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

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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。本文嘗試以投資人的觀點，探討員工分紅配股費用化後對上市、櫃電子股投資價值所產生的影響，利用與除權參考價以及當年度12月均價費用化後，剖析台灣電子股實施員工分紅配股的全貌。透過各項衡量指標來呈現國內電子股員工分紅配股的嚴重程度。其次，透過個股投資報酬率與十項財務解釋變數進行之逐步迴歸分析，試圖篩選出影響電子股個股投資報酬率之主導變數，並觀察其中員工分紅配股率的影響是否顯著，進而利用此一迴歸所得之計量參數，設算一旦員工分紅配股必須依兩種計價方式進行費用化，對個股投資報酬率所帶來的影響效果。最後，利用修正後的十項財務變數重新進行逐步迴歸，嘗試釐清員工分紅配股費用化，是否會對原始之投資報酬率計量模型造成影響。實證結果顯示，員工分紅配股費用化之後，少數電子個股甚至轉盈為虧。以2003年及2004年來說，名列員工分紅配股較為嚴重的次產業，分別為IC設計、零組件暨通路類股，其中令人感到吒異的是，研發人員需求較低的通路類股，員工分紅配股的程度卻絲毫不遜色於其它族群。其次，就逐步迴歸分析結果顯示，在研究期間中，每股盈餘於上市及上櫃各兩個年度均為顯著解釋變數，顯見每股盈餘實為投資人所關心的評價要項，即使在員工分紅配股以兩種計價方式費用化後的修正逐步迴歸分析中，每股盈餘於上市仍皆為顯著解釋變數，更可見員工分紅配股一旦必須費用化處理，更將加強每股盈餘對於個股投資報酬率之影響威力。另外，員工分紅配股將祇會透過回饋效果對個股投資報酬率造成影響，但仍可看到觀察期間內些許個股投資報酬率由正轉負，其負向回饋效果已足以將個股投資報酬率侵蝕殆盡。 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.
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