標題: 員工分紅費用化會計處理之研究-以台灣電子產業為例
The Research of Employee Stock Dividends on Accounting Principle-The Evidence of Taiwanese Electronics Firms
作者: 蘇怡婷
蔡璧徽
管理學院管理科學學程
關鍵字: 員工分紅;費用化;盈餘;機構投資人;JA 檢定;employees’ bonus sharing;incentive effect;JA Test;institutional investor;information asymmetry
公開日期: 2006
摘要: 員工分紅費用化不只是會計議題,也是影響員工權益、股東權益、資本市場、財政與經濟的政策議題,更重要的是制度變更須依法調整。由本研究針對員工分紅費用化會計處理之盈餘資訊內涵深入探討研究。 此本研究模型參考以Ball and Brown (1968) 以1957 至1965 年的美國公司月資料為研究對象,發現盈餘宣告期間,盈餘變動與股票異常報酬間呈現顯著正相關之研究模型,亦即利用盈餘與股票報酬關聯性之研究模型,用以測試盈餘的資訊內涵,深入探討會計準則對於盈餘資訊內涵之影響。 此外,機構投資人持股比率高低對盈餘是否會有不同的影響產生? 由於機構投資人擁有豐富的資源可做精確的投資判斷,而使得其投資績效會勝於散戶投資人或是大盤指數報酬,亦即,當機構投資人持股比率高的股票,其股票報酬會大於機構投資人持股比率低的股票。因此在研究模型中加入機構投資人持股比例的變數,以進一步探討機構投資人持股比例與盈餘反應的關聯性,測試機構投資人持股比例較高的公司,其股票異常報酬與盈餘之攸關性的高低。 本研究經藉由迴歸分析和JA檢定手法所推得之實證結果可知: (1.) 盈餘宣告期間,盈餘宣告最後日前一個月(4月)股票異常報酬反應以員工分紅費用化會計處理為基礎的盈餘資訊。且顯示盈餘宣告效果已在宣告前事先反應,符合Fama(1971)「效率市場資本」,指出「價格充分反映所有可獲取的資訊」,在一個效率市場中,資產價格變化無法以過去價格訊息或已公開消息來預測未來股價走勢,因而市場處於均衡狀態。 (2.) 以員工分紅費用化會計處理為基礎的盈餘變動與市場報酬之攸關性,較以員工分紅未費用化會計處理為基礎的盈餘變動與市場報酬之攸關性高。 (3.) 員工分紅費用化會計處理原則調整,費用化後所揭露之盈餘資訊具有增額資訊內涵。 (4.) 在迴歸檢定無顯著下,機構投資人持股比率的高低無法說明股票異常報酬與盈餘反應程度會有所差異。
The expenses of employee bonus are not only accounting topics but also influencing employee rights and interests, stockholder's equity, capital market, finance and economic policy topics. The more important thing is the system change must be adjusted in accordance with the law of R.O.C. The Legislative Yuan already passed the amendment of Business Accounting Act on April 28, 2006. The FSC also announced the related accounting rules for expensing employee bonus on August 28, 2006. This research utilizes the earnings and stock related remuneration models with several test methodologies (correlation analysis, regression and JA test) to test influence of the expenses of employee bonus. In addition, shareholding ratio of institutional investor impact on abnormal remuneration will be also analyzed in this study. The findings show the results of the correlation analysis, regressions and JA test exhibit as following: 1. The EPS with expense of employee bonus shows impact on abnormal remuneration by JA test result on the earnings declares month (April). 2. We found incremental information contents after the EPS with expense of employee bonus. 3. The results of the regressions show the institutional investor’s shareholding ratio difference no impact on abnormal remuneration.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT009462516
http://hdl.handle.net/11536/82342
顯示於類別:畢業論文