臺灣博碩士論文加值系統

本文主要從代理問題和資訊不對稱的觀點來檢驗員工選擇權對公司債價差的影響，其中樣本資料為美國債券樣本從1994年至2008年共有12,215筆。本研究發現在發佈新版FAS 123R公報(所有發行公司須將該員工選擇權列為費用)後員工選擇權對公司債價差有顯著負相關。然而，在未發布新版FAS 123R公報以前，員工選擇權的效果並不顯著。而上述內容是在控制信用評等和其他顯著與公司債價差相關的變數所呈現的結果。

This study examines the effects of Employee Stock Option (ESOs) on bond yield spreads from agency and information asymmetry perspectives by 12,215 American bond observations from 1994 to 2008. This study finds that the overall ESOs effects on bond yield spreads are significantly negative during the period of ex-post new SFAS 123R (all companies have to report the ESOs compensation as expense) while those are insignificantly during the period of ex-ante new SFAS 123R when controlling for well-known bond yield determinant variables. The above results are robust even when controlling for credit ratings.

Contents

1. Introduction 1
2. Theories and Hypotheses 6
3. Data 9
3.1. The ESOs variables 9
3.2. The variables of ESOs effects from information asymmetry perspective 10
3.3. The variables of ESOs effects from agency perspective 11
3.4. The variables of ESOs effects from cash flow perspective 11
3.5. The variables of ESOs effects from capital structure perspective 13
3.6. The variables of ESOs effects from repurchases perspective 13
4. Empirical Analysis 15
4.1 The effects of ESOs on regression 15
4.2 The Total Effects of ESOs on regression 18
5. Conclusion 21
Reference 22



















Table Contents

Table 1. Sample Size 24
Table 2. The descriptive statistic of the ESOs’ parameters. 25
Table 3. The descriptive statistic of dependent variable and the control variables. 26
Table 4. Correlation of coefficient matrix among yield spread and the control variables. 26
Table 5. Correlation of coefficient matrix among yield spread, control variables and ESOs parameters. 27
Table 6. Correlation of coefficient matrix among the ESOs’ parameters 29
Table 7. The effect of ESOs on yield spreads 30
Table 8. The relationship between the information issue and ESOs 31
Table 9. The effect of agency issue by ESOs on yield spreads 32
Table 10. The effect of repurchase by ESOs on yield spreads 33
Table 11. The effect of cash flow and tax by ESOs on yield spreads 34
Table 12. The Total Effects of ESOs on bond yield spreads from 1994 to 2004 35
Table 13. The Total Effects of ESOs on bond yield spreads from 2005 to 2008 36
Table 14. The Total Effects of ESOs on bond yield spreads from 1994 to 2008 37

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