員工分紅是企業招募專業人才與激勵員工發揮潛能的利器，有現金分紅與股票分紅兩種型式。由於員工無償配股的關係，原始股東可能因股權的稀釋而減少其原始的權益與財富，為稀釋效果(dilution effect)。但是，員工分紅配股使員工與股東的利益結合在一起，可減少代理問題，並激勵員工提高生產力以增進公司價值，為激勵效果(incentive effect)。有關員工分紅配股與公司價值的攸關性，在國內外相關文獻的結論並不一致。 本研究利用台灣經濟新報社的資料，以1999至2004年的上市(櫃)公司為研究對象，透過兩種Ohlson評價模型與四種員工分紅配股的設算方法逐一實證，藉以比較其差異，獲得四個結論可以豐富員工分紅配股與股價評價的研究。 首先，發現當產業別、Ohlson模型與員工分紅配股設算方法都相同時，其實證結果與國內外的文獻相同。然而，當產業別選取不同，發現電子產業的稀釋效果較傳統產業為大。並發現投資人都將員工現金紅利與董監酬勞視為公司的費用。 其次，員工分紅與董監酬勞費用化後每股盈餘強制附註揭露的影響將因產業別不同與員工分紅配股的估計方法不同而有所差異。傳統產業的投資人在強制揭露之前、後期間的員工分紅配股對股價的評價沒有顯著的改變。而全部樣本與電子產業的投資人，則視員工分紅配股的計法是否已消除其與殘差項之間的相關性而有所不同，若已消除其與殘差間的相關性，則在強制揭露之前已反映稀釋效果，證期局的規定不會改變其評價; 反之，則投資人對此強制揭露會調降股價。 第三，發現投資人對員工分紅配股、員工現金紅利與董監酬勞的發放，在多頭市場時較空頭市場持正面的評價。 最後，發現精明程度越高的投資人越重視員工分紅配股的稀釋效果。尤其是電子產業與全部樣本中，當投資人的精明程度提高，在股價評價時認為員工分紅配股的稀釋效果也遞增，而該趨勢在傳統產業中不明顯，顯現精明投資人對電子產業與傳統產業發放員工股票紅利的看法有所差異。 The employee stock-based compensation (ESC) is an effective tool to encourage employees to manifest their potential or ability in their works. However, ESC may increase outstanding stockholders’ shares and devalue the market price. This study is aimed to evaluate the relevance of employee stock-based compensation (ESC) to the stock valuation of a firm. Two types of Ohlson models (1995, 1999) are selected to compare the equity valuation implications and to estimate four methods of ESC and their variances. The sample period runs from 1999 to 2004. By applying Ohlson model and the specified ESC computing method to the firms in a specified industry, the empirical results are corresponding to the previous findings. Yet, the dilution effect of ESC is more prominent in electronic sector than in conventional industries. The investors usually consider the cash bonus of employees and directors/supervisor compensation as part of corporate expense. The disclosure of pro-forma EPS (deducted by employees’ bonus and directors/supervisor compensation) has been mandated since 2002. A comparative analysis is conducted following the regulation and various effects of market valuation for different industries and computational methods of ESC are observed. Empirical results also illustrate that more investors have positive view on ESC, cash bonus of employees and directors/supervisor compensation in the bull market rather than in the bear market. But some sophisticated investors always focus on the dilution effect of ESC and consider dilution effect to be more evident in electronic sector than in other sectors.
