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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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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.
其他識別: U0005-1206200921123400
Appears in Collections:會計學系所

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