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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/32082

    Title: 員工分紅配股費用化後對台股上市、櫃電子股所造成之衝擊
    Other Titles: The impact of "expense of employee stock bonus" on Taiwan's high-tech stocks
    Authors: 黃元新;Huang, Yuan-hsin
    Contributors: 淡江大學國際貿易學系國際企業學碩士班
    李又剛;Lee, You-kong
    Keywords: 員工分紅配股;投資報酬率;逐步迴歸法;每股盈餘;電子股;Employee Stock Bonus;Rate of return;Step-wise Regression;EPS
    Date: 2005
    Issue Date: 2010-01-11 01:38:04 (UTC+8)
    Abstract: 近年來,由於美國爆發安隆案等一連串會計醜聞,引起國際間對於會計處理準則的檢討聲浪,近來美國財務會計準則委員會已確認舉凡美國上市公司,於2005年起,屬於員工薪酬性質的員工股票選擇權必須以市值列為損益表上的費用科目。反觀國內上市、櫃電子科技公司普遍實施員工分紅配股制度,其性質亦屬於員工薪酬,未來一旦必須將員工分紅配股費用化,對國內上市、櫃電子公司的衝擊恐怕難以輕忽。
    Since 2000 winter, America had exploded lots of business accounting scandals, how to fix the accounting principle became a broadly debated issue. Recently, American Financial Accounting Standard Board has determined that the employee stock options must be recorded as operating expense by the market value since 2005. However, if the employee stock bonus prevailing in Taiwan’s high-tech companies also must be expensed, then it would be a great impact on Taiwan’s high-tech stocks’ prices.
    In this study, first, we try to use the financial statement data of Taiwan’s listing high-tech companies to understand the situation of executing employee stock bonus in those firms. Second, we utilize step-wise regression to extract the dominant variables affecting the return of the high-tech stocks in practice, and further to find out whether employee stock bonus imposes negative influence on stock price. When employee stock bonus ratio is a significant variable, we try to figure out the specific value of negative effect on rate of return. Finally, we take account of expense of employee stock bonus, then re-calculate the ten financial variables and rerun the step-wise regression. We want to know that the significance of employee stock bonus ratio would be persistent or not.
    The empirical results show that the employee stock bonus is very popular in Taiwan’s high-tech firms. After expense of employee stock bonus, some firms’ profits even reverse to net loss. Moreover, in 2003, the IC design, the electronic components, and the electronic vender are the first three leading sub- electronic industries which most engage in executing the employee stock bonus. What surprise is the third rank of the electronic vender, because they usually don’t need as many research employees as other high-tech companies do. Furthermore, the outcome of step-wise regression shows that the employee stock bonus ratio is significant in three of the six years in both public and the counter market. It means the employee stock bonus ratio is a vital consideration when we evaluate the value of investment in Taiwan’s high-tech stocks. Even in the condition of expensing employee stock bonus, the employee stock bonus ratio is still significant in the adjusted regression model. In addition, by utilizing the coefficient of regression, we can calculate the value of the negative effect on rate of return resulting from expensing the employee stock bonus, and we find out the rate of return of total high-tech companies almost evaporates away.
    Appears in Collections:[國際企業學系暨研究所] 學位論文

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