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中文論文名稱 員工分紅費用化對績效指標價值攸關性之影響
英文論文名稱 The effect of expensing employee bonus to the value relevance of performance measures.
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 101
學期 2
出版年 102
研究生中文姓名 林韋岑
研究生英文姓名 Wei-Tsen Lin
學號 600600323
學位類別 碩士
語文別 中文
口試日期 2013-06-17
論文頁數 74頁
口試委員 指導教授-顏信輝
委員-丁緯
委員-莊嘉建
中文關鍵字 員工分紅費用化制度  績效指標  價值攸關性 
英文關鍵字 Expensing Employee Bonus  Performance Measure  Value Relevance 
學科別分類
中文摘要 績效指標之價值攸關性可能並非固定不變,而是會隨著公司財務狀況、經濟變遷及不同的會計制度而有所變化,故本文以台灣上市櫃公司為研究對象,探討員工分紅費用化制度之實施,對財務報表績效指標價值攸關性之影響。實證結果發現,(1)不論是費用化制度前或後,均以本期稅後淨利的價值攸關性為最佳;而增額價值攸關性方面,員工分紅費用化前,以稅前息前折舊前淨利最具有顯著性,費用化後,以繼續營業部門稅前純益最具有顯著性。(2)電子業及非電子業實施員工分紅費用化前後,各績效指標之相對及增額價值攸關性並無顯著差異。故可發現員工分紅費用化制度之實施,對於台灣之資本市場,投資人於解讀企業績效時,並不因員工分紅是否採費用化處理而對財報績效指標之意義,有不同之解讀與調整。(3)員工分紅費用化制度實施後,員工分紅占減除員工分紅費用前之稅後淨利比例較高與較低的公司間,綜合損益表績效指標之相對及增額價值攸關性並未具有顯著差異。(4)員工分紅費用化制度,對繼續營業部門純益、本期稅後淨利價值攸關性之影響,在電子業分紅比例高、低兩組公司間具顯著差異;而非電子業則是員工分紅費用化制度,對繼續營業部門稅前純益、本期稅後淨利價值攸關性之影響,在分紅比例高、低兩組公司間具顯著差異。
英文摘要 This paper discusses the value relevance of a comprehensive set of accounting-based measures of firm’s performance in Taiwan and proves whether the results depend on the expensing employee bonus. The empirical results show that net income has the largest value relevance before and after expensing employee bonus. Before expensing employee bonus, EBITDA has the largest incremental value relevance, and after the regulation is IBTAX. The value relevance of a comprehensive set of accounting-based measures increases insignificantly because of expensing employee bonus. Expensing employee bonus doesn’t affect Taiwan investor’s interpreting the meaning of performance measures differently. In addition, the relative and incremental value relevance of the firms with high employee’s bonus ratio are not different from the firms with low ratio. However, the effect of expensing employee bonus to the value relevance of net income is significantly different between the firms with high and low employee’s bonus ratio.
論文目次 第一章 緒論1
第一節 研究背景與動機1
第二節 研究目的4
第三節 研究流程5
第四節 論文結構6
第二章 文獻回顧與假說建立7
第一節 員工分紅配股制度7
第二節 績效指標之價值攸關性12
第三節 員工分紅費用化與價值攸關性17
第三章 研究方法20
第一節 樣本來源與樣本選取20
第二節 各績效指標價值攸關性之實證模型與變數定義24
第四章 實證結果與分析29
第一節 敘述性統計29
第二節 績效指標價值攸關性之實證結果與分析37
第三節 員工分紅比例對績效指標價值攸關性之實證結果與分析45
第四節 敏感性分析52
第五節 其他分析57
第五章 研究結論與限制65
第一節 研究結論65
第二節 研究貢獻與限制67
參考文獻69

表目錄
表3-1 非電子業各子產業之報酬率中位數 20
表3-2 電子業各年度樣本數 22
表3-3 非電子業合併後各年度樣本數 23
表4-1 敘述性統計表-子產業別之報酬率中位數 29
表4-2 敘述性統計表-員工分紅占減除員工分紅費用前之稅後淨利比例 30
表4-3 敘述性統計表-電子業員工分紅費用化制度實施前後各績效指標及股票報
酬 31
表4-4 敘述性統計表-非電子業員工分紅費用化制度實施前後各績效指標及股票
報酬 32
表4-5 敘述性統計表-電子業之價值攸關性 34
表4-6 敘述性統計表-非電子業之價值攸關性 35
表4-7 電子業相對價值攸關性之結果-員工分紅費用化制度之實施 38
表4-8 非電子業相對價值攸關性之結果-員工分紅費用化制度之實施 40
表4-9 電子業增額價值攸關性之結果-員工分紅費用化制度之實施 42
表4-10 非電子業增額價值攸關性之結果-員工分紅費用化制度之實施 44
表4-11 電子業相對價值攸關性之結果-員工分紅比例 46
表4-12 非電子業相對價值攸關性之結果-員工分紅比例 47
表4-13 電子業增額價值攸關性之結果-員工分紅比例 48
表4-14 非電子業增額價值攸關性之結果-員工分紅比例 48
表4-15 電子業Differences-in-Differences 之結果 50
表4-16 非電子業Differences-in-Differences 之結果 51
表4-17 敏感性分析-員工分紅占減除員工分紅費用前之稅後淨利比例 52
表4-18 敏感性分析-電子業相對價值攸關性之結果 53
表4-19 敏感性分析-非電子業相對價值攸關性之結果 54
表4-20 敏感性分析-電子業增額價值攸關性之結果 55
表4-21 敏感性分析-非電子業增額價值攸關性之結果 55
表4-22 其他分析-員工分紅費用化制度實施前後各績效指標及股票報酬 58
表4-23 其他分析-相對價值攸關性之結果 60
表4-24 其他分析-增額價值攸關性之結果 62
表4-25 電子業、非電子業 Differences-in-Differences 之結果 64

圖目錄
圖1-1 研究流程圖 5
圖4-1 電子業員工分紅費用化前後之績效指標價值攸關性 38
圖4-2 非電子業員工分紅費用化前後之績效指標價值攸關性 40
圖4-3 電子業員工分紅比例之績效指標價值攸關性 46
圖4-4 非電子業員工分紅比例之績效指標價值攸關性 47
圖4-5 敏感性分析-電子業之績效指標價值攸關性 53
圖4-6 敏感性分析-非電子業之績效指標價值攸關性 54
圖4-7 其他分析-員工分紅費用化前績效指標價值攸關性 60
圖4-8 其他分析-員工分紅費用化後績效指標價值攸關性 61
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