陳明賢Chen, Ming Shen臺灣大學:財務金融學研究所趙輝儀Chao, WinnieWinnieChao2010-05-112018-07-092010-05-112018-07-092008U0001-2807200811534300http://ntur.lib.ntu.edu.tw//handle/246246/1826581986年聯華電子首開員工分紅先例，當時台灣資訊電子業之薪酬制度未趨完善，此制度之產生遂吸引了許多國外優秀人士回國，造就了今日台灣資訊電子業之榮景。然而，此種制度雖然對電子產業的發展有助益，卻也有其不爭的缺失存在。因此，政府決定於2008年實施員工分紅費用化與對員工分紅依市價八折來課稅的政策，因此促成了本篇論文的研究動機。論文利用事件研究法來探討當金管會在2008年1月1日實施員工分紅配股費用化制度時，市場投資人之反應為何，我們選定代表電子股的臺灣資訊科技指數成分股為樣本公司，以迴歸模式進行分析，累積異常報酬率為應變數，員工分紅配股費用化比例為自變數之外，再加入公司資本額及營收成長性兩項控制變數。實證結果發現在事件日前後的15個、10個、5個交易日，樣本公司的股價均產生統計上顯著的負向累積報酬，但是只有事件日前後5個交易日的累積異常報酬與員工分紅配股費用化比例為顯著負相關。因此，我們推論員工分紅配股比例會造成研究事件日產生累積異常報酬，由於市場投資人認為對於實施員工分紅配股比例較高的公司，相較於員工分紅配股比例較低之公司將不利於股東權益，並對股價報酬變動產生負面衝擊，但其影響可能是只有短期效果而已。In 1986, when reward system in Taiwan Information Technology (IT) industries was not sound, United Microelectronics Corporation (UMC) was the first to carry out the stock bonus system. The introduction of this system has attracted many outstanding talents from abroad and then help achieved the prosperity of Taiwan IT Industries nowadays. However, despite of its benefits for the development of Electronics industry, it has many shortcomings. Therefore, Taiwanese government has decided to implement policies of expensing employee stock bonus and taxing employee stock bonus based on 80% of its fair value in 2008. This decision motivates the research of this thesis.his thesis uses event study methodology to understand what investors’ reactions are as Financial Supervisory Commission executes expensing employee stock bonus on January 1, 2008. We select TSEC Taiwan Technology Index constituents to be samples, then we analyze by implementing the regression model. The cumulative abnormal returns is the dependent variable, and the expense of employee stock bonus ratio is the independent variable. Besides, we add companies’ capitalization and sales growth rate yearly to be the control variables. According to the outcome, we discovered that 15, 10 and 5 days before and after the event day, the sample companies’ prices have negative cumulative abnormal returns significantly. However, only the 5 days before and after the event day, the expense of employee stock bonus ratio is inversely related to the cumulative abnormal returns significantly. Therefore, we deduce that the expense of employee stock bonus ratio would produce the negative cumulative abnormal returns on the event day. The reason is that investors consider when the expense of employee stock bonus ratio is higher, stockholders revenue will be decreased, and then the stock price will also get down. However, this effect may be short term based on our evidence.謝辭.....................................................Ⅰ要.....................................................Ⅱbstract.................................................Ⅲ錄.....................................................Ⅴ目錄...................................................Ⅶ目錄...................................................Ⅷ一章 緒論...............................................1一節 研究背景........................................1二節 研究動機與目的..................................4三節 研究架構與流程..................................6二章 文獻探討...........................................8一節 員工分紅配股與生產力及公司經營績效相關性........8二節 員工分紅配股對投資人的稀釋效果.................11三節 員工分紅配股的會計處理.........................14四節 員工認股選擇權相關制度.........................17三章 員工分紅配股制度之研究分析........................20一節 員工分紅制度定義與發展沿革.....................20二節 員工分紅配股制度優點分析.......................24三節 員工分紅配股對股市投資人的權益稀釋問題.........30四節 員工分紅配股對財報真實性的問題.................37四章 研究設計..........................................45一節 研究方法.......................................45二節 模型設計.......................................47三節 實證設計.......................................52四節 資料來源與樣本選擇.............................55五章 實證結果分析......................................57一節 實證結果.......................................57二節 研究小結.......................................67六章 結論與建議........................................69考文獻.................................................72目錄3-1 1993年-2003年全體上市櫃公司股東股利及員工分紅比較表........................................................323-2 稀釋率之定義整理...................................344-1 樣本公司簡介.......................................555-1 事件窗期(-15,+15)之累積異常報酬率..................585-2 應變數CAR(-15,+15)之迴歸分析......................605-3 事件窗期(-10,+10)之累積異常報酬率..................615-4 應變數CAR(-10,+10)之迴歸分析......................635-5 事件窗期(-5,+5)之累積異常報酬率....................645-6 應變數CAR(-5,+5)之迴歸分析........................665-7 假設檢定一實證結果彙總表...........................685-8 假設檢定二實證結果彙總表...........................686-1 實證結果一結論分析表...............................706-2 實證結果二結論分析表...............................70目錄1-1 研究流程圖..........................................74-1估計期間與事件期間圖...............................46application/pdf531551 bytesapplication/pdfen-US員工分紅配股Employee Stock Bonusthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/182658/1/ntu-97-R93723075-1.pdf