Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18776
標題: 智慧資本與高階經理人股票選擇權價值之關連性
Intellectual Capital and the Value of Executive Stock Options
作者: 賴玟琪
Lai, Wen-Chi
關鍵字: Stock options;股票選擇權;Intellectual capital;Future growth value;Valuation model;智慧資本;未來成長價值;評價模式
出版社: 會計學研究所
摘要: 
本文首先透過考慮智慧資本後所估計的股價來衡量股票選擇權之價值,並比較其估計的選擇權價值是否與實際股價或以帳面價值及盈餘估計股價所計算之選擇權價值有顯著差異。由於以股票選擇權獎酬制度解決代理問題的成效通常取決於其誘因強度,因此本研究也將探討各項可能影響股票選擇權價值 (含智慧資本) 的要素。此外,基於股票選擇權獎酬制度設立的目的,本研究將探討加入智慧資本考量後的選擇權價值與公司未來成長價值之關連性。
研究結果發現,高階經理人股票選擇權價值與高階經理人風險承擔能力、公司成長機會及高階經理人持股比率呈顯著正相關,但與高階經理人之年資及機構投資人持股比率呈顯著負相關。其中,以帳面價值、盈餘及智慧資本估計之股價所計算的選擇權價值與捕捉到的選擇權影響因子間的關係較為密切。另外,在未來評價上,雖然不論是實際股價或是估計股價所計算的選擇權價值與公司未來成長價值均呈顯著正相關,但考慮智慧資本後所計算之選擇權價值卻明顯較具有相關性。因此,評價選擇權時應將智慧資本列入考量中,以避免扭曲選擇權的價值。

I examine the information content of executive stock options when the intellectual capital is taken into consideration and compare the value of stock options taking account of the true stock price with two kinds of estimated stock prices (one is estimated by book values and earnings and the other is estimated by book values, earnings, and intellectual capital.). Since the effect of eliminating the agency problems by stock-based compensation is based on the strength of the incentives, I also investigate the determinants for the value of stock options. Moreover, according to the reasons for setting up stock-based compensation, I also study the information content of stock options on firm's future growth value after considering the value of intellectual capital.
The main results show that there is significant positive relation between executives' ability of risk-taking, firm's growth opportunities, executive percentage of stock holdings, and the value of executive stock options. I also document a significantly negative relation between executives' tenure, institutional percentage of stock holdings, and the value of executive stock options. Moreover, the relation between the determinants of incentive compensation and the value of executive stock options is stronger when the value of executive stock option is taking account of intellectual capital. Additionally, my results shed light on the relation between the value of executive stock options and firm's future growth value. Consistent with the notion that the compensation policy is used as a pre-commitment device to minimize the agency costs, I further provide evidence on the significant positive relation between the value of executive stock option and the firm's future growth value. The relation mentioned above is particularly prominent when the valuation of executive stock options includes intellectual capital.
URI: http://hdl.handle.net/11455/18776
Appears in Collections:會計學系所

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