陳智瀛2006-07-262018-06-292006-07-262018-06-292000http://ntur.lib.ntu.edu.tw//handle/246246/18383根據公司法的規定，企業必須提撥盈餘 的一定成數作為員工紅利，而此項員工紅利 視為盈餘的分配，不列為損益表中的費用， 因此屬於股東可享有的盈餘實際上是比會計 盈餘數字為少。本研究假設當員工紅利相對 於淨利的比例愈高時，因為股東可享有淨利 的比例愈少，因此會計盈餘與公司股價間的 關聯程度愈低，實證結果亦支持此項假設。 此外，本研究亦發現員工紅利的價值(預期金 額)與公司股價間具有負向關聯，顯示投資人 認為員工紅利造成的股東財富稀釋效果大於 所帶來的員工激勵效果，而且員工配股愈多時，上述的關係愈明顯。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.application/pdf35959 bytesapplication/pdfzh-TW國立臺灣大學會計學系暨研究所員工紅利員工配股認股權酬勞性認股計劃Employees’ bonusEmployee stock optionsCompensatory plansotherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/18383/1/892416H002028.pdf