股票選擇權會計政策、人力資本與企業績效之關聯性－美國上市高科技公司之實證

淡江大學機構典藏 > 商管學院 > 會計學系暨研究所 > 學位論文 > Item 987654321/33711

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题名:	股票選擇權會計政策、人力資本與企業績效之關聯性－美國上市高科技公司之實證
其它题名:	The associations among stock option accounting policy, human capital and business performance in united states
作者:	闕珮伃;Chueh, Pei-yu
贡献者:	淡江大學會計學系碩士班葉金成;Yeh, Chin-chen
关键词:	內含價值法;公平價值法;股票選擇權會計政策;人力資本;企業績效;intrinsic value method;fair value method;stock option Accounting Policy;Human capital;Business Performance
日期:	2009
上传时间:	2010-01-11 04:27:57 (UTC+8)
摘要:	美國最早是依循1972年APB 25號意見書之規定，對於股票選擇權成本在給予日，採用內含價值法（Intrinsic Value Method）衡量，當履約價格設定與當時市價相同時，此法對選擇權成本的分配為零。1995年FASB發布SFAS 123號公報，僅建議但並未要求企業在給予日需報導成本及計算其公平價值。然而FASB在2004年12月發布SFAS 123號修正公報，強制規定給員工股票選擇權之日時，須以公平價值法（Fair Value Method）衡量及揭露酬勞成本。近年來我國財務會計準則積極與國際會計準則接軌，而我國在各種國際評鑑最常被扣分之項目為「員工分紅非以費用入帳」，此一項目亦常受外資撻伐，認為企業營運有虛盈實虧之可能，因此我國於2008年1月1日開始實施員工分紅費用化。本研究以2004至2007年美國上市公司為樣本，探討股票選擇權之會計認列方式，採用內含價值法與公平價值法對企業人力資本之影響，及人力資本對企業績效之影響，同時亦觀察股票選擇權對企業績效的影響。實證結果顯示股票選擇權會計政策變動對人力資本及企業績效皆無顯著程度影響，而人力資本為部分中介變數，另外，人力資本對企業績效在公平價值法實施前後皆有影響。 Based on APB Opinion No. 25, 1972, the measurement of stock option cost is the Intrinsic Value Method. When the exercise price is the same with share price at date of grant, the stock option cost equals zero. FASB issued SFAS No. 123 in 1995, it only suggested that the firm should report the stock option cost and calculate its’ fair value, still permits firms to use APB No. 25. However, FASB issued SFAS No. 123 amendment on December 2004, it forced the firm should use Fair Value Method to measure and discourse the stock option cost on grant date. Recently, the Taiwan’s GAAP is convergent with IFRS aggressively. In addition, the results of any international assessment show that the item “employee profit sharing is not accounted as expense of Taiwan” has negative effect, and this item is also criticized by foreign direct investment, they argue that the firm will have overstate net income when the firm has net loss in fact, so Taiwan started to account stock option cost as expense on 01/01/2008. The empirical tests are conducted using Compustat and ExcuComp database for firms listed on the United States Stock Exchange with fiscal year ends between 2004 and 2007. The purpose of this research is to investigate the effects of the stock option accounting policy on the human capital and business performance, and the human capital on the business performance. The empirical results indicate that the change of stock option accounting policy has no effect on human capital and business’s performance while human capital is a partial Mediator. In addition, human capital has effect on business’s performance regardless of the adoption of fair value method. That is, the stock option is accounted as expense or not has no effect human capital and business’s performance.
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