English  |  正體中文  |  简体中文  |  全文筆數/總筆數 : 49200/83641 (59%)
造訪人次 : 7097652      線上人數 : 33
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
搜尋範圍 查詢小技巧:
  • 您可在西文檢索詞彙前後加上"雙引號",以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋,建議至進階搜尋限定作者欄位,可獲得較完整資料
  • 進階搜尋
    請使用永久網址來引用或連結此文件: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31913


    題名: 員工分紅配股費用化、不同計價方式;暨上市、上櫃電子股投資價值
    其他題名: Expense of stock bonuses, different pricing methods and investment value of electronic stocks.
    作者: 蔡慧玉;Tsai, Hui-yu
    貢獻者: 淡江大學國際貿易學系國際企業學碩士班
    李又剛;Lee, You-kong
    關鍵詞: 員工分紅配股費用化;投資報酬率;每股盈餘;逐步迴歸方法;電子股;Employee Stock Bonuses;Rate of Return;EPS;Step-wise Regression;Electronic Stocks
    日期: 2007
    上傳時間: 2010-01-11 01:24:22 (UTC+8)
    摘要: 有鑒於美國於2006年起已正式將員工股票選擇權費用化,我國在與國際接軌的原則下,將於2008年1月1日落實員工分紅配股費用化,該會計處理原則的修定除了對員工實質所得和企業的獲利產生嚴重的負面影響,投資人對個股的投資評價亦將隨之產生改變。可見,此舉將會對國內從事員工分紅配股之科技業者,形成不容輕忽之衝擊。
    本研究以2005年度上市、上櫃電子公司之十項財務解釋變數進行實證研究。首先,審視國內電子公司實施員工分紅配股之現況,探討費用化對其每股盈餘所造成之影響為何。其次,利用除權參考價以及股東會召開前一日之公平市價,探討以不同計價方式費用化對企業獲利所造成的侵蝕、費用化成本較高之個股在電子次產業的分佈情形。並透過逐步迴歸分析法,建構電子股投資報酬率之計量模型,篩選出主導個股投資報酬率的顯著解釋變數,觀察員工分紅配股率或(/與)每股盈餘是否為顯著解釋變數,進而研判個股投資報酬率是否會因回饋效果及衝擊效果而有所減損。最後,透過費用化方式修正解釋變數重新進行逐步迴歸分析,深入剖析此舉對原始計量模型所造成的影響。
    實證結果與分析發現:一旦落實員工分紅配股費用化,對於上市、上櫃電子公司之每股盈餘及投資報酬率都將造成衝擊,而以股東會召開前一交易日之收盤價為費用之處理基礎時,其帶給電子類股的侵蝕程度都甚於以除權參考價者。其次,逐步迴歸分析結果顯示,每股盈餘皆為上市及上櫃電子類股投資報酬率顯著的解釋變數,可見每股盈餘為投資人最關切的財務數據。而修正後的計量模型分析顯示,少數公司將員工分紅配股費用化後,投資報酬率將由正轉為負。以上市電子公司而言,在兩種計價方式之下,修正後之每股盈餘仍是投資人視為影響投資報酬率的關鍵因素;然而,上櫃電子公司部分,顯著解釋變數由每股營業利益和每股存貨取代修正後每股盈餘,可知費用化對於上櫃電子類股報酬率的評價產生很大影響,使得每股盈餘主導個股投資報酬率的力量隨之消失。故一旦將員工分紅配股提列費用,企業應更審慎地實施員工分紅配股制度,方能在員工福利與維護股東權益之間取得權衡。
    Since 2006 American Financial Accounting Standard Board
    has required the employee stock options as operating
    expense, we are going to execute the expense of stock
    bonuses from 2008. This amendment of accounting principle
    will extremely influence the real income of employees,
    earnings of the listed companies and change the stocks''
    valuation of investors. Thus, it would be a great impact
    on Taiwan’s electronic stocks’ price. Those companies
    are engaging in executing the stock bonuses.
    We utilize 2005 ten financial variables of Taiwan’s
    listed electronic companies to analyze the impact of
    expense of stock bonuses”. First, we examine the
    development of the employee’s stock bonus nowadays and
    discuss the influence of expense on earnings per share.
    Second, we use two different pricing methods, after stock
    dividend price and the closing price on the working day
    right before the stockholders’ meeting, to evaluate the
    damage to the profit (total earnings & EPS) of those
    firms. Then, we apply the step-wise regression to extract
    the dominant variables affecting the rate-of-return of
    electronic stocks, then to analyze whether the stock
    bonuses impose negative influence on rate-of-return.
    Finally, considering the expense of stock bonuses, we
    re-calculate the relevant variables and re-regress amended
    econometric model, then evaluate the difference between
    two models.
    After empirical study, we find once the expense of stock
    bonuses is implemented, the profit and rate-of-returns of
    those companies will all be extremely influenced, and the
    injury of “the closing price on the working day right
    before the stockholders’ meeting” as the accounting
    principle is more serious than “the after stock dividend
    price”. Furthermore, the result of the step-wise
    regression demonstrates that the EPS is the only
    significant and critical variable in both the public and
    over the counter markets when investors evaluate the value
    of investment in Taiwan’s electronic stocks. According to
    the analysis of amended model, some companies’ profits
    even reverse to net loss. For the public markets, the
    amended EPS with two different pricing methods is still
    regarded as the significant factor by investors. However,
    with regard to OTC market, we can’t find out the expense
    effect, then in the econometric amended the EPS is
    replaced by the both inventory per share and operating
    profit per share. Therefore, once the stock bonuses must
    be recorded as expense, the companies must properly
    execute the stock bonuses, in order to balance the
    employee welfare and equity of stockholders.
    顯示於類別:[國際企業學系暨研究所] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    0KbUnknown154檢視/開啟

    在機構典藏中所有的資料項目都受到原著作權保護.

    TAIR相關文章

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - 回饋