資源描述:
《員工認股選擇權(quán)之獎酬意涵》由會員上傳分享,免費在線閱讀,更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、員工認股選擇權(quán)之獎酬意涵呂明哲朝陽科技大學(xué)會計系摘要:本文從股東利益著眼,剖析員工認股權(quán)之獎酬意涵,因而推論頻繁的研究發(fā)展活動、企業(yè)營運之規(guī)模與市場績效都是發(fā)行員工認股權(quán)獎酬時,必要考量之經(jīng)濟面條件。然而從臺灣企業(yè)發(fā)行員工認股權(quán)行為之實證發(fā)現(xiàn),僅研究發(fā)展活動與企業(yè)規(guī)模兩項因素證實為企業(yè)所考量。市場績效與員工認股權(quán)獎酬並無顯著正相關(guān),顯示臺灣企業(yè)尚無法體認員工認股權(quán)獎酬之性質(zhì)。由於員工認股權(quán)被視為裁決性獎酬工具,各企業(yè)對員工認股權(quán)之發(fā)行容易受非經(jīng)濟面因素影響,形成所謂過度獎酬或獎酬不足情形。本研究針對此種獎酬無效率,以隨機前緣模型進行分析。研究結(jié)果顯示,臺灣企業(yè)在發(fā)行
2、員工認股權(quán)獎酬時,部份企業(yè)的確存在獎酬無效率之情形,使得其員工認股權(quán)發(fā)行不足。其中,獎酬無效率與股票紅利獎酬機制呈顯著正相關(guān),部份企業(yè)董事會因不熟悉各種獎酬工具之意涵,任由股票紅利之溢酬排擠員工認股權(quán)獎酬,實則已傷害到股東之利益。關(guān)鍵詞:獎酬、員工認股權(quán)、無效率、隨機前緣模型25TheImplicationofEmployeeStockOptionCompensationMing-CheLuDepartmentofAccounting,ChaoyangUniversityofTechnologyAbstract:Thispaperexplorestheimplica
3、tionofemployeestockoptioncompensationfromshareholders’interestandinfersthatR&Dactivities,firmsizeandmarketperformancearemajoreconomicdeterminantswhenissuingtheemployeestockoption.EmpiricalresultsindicatethatonlyR&Dactivitiesandfirmsizearesignificantlyrelatedtoemployeestockoptiongrants;
4、however,marketperformanceisnot.ItmeansthatmostfirmsinTaiwanfailtorealizefullythenatureofemployeestockoptioncompensation.Sinceemployeestockoptionisregardedasdiscretionarycompensation,thenon-economicfactorsmayaffectthedecisionaboutemployeestockoptiongrantsandresultinover-compensationorun
5、der-compensation.Suchaphenomenon,specifiedascompensationinefficiency,isevaluatedusingthestochasticfrontiermethodology.Theresultsrevealthattheresignificantlyexistscompensationinefficiency,issuinglessemployeestockoption,insomelistedfirmsinTaiwan.Moreover,therelationshipbetweencompensatio
6、ninefficiencyandstockbonusissignificantlypositive,indicatingthattheboardsofsomelistedcompaniesmisunderstandtheimplicationsofvariouscompensationtools.Anexcessofprofitfromstockbonusforemployeescausesunder-compensationinemployeestockoptiongrants,andtheinterestsofstockholdersareharmed.Keyw
7、ords:compensation,employeestockoption,inefficiency,stochasticfrontiermodel.25壹、緒論臺灣企業(yè)多設(shè)有員工獎酬方案,其目的係藉由讓員工分享企業(yè)經(jīng)營成果,激勵員工更加投注心力於工作上,以達到企業(yè)永續(xù)經(jīng)營。因此可知,良好的員工獎酬制度,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)前臺灣企業(yè)最為普遍的員工獎酬方式,首推員工紅利獎酬,其次為員工認股選擇權(quán)(簡稱員工認股權(quán))獎酬。員工紅利獎酬,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)營成果,因此是由盈餘提撥部份比例,發(fā)放予員工;員