績效指標之價值攸關性可能並非固定不變，而是會隨著公司財務狀況、經濟變遷及不同的會計制度而有所變化，故本文以台灣上市櫃公司為研究對象，探討員工分紅費用化制度之實施，對財務報表績效指標價值攸關性之影響。實證結果發現，(1)不論是費用化制度前或後，均以本期稅後淨利的價值攸關性為最佳；而增額價值攸關性方面，員工分紅費用化前，以稅前息前折舊前淨利最具有顯著性，費用化後，以繼續營業部門稅前純益最具有顯著性。(2)電子業及非電子業實施員工分紅費用化前後，各績效指標之相對及增額價值攸關性並無顯著差異。故可發現員工分紅費用化制度之實施，對於台灣之資本市場，投資人於解讀企業績效時，並不因員工分紅是否採費用化處理而對財報績效指標之意義，有不同之解讀與調整。(3)員工分紅費用化制度實施後，員工分紅占減除員工分紅費用前之稅後淨利比例較高與較低的公司間，綜合損益表績效指標之相對及增額價值攸關性並未具有顯著差異。(4)員工分紅費用化制度，對繼續營業部門純益、本期稅後淨利價值攸關性之影響，在電子業分紅比例高、低兩組公司間具顯著差異；而非電子業則是員工分紅費用化制度，對繼續營業部門稅前純益、本期稅後淨利價值攸關性之影響，在分紅比例高、低兩組公司間具顯著差異。 This paper discusses the value relevance of a comprehensive set of accounting-based measures of firm’s performance in Taiwan and proves whether the results depend on the expensing employee bonus. The empirical results show that net income has the largest value relevance before and after expensing employee bonus. Before expensing employee bonus, EBITDA has the largest incremental value relevance, and after the regulation is IBTAX. The value relevance of a comprehensive set of accounting-based measures increases insignificantly because of expensing employee bonus. Expensing employee bonus doesn’t affect Taiwan investor’s interpreting the meaning of performance measures differently. In addition, the relative and incremental value relevance of the firms with high employee’s bonus ratio are not different from the firms with low ratio. However, the effect of expensing employee bonus to the value relevance of net income is significantly different between the firms with high and low employee’s bonus ratio.
