在台美商股票選擇權之個案研究

Abstract

時下台灣科技產業流行的分紅配股，讓國外也嘆為觀止，同時亦造就不少電子新貴。這樣的激勵制度下，員工的流動率應該趨穩；但事實大部份公司流動率依然很高。員工分紅配股只能就短期的激勵起效益，長期的激勵似乎不足。美國高科技業為留住人才，讓員工有心繼續在公司奮鬥，並使員工對公司經營產生向心力，當公司認為員工年度表現良好時，便提供選擇認購股票之權力，讓員工依貢獻度程度高低而取得數量多寡不一之認股權。員工在取得認股權後，需分成好幾年來實現這些認股權力，至於認購股票之價格則是原先就約定好，通常比約定當時之股票價格低廉許多。在台美商因總公司本身無分紅配股制度，故亦應用股票選擇權作為激勵台灣員工的方法。 本論針對分紅入股及股票選擇權加以分析整理於第三、四章。其中第三章，探討實施股票選擇權時應該具備的法制條件，財、稅、會計處理原則，代理關係成本以及在台實行的優劣勢。第四章則探討分紅入股方式、財稅會計處理、相對優劣勢、以及辦法上的比較。進而以此為基礎，尋找五個願意作訪查的在台美商公司，同時鎖定科技產業公司。在第五章中，分別整理各個案實行股票選擇權的概況，並於5.6節中列出其共同性，5.7~5.8節列出員工就股票選擇權應注意事項。最後，在5.9節中整理深入訪談員工對公司實施的股票選擇權的一些情況。

“Bonus dividend in stock” policy has been commonly used in Taiwan’s high-tech companies, and it has created a lot of high-tech millionaires for the past ten years. This incentive should have helped decreasing employee-floating rate. However, in fact, most companies’ situations are not so. The current "Bonus dividend in stock” policy relies on past result and seems can only motivate employee in short-term. In foreign countries, especially American high-tech companies, “stock option plan” is commonly used to incentive their employees and considers as part of payroll package. Company provides a range of stock options to her employees according to their performance, contribution, qualification and experience etc. On the other hand, employees must stay at company for certain period in order to receive whole stock option. The concept of Employee Stock Option (ESOP) drives employees looking forward and ties up the relationship to become investors. Its exercise price is usually lower than market price, so that employee could either get the net amount or keep as stock. This thesis will be presented by case study. It consists of three parts: Part-1 (chapter 3) mentions: 1.Execute Stock Option Plan in Taiwan, and its relevant regulations and laws. 2.Relevant financial, accounting, and taxation dealing ways. 3.Agency cost. 4.The strength and weakness of Stock Option Plan in Taiwan. Part –2 (chapter 4) includes: 1. Methods of “Bonus dividend in stock”. 2. Financial, accounting, and taxation execution methods. 3. The strength and weakness of “Bonus dividend in stock”. 4. Comparison of “Bonus dividend in stock” and “stock option plan “. Part-3 (chapter 5): Base on part-1 and part-2, we’ve interviewed five companies which have adopted “stock option plan”. Chpater5.1 to chapter5.5, the study of each company’s Stock Option Plan situation will be discussed. Chapter 5.7 and 5.8 mentions ESOP and ESPP. Chpater5.9 discuss the study of employee’s attitude to his/her company’s Stock Option Plan.