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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/32239

    Title: 依不同計價方式將員工分紅配股費用化後對上市、櫃電子股之投資價值所造成的影響評估
    Other Titles: The impact of "different kinds of expense of employee stock bonus" on Taiwan's high-tech stocks
    Authors: 楊勝傑;Yang, Sheng-chieh
    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: 2006
    Issue Date: 2010-01-11 01:53:10 (UTC+8)
    Abstract: 隨著美國一連串會計弊案所引發的檢討聲浪,美國對企業間盛行的員工股票選擇權是否應提列費用的爭論已逐漸塵埃落定,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2006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 winter 2000, America corporates had exploded lots of accounting scandals:still then 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 a company’s market value since 2006. 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 our study, we try to use the after stock dividend prices and the average stock prices in December 2003 and December 2004 of Taiwan’s listing high-tech companies to understand the effects of expense employee stock bonus in those firms. Second, we utilize step-wise regression to extract the dominant variables affecting the rate-of- return of the high-tech stocks in practice. Then we want 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 the negative effect on rate of return. Finally, we take account of the expense of employee stock bonus, re-calculate the ten financial variables and rerun the step-wise regression. We would like to know whether the significance of employee stock bonus ratio would be persistent or not.
    According to the empirical results, after expense of employee stock bonus, some firms’ profits even reverse to net loss. Moreover, in 2003 and 2004 , the IC design, the electronic components, and the electronic vender are the top three leading sub- electronic industries which most engage in executing the employee stock bonus. What surprises us is the electronic vender ranking third in the list, because this industry doesn’t need as many research employees as other high-tech companies do. Furthermore, the outcome of step-wise regression shows that the earnings per share is significant in three of the two years in both the public and over the counter markets. It indicates that the earnings per share is a vital variable when we evaluate the value of investment in Taiwan’s high-tech stocks. Even the employee stock bonus is expensed in two ways, the earnings per share is still significant in the adjusted regression model in the public market. In addition, although the employee stock bonus will influence the rate of return only through the feedback effect, we still find out the rate of return of some 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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