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研究生:黃科瑋
研究生(外文):Ko-wei Huang
論文名稱:員工分紅費用化對於公司價值、經營績效及盈餘管理之影響以台灣企業為例
論文名稱(外文):Impact of Firm Value, Company Performance, and Earning management for Expensing Employee Compensation:A Taiwan Experience
指導教授:林囿成林囿成引用關係
指導教授(外文):Yu-Chen Lin
學位類別:碩士
校院名稱:國立成功大學
系所名稱:會計學系碩博士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:92
中文關鍵詞:盈餘管理經營績效員工分紅員工分紅費用化股價
外文關鍵詞:Expensing employee bonuscompany performanceearnings management.firm valueemployee bonus
相關次數:
  • 被引用被引用:21
  • 點閱點閱:714
  • 評分評分:
  • 下載下載:137
  • 收藏至我的研究室書目清單書目收藏:3
從2008年開始,我國員工分紅將列為企業的費用,不再是過去的盈餘分配。衝擊最大的莫過於依賴員工分紅留才的企業,因為一旦費用化後,員工分紅數額的多寡將直接影響企業當年的淨利;另一方面,員工股票紅利的計算基礎乃是以股東會前一日收盤價為準,比起以面額計算,員工的實質所得將大幅降低,留才效果可能大打折扣。
本研究以2006年至2008年三年為研究期間,探討員工分紅費用化後對於企業之股價、經營績效以及盈餘管理程度的關係。實證結果發現:員工分紅費用化後,確實對於公司的股價產生負向影響,表示過去高估的股價,因為費用化後回歸到合理的價格。再者,當員工分紅認列為費用時,仍與公司的績效呈正相關,顯示對於企業績效的激勵效果依然存在。此外,實證結果指出企業的管理階層會因為員工分紅費用化而增加盈餘管理的動機,且當員工分紅費用數額越大時盈餘管理的程度亦會跟著加深。
In Taiwan, employee bonus has been stated as expense instead of earnings distribution since January 1, 2008.This policy will affect companies that use employee compensation to motivate and retain employees. By practicing this policy, net income will reduce when expensing employee compensation. Besides, stock bonus is calculated by stock price before annual general shareholders' meeting under the new regulation. The new regulation leads to the decrease of employees’ actual income and compared to the calculation by par value, the purpose of employee compensation can't be reached
The purpose of this study is to investigate the relationship among employee bonus, firm value, performance of companies, and earning management. Using the data from 2006 to 2008, the empirical results suggest that expensing employee bonus negatively effects stock price. This implies expensing signal makes investors know that employee bonus is expense instead of earnings distribution and reflects the actual firm value as well. Furthermore, our empirical findings also show that there is significantly positive relation between employee bonus and company performance. The results means positive incentive for employees still exists after expensing employee compensation. Lastly, the results also find that managers have more incentives to manage earnings in order to meet financial targets when employee bonus is recognized as expense and that the amount of earning management becomes larger.
第壹章 緒論 1
第一節、研究目的與動機 1
第二節、論文架構 7
第貳章、文獻回顧 9
第一節 分紅制度的介紹及企業因應之道 9
第二節 員工分紅相關文獻與研究假說 25
第參章、研究方法 38
第一節 研究假說與觀念性架構圖 39
第二節 實證模型與變數衡量 41
第三節 樣本描述與資料來源 57
第肆章、實證結果與分析 60
第一節 敘述性統計量與相關係數分析 60
第二節 相關係數分析 63
第三節 多元迴歸分析 68
第四節 敏感性分析 75
第五章、結論與建議 83
第一節 研究結論 83
第二節 研究貢獻、限制與建議 84
參考文獻 86
中文部分 86
英文部分 89
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