請用此 Handle URI 來引用此文件: http://hdl.handle.net/11455/18782
標題: 分紅入股制度、經營績效與盈餘管理
Profit Sharing, Operation Performance, and Earnings Management
作者: 劉彥余
Liu, Yen-Yu
關鍵字: Profit Sharing Plan
員工分紅
Employee Stock Ownership Plan
Economic Value Added
Earnings Management
員工入股
經濟附加價值
盈餘管理
出版社: 會計學研究所
摘要: 本文主要在探討分紅入股制度對每股盈餘及經濟附加價值之關係,並分析何種制度在台灣目前的環境下,最能激勵員工,提高企業之每股盈餘及經濟附加價值。此外,在分紅入股制度下,經理人可能會藉由盈餘管理的方法,謀取求自身利益,嚴重損害股東權益。因此,本文亦就不同的分紅入股制度,分別驗證其與盈餘管理之關係。簡言之,本研究以1999到2003年的台灣上市上櫃電子業為研究對象,並探討分紅入股制對企業經營績效之影養,與其所帶來盈餘管理的問題。。 研究結果發現,近年來國內的分紅入股制度雖能提高會計盈餘,但是卻無法提升企業經濟附加價值;同時,員工入股的激勵效果雖然在會計指標上優於員工分紅,但是卻與經濟附加價值無關。此外,研究結果也發現,分紅入股制度會影響企業盈餘管理的程度,其中員工入股相較於員工分紅,又更容易誘發經理人進行盈餘管理的行為。這也表示,在考慮盈餘管理存在的可能性後,員工入股的獎酬制度不一定優於員工分紅。
The paper explores the effects of the profit sharing on earnings per share and economic value added of the firm. It can help us to understand about which the profit sharing system is the best incentive payment for employees and to increase earnings per share and economic value added of the firms in Taiwan. However, managers maybe hurt the wealth of the shareholders by earnings management in order to increase self-interest. Hence, this paper also studies the relationship between profit sharing and earnings management. In a word, our paper examines the relationship among profit sharing, operating performance and earnings management based on the data collected from the electronic companies in Taiwanese Stock Market from 1999 to 2003 years. The empirical results show that: the profit sharing plan / the stock ownership plan increases the earnings per share of the firm. However, it decreases the economic value added of the firm. Moreover, though the invigorative effect of employee stock ownership plan is better than that of the profit sharing plan in the traditional accounting-based performance, it has no relationship to the EVA in finance-based performance. The research also finds that the application of the profit sharing plan and the stock ownership plan lead to the problem of earnings management, and the problem seems to be more prominent for the stock ownership plan. It means that after consider earnings management, the effect of the stock ownership plan does not always excelled that of the profit sharing plan.
URI: http://hdl.handle.net/11455/18782
顯示於類別:會計學系所

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