美國最早是依循1972年APB 25號意見書之規定，對於股票選擇權成本在給予日，採用內含價值法（Intrinsic Value Method）衡量，當履約價格設定與當時市價相同時，此法對選擇權成本的分配為零。1995年FASB發布SFAS 123號公報，僅建議但並未要求企業在給予日需報導成本及計算其公平價值。然而FASB在2004年12月發布SFAS 123號修正公報，強制規定給員工股票選擇權之日時，須以公平價值法（Fair Value Method）衡量及揭露酬勞成本。近年來我國財務會計準則積極與國際會計準則接軌，而我國在各種國際評鑑最常被扣分之項目為「員工分紅非以費用入帳」，此一項目亦常受外資撻伐，認為企業營運有虛盈實虧之可能，因此我國於2008年1月1日開始實施員工分紅費用化。本研究以2004至2007年美國上市公司為樣本，探討股票選擇權之會計認列方式，採用內含價值法與公平價值法對企業人力資本之影響，及人力資本對企業績效之影響，同時亦觀察股票選擇權對企業績效的影響。實證結果顯示股票選擇權會計政策變動對人力資本及企業績效皆無顯著程度影響，而人力資本為部分中介變數，另外，人力資本對企業績效在公平價值法實施前後皆有影響。

Based on APB Opinion No. 25, 1972, the measurement of stock option cost is the Intrinsic Value Method. When the exercise price is the same with share price at date of grant, the stock option cost equals zero. FASB issued SFAS No. 123 in 1995, it only suggested that the firm should report the stock option cost and calculate its’ fair value, still permits firms to use APB No. 25.  However, FASB issued SFAS No. 123 amendment on December 2004, it forced the firm should use Fair Value Method to measure and discourse the stock option cost on grant date. Recently, the Taiwan’s GAAP is convergent with IFRS aggressively. In addition, the results of any international assessment show that the item “employee profit sharing is not accounted as expense of Taiwan” has negative effect, and this item is also criticized by foreign direct investment, they argue that the firm will have overstate net income when the firm has net loss in fact, so Taiwan started to account stock option cost as expense on 01/01/2008. The empirical tests are conducted using Compustat and ExcuComp database for firms listed on the United States Stock Exchange with fiscal year ends between 2004 and 2007. The purpose of this research is to investigate the effects of the stock option accounting policy on the human capital and business performance, and the human capital on the business performance. The empirical results indicate that the change of stock option accounting policy has no effect on human capital and business’s performance while human capital is a partial Mediator. In addition, human capital has effect on business’s performance regardless of the adoption of fair value method. That is, the stock option is accounted as expense or not has no effect human capital and business’s performance.

目錄
第壹章 緒論						1
第一節 研究背景及動機					1
第二節 研究目的						2
第三節 研究流程						4
第四節 論文結構						5
第貳章 文獻探討						6
第一節 股票選擇權之會計政策				6
第二節 資源基礎理論與知識基礎理論			10
第三節 人力資本						11
第參章 研究方法						16
第一節 研究架構						16
第二節 研究假說						17
第三節 實證模型						19
第四節 變數定義						23
第五節 樣本選取與資料來源				27
第肆章 實證結果與分析					29
第一節 敘述性統計與相關係數之分析			29
第二節 股票選擇權酬勞的會計政策對人力資本影響之實證	34
第三節 人力資本對企業績效影響之實證			40
第四節 股票選擇權酬勞之會計政策對企業績效影響之實證	49
第五節 人力資本為中介變數之分析				53
第伍章 結論及建議					54
第一節 結論						54
第二節 研究限制						55
第三節 研究建議						55
參考文獻						56



圖表目錄
圖1-1 　研究流程圖					4
圖2-1 　資源基礎模式					11
圖2-2 　斯堪地亞（Skandia）的市場價值			12
圖2-3 　Dzinkowski的智慧資本分類			13
圖2-4 　人力資本特徵及僱用模式				14
圖3-1 　研究架構圖					16

表3-1 　人力資本之衡量變數及定義			24
表3-2 　經理人酬勞之衡量變數及定義			24
表3-3 　企業績效之衡量變數及定義			25
表3-4 　控制之衡量變數及定義				27
表3-5 　樣本篩選過程彙總表				28
表4-1 　各變數之敘述性統計				30
表4-2 　SFAS NO.123R實施前各變數之相關係數分析		32
表4-3 　SFAS NO.123R實施後各變數之相關係數分析		33
表4-4 　股票選擇權酬勞之會計政策對員工生產力（HC1）影響
	之實證結果					35
表4-5 　股票選擇權酬勞之會計政策對每人營業利益（HC2）影響
        之實證結果					36
表4-6 　股票選擇權酬勞之會計政策對員工附加價值（HC3）影響
        之實證結果					38
表4-7 　SFAS NO.123R實施前後之係數Z檢定統計量結果	39
表4-8 　員工生產力（HC1）對會計績效影響之實證結果	42
表4-9 　每人營業利益（HC2）對會計績效影響之實證結果	44
表4-10　員工生產力（HC1）對市場績效影響之實證結果	45
表4-11　每人營業利益（HC2）對市場績效影響之實證結果	46
表4-12　員工附加價值（HC3）對市場績效影響之實證結果	47
表4-13　每人營業利益（HC2）對市場績效影響之實證結果-當期48
表4-14　每人營業利益（HC2）對市場績效影響之實證結果-
	遞延一期					48
表4-15　股票選擇權酬勞之會計政策對會計績效影響之實證結果50
表4-16　股票選擇權酬勞之會計政策對市場績效影響之實證結果51
表4-17　SFAS NO.123R實施前後之係數Z檢定統計量結果	52
表4-18　人力資本為中介變數之實證結果			53

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