員工分紅費用化對衡量企業價值之影響-以IC設計產業為例

Abstract

近些年來外資對於台灣所特有之員工股票分紅制度，提出了一些負面意見及質疑。主要原因係台灣會計原則與國際公認會計原則對於員工分紅之會計處理方式有所不同。國際公認會計原則將員工分紅視為薪資費用；而國內會計處理將之列為盈餘分配。 2006年04月28日完成三讀通過商業會計法修正案，刪除「紅利」不得列為費用或損失的限制，備受矚目的員工分紅費用化會計處理原則，終於拍板定案，金管會並宣告自2008年01月01日起的財務報表將參照國際會計準則，員工分紅之會計處理由盈餘分配改列為薪酬費用，讓台灣的會計原則與國際公認會計原則正式接軌。 此一會計處理原則的重大改變，勢必將衝擊企業長期員工分紅的獎勵制度，亦將使市場上投資者對於企業價值有一新的解讀與見解。本研究藉由企業評價模式導入，試算員工分紅費用化制度實施前後對企業價值的影響，不但可提升未來員工分紅決策效率，對一國之經濟發展和資本市場穩定亦會有深遠的影響。

For years foreign institutional investors have negative opinions to Taiwan companies’ unique employee profit-sharing programs. Taiwan’s general accepted accounting principles (GAAP) see employee stock bonus in different point of view from International GAAP. International GAAP treats employee stock bonus as salary expenses while Taiwan GAAP treats it as profit sharing. In April 2006, the pass of amendment of Business Entity Accounting Law confirms the principle of expensing of employee profit-sharing. On January 1, 2008 Financial Supervisory Commission (FSC) announced that corporate financial reports have to follow international GAAP and the employee profit-sharing is categorized into salary expenses. Expensing of employee profit-sharing is a great change of accounting principle in Taiwan. The impact on corporate employee profit-sharing programs is expected. Investors in the market will also have new opinions and insights to the change. This study starts with business valuation models and tries to elaborate the difference of corporate value between before-implementation and after-implementation. This study also tries to identify the influence of implementation of expensing of employee profit-sharing on corporate decision-making efficiency, national economy growth, and capital market stability.