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1、員工認(rèn)股選擇權(quán)之獎(jiǎng)酬意涵呂明哲朝陽(yáng)科技大學(xué)會(huì)計(jì)系摘要：本文從股東利益著眼，剖析員工認(rèn)股權(quán)之獎(jiǎng)酬意涵，因而推論頻繁的研究發(fā)展活動(dòng)、企業(yè)營(yíng)運(yùn)之規(guī)模與市場(chǎng)績(jī)效都是發(fā)行員工認(rèn)股權(quán)獎(jiǎng)酬時(shí)，必要考量之經(jīng)濟(jì)面條件。然而從臺(tái)灣企業(yè)發(fā)行員工認(rèn)股權(quán)行為之實(shí)證發(fā)現(xiàn)，僅研究發(fā)展活動(dòng)與企業(yè)規(guī)模兩項(xiàng)因素證實(shí)為企業(yè)所考量。市場(chǎng)績(jī)效與員工認(rèn)股權(quán)獎(jiǎng)酬並無(wú)顯著正相關(guān)，顯示臺(tái)灣企業(yè)尚無(wú)法體認(rèn)員工認(rèn)股權(quán)獎(jiǎng)酬之性質(zhì)。由於員工認(rèn)股權(quán)被視為裁決性獎(jiǎng)酬工具，各企業(yè)對(duì)員工認(rèn)股權(quán)之發(fā)行容易受非經(jīng)濟(jì)面因素影響，形成所謂過(guò)度獎(jiǎng)酬或獎(jiǎng)酬不足情形。本研究針對(duì)此種獎(jiǎng)酬無(wú)效率，以隨機(jī)前緣模型進(jìn)行分析。研究結(jié)果顯示，臺(tái)灣企業(yè)在發(fā)行員工認(rèn)股權(quán)
2、獎(jiǎng)酬時(shí)，部份企業(yè)的確存在獎(jiǎng)酬無(wú)效率之情形，使得其員工認(rèn)股權(quán)發(fā)行不足。其中，獎(jiǎng)酬無(wú)效率與股票紅利獎(jiǎng)酬機(jī)制呈顯著正相關(guān)，部份企業(yè)董事會(huì)因不熟悉各種獎(jiǎng)酬工具之意涵，任由股票紅利之溢酬排擠員工認(rèn)股權(quán)獎(jiǎng)酬，實(shí)則已傷害到股東之利益。關(guān)鍵詞：獎(jiǎng)酬、員工認(rèn)股權(quán)、無(wú)效率、隨機(jī)前緣模型25TheImplicationofEmployeeStockOptionCompensationMing-CheLuDepartmentofAccounting,ChaoyangUniversityofTechnologyAbstract:Thispaperexplorestheimplicationofempl
3、oyeestockoptioncompensationfromshareholders’interestandinfersthatR&Dactivities,firmsizeandmarketperformancearemajoreconomicdeterminantswhenissuingtheemployeestockoption.EmpiricalresultsindicatethatonlyR&Dactivitiesandfirmsizearesignificantlyrelatedtoemployeestockoptiongrants;however,marketp
4、erformanceisnot.ItmeansthatmostfirmsinTaiwanfailtorealizefullythenatureofemployeestockoptioncompensation.Sinceemployeestockoptionisregardedasdiscretionarycompensation,thenon-economicfactorsmayaffectthedecisionaboutemployeestockoptiongrantsandresultinover-compensationorunder-compensation.Suc
5、haphenomenon,specifiedascompensationinefficiency,isevaluatedusingthestochasticfrontiermethodology.Theresultsrevealthattheresignificantlyexistscompensationinefficiency,issuinglessemployeestockoption,insomelistedfirmsinTaiwan.Moreover,therelationshipbetweencompensationinefficiencyandstockbonu
6、sissignificantlypositive,indicatingthattheboardsofsomelistedcompaniesmisunderstandtheimplicationsofvariouscompensationtools.Anexcessofprofitfromstockbonusforemployeescausesunder-compensationinemployeestockoptiongrants,andtheinterestsofstockholdersareharmed.Keywords:compensation,employeestoc
7、koption,inefficiency,stochasticfrontiermodel.25壹、緒論臺(tái)灣企業(yè)多設(shè)有員工獎(jiǎng)酬方案，其目的係藉由讓員工分享企業(yè)經(jīng)營(yíng)成果，激勵(lì)員工更加投注心力於工作上，以達(dá)到企業(yè)永續(xù)經(jīng)營(yíng)。因此可知，良好的員工獎(jiǎng)酬制度，能縮減員工與股東之利益衝突，為公司治理所不可或缺的一環(huán)。當(dāng)前臺(tái)灣企業(yè)最為普遍的員工獎(jiǎng)酬方式，首推員工紅利獎(jiǎng)酬，其次為員工認(rèn)股選擇權(quán)（簡(jiǎn)稱員工認(rèn)股權(quán)）獎(jiǎng)酬。員工紅利獎(jiǎng)酬，包括現(xiàn)金紅利與股票紅利，側(cè)重於讓員工分享企業(yè)經(jīng)營(yíng)成果，因此是由盈餘提撥部份比例，發(fā)放予員工；員
