be measured by fair value after January 1, 2008. In this thesis, event study methodology was employed to investigate the reaction of security returns to the announcement of future accounting change for employee bonus; Event day 1 is defined as April 28, 2006, and event day 2 as August 28, 2006. Market model was adopted to estimate abnormal returns (AR), and cumulative abnormal returns (CAR) during the event periods. A regression model was also introduced to explore the correlation between CAR and firm’s characteristic factors: EPS change rate, employee stock bonus ratio, natural logarithm of total assets, GDR (dummy variable), holding percentage of foreign investors, and price change rate. The empirical results could be summarized as follows: 1. The average CAR event period 1 is -6.34%, and -0.99% for event period 2; both CAR’s are negative, and meet 1% significance level. Such empirical result implies that expensing employee bonus will have negative impact on security returns. 2. EPS does drop if the employee bonus is recognized as expense in stead of earning distribution. On the average, EPS will decease 8.58% with 9.82% standard deviation for the firms investigated. According to the empirical result, if EPS decreases by 1%, the point estimation of CAR will drop by 0.1612%, providing other things being equal. 3. Employee bonus is allocated from a firm’s after tax earning, and the amount is fixed. The number of bonus stock shares will be calculated by the market value rather than face value after expensing employee bonus. Besides, market value, in general, is higher than face value. Therefore, the allocated shares for employees will become less; so will the total outstanding shares. If the firm’s value keeps the same, the stock price will increase with less total outstanding shares. The empirical result indicates the stock price changing ratio is positively correlated to CAR. 4. The companies which have issued Global Depositary Receipt (GDR) should recognize the employee bonus as expense according to the international GAAP. Their final reports should have revealed the impact of expensing employee bonus; therefore, the impact of expensing employee bonus to these firms should be less. The empirical result meets our expectation. 5. The relationship of CAR and stock bonus ratio migrates from negatively correlated in event period 1 to positively correlated in event period 2. This implies dilution effect is greater than motivation effect in event period 1; however, motivation effect is more pronounced than dilution effect in event period 2.第一章 緒 論 1 第一節 研究背景與動機 1 第二節 研究目的 3 第三節 研究架構 5 第二章 文獻探討 8 第一節 我國員工分紅制度及其相關法律規定 8 第二節 員工分紅之影響 11 第三節 員工分紅費用化之企業權益評價模型 19 第四節 事件研究法 22 第三章 研究方法與設計 27 第一節 事件研究法 27 第二節 迴歸模型與變數定義 36 第三節 研究假說 40 第四節 資料來源 45 第五節 樣本選擇標準 45 第四章 實證結果與分析 48 第一節 敘述統計分析 49 第二節 異常報酬率與累積異常報酬率之分析 51 第三節 迴歸結果分析 56 第四節 小結 65 第五章 結論與建議 67 第一節 研究結論 67 第二節 研究限制 73 第三節 建議 74 參考文獻 77419604 bytesapplication/pdfen-US員工分紅費用化事件研究異常報酬Expensing Employee BonusEvent StudyAbnormal Returnsotherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/63816/1/ntu-95-P93744003-1.pdf