Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18877
標題: 從企業生命週期論析獎酬制度與公司價值攸關性─以員工紅利及員工認股權為例
The Relation between Incentive Compensation Plan and Corporate Value: Life Cycle Perspective
作者: 劉貴方
Liu, Guey-Fang
關鍵字: Compensation plan
獎酬制度
Life cycle
Value relevance
Employee bonus
Employee stock option
企業生命週期
價值攸關性
員工紅利
員工認股權
出版社: 會計學研究所
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摘要: 獎酬制度對公司價值具有兩方面的影響:正向激勵效果與負向稀釋效果,而員工認股權與員工紅利是性質相似的獎酬激勵工具,同樣具備了激勵效果與稀釋效果。而本研究主要探討在資本市場上針對不同生命週期下的公司所發放的獎酬是否會給與不同的評價。 實證結果顯示,市場上對於員工紅利的評價會因公司處在不同生命週期而不同,處於高成長階段的公司所發放的員工紅利,資本市場對其評價較高,在排除極端值後實證結果符合本文假說預期。而在員工認股權部分,實證結果並不符合本文預期,可能原因係員工認股權在國內企業並未受到廣泛運用,而資本市場上對於員工認股權的認知可能不如員工紅利的清楚且相較於員工紅利,員工認股權的發放金額過低亦可能是未符合預期的原因之一。
The incentive compensation plan has two effects on corporate value: positive incentive effects and negative dilute effects. In Taiwan high-tech industry, the employee stock option and employee bonuses are two popular rewarding tools with similar characters. Both of them possess incentive effects and dilute effects. Therefore, the main purpose of this study is to investigate whether the capital market will give different judgments on incentive compensation provided by companies with different life cycle. The results show that the judgments on incentive compensation made by the capital market vary with different life cycle. The capital market will react higher valuation to employee bonuses given by high-growth-stage companies. After excluding the extreme value, this support results conform to the hypothesis. Nevertheless, the results are not fit in with the hypothesis as to the employee stock option. One of the possible reasons may be the employee stock option has not been applied to domestic firms generally so that the capital market's understanding of the employee stock option is less clearer than the employee bonuses. In addition, providing just a small amount of fair of the employee stock option may be another reason.
URI: http://hdl.handle.net/11455/18877
其他識別: U0005-1206200921123400
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-1206200921123400
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