|其他題名: ||An empirical study on issuing employee stock option of listed companies|
|作者: ||王惠美;Wang, Hui-Mei|
黃振豊;孔繁華;Huang, Cheng-Li;Kung, Fan-Hua
|關鍵詞: ||員工認股權;成長機會;股東權益報酬率;Employee stock option;growth opportunity;ROE|
|上傳時間: ||2013-04-13 11:29:52 (UTC+8)|
With the listed companies from 2001 to 2011 as the research subjects, this study aims to understand the content of issuing employee stock options, explore the critical factors affecting the employee stock options, and the examine the relationship between implemented ratio of employee stock option and return of equity (ROE) in listed companies.
Firstly, in terms of the issuance of the employee stock options in listed companies, over 40% of the listed companies have ever applied for the issuance of employee stock options, among which nearly 90% are in electronic industry. The implementation of the year before expensing employee bonus, the number of companies applying for the issuance of employee stock options reached the peak, which then declined dramatically. Moreover, the duration for over 70% of the employee stock options granted by the companies is less than six years, and in over 90% of the listed companies, the issued employee stock options will be vested within four years.
Secondly, in terms of the critical factors affecting the issuance of the employee stock options, the companies with higher growth opportunity are more likely to issue employee stock option. The companies with cash flow shortfall are more likely to issue the employee stock option. The liability ratio is positively correlated with the issuance of employee stock options. However, the companies with high liability ratio are more likely to issue the employee stock option and those companies with higher ratio of payroll expense are more likely to issue the employee stock options, and these findings are inconsistent with our predictions.
Thirdly, this study examines the correlation between the implemented ratio of issuing the employee stock option and ROE. The result shows no matter in all industry or the electronic industry, ROE in the current year or the next year is consistent with our prediction having positive relation with implemented ratio of issuing employee stock option but not reach at 0.1 significant level. However, ROE in the next second year are negatively relation with implemented ratio of issuing employee stock option and has reached at significant level. ROE in the next third year are negatively correlated, but not reach at significant level. Overall, implemented ratio of issuing employee stock options has positive influence on ROE is not supported. The result shows the issuance of employee stock option in the listed companies doesn’t have incentive effect in short-term, and even may erode ROE in long-term.