臺灣博碩士論文加值系統

許多文獻證實發行員工認股權有助於企業未來獲利(Hanlon et al. 2003; 呂霆螢 2006)，發行員工認股權可視為企業發展人力資本的手段，應依發行時之公平價值認列為企業資產，再逐年予以攤銷。本研究依員工認股權與後續年度盈餘之關連，估算員工認股權之各年度攤銷率後，獲取員工認股權之資產報導，並檢測員工認股權資產對市場投資人是否具有價值攸關性。
實證研究期間為2001至2007年，樣本選擇為曾發行員工認股權之台灣上市櫃公司。實證結果顯示，發行員工認股權當年度至後續五年之攤銷率依序為11.45%、15.35%、20.58%、14.56%、22.45%及15.60%；員工認股權資產與市場價值呈顯著正相關，說明員工認股權資本化對投資人具有增額資訊內涵。實證結果對員工認股權評價之不同預設存續期間，對不同的市場價值攸關檢測模型，對是否控制年度效果皆具穩健性。

Prior researches show that issuing employee stock options can improve future profitability (Hanlon et al. 2003; Lu 2006). Since issuing employee stock options can be treated as a means of developing human capitals, the fair values of options should be recognized as assets on issuing date and amortized in subsequent years. This study explores the relationship between employee stock options and earnings of subsequent years, and estimates the rate of amortization for each year. After obtaining the employee stock options assets, I further examine the value relevance for such an item of assets.
This empirical study covers the period from 2001 to 2007. Research sample includes the firms listed in TSE or OTC markets and ever issued employee stock options. Empirical results reveal that the rates of amortization from current year to subsequent five years are 11.45%, 15.35%, 20.58%, 14.56%, 22.45%, and 15.60% in turn. After controlling for other assets and liabilities, the employee stock options assets are positively associated with market value significantly, indicating that the employee stock options capitalization possesses incremental information for investors. The empirical results are robust for different preset durations of options in computing fair values, distinct market valuation models, as well as year effect.

摘要…………………………………………………………………………....…….I
Abstract……………………………………………………………………....……..II
致謝…………………………………………………………………………....…..III
目錄……………………………………………………………………………..…IV
圖表目錄....................................................................................................................V
第一章 緒論........................................................................................................1
第一節 研究背景與動機............................................................................1
第二節 研究目的........................................................................................3
第三節 研究架構........................................................................................5
第四節 研究流程........................................................................................6
第二章 文獻探討.................................................................................................7
第一節 智慧資本之探討............................................................................7
第二節 人力資本之探討..........................................................................11
第三節 員工認股權之探討......................................................................14
第三章 研究設計...............................................................................................20
第一節 研究假說......................................................................................20
第二節 員工認股權之資本化..................................................................22
第三節 資本化與市場價值......................................................................27
第四節 資料來源與樣本選取..................................................................30
第四章 實證結果與分析...................................................................................33
第一節 員工認股權與公司盈餘..............................................................33
第二節 員工認股權之資本化..................................................................38
第三節 員工認股權資本與市場價值......................................................39
第四節 敏感性測試..................................................................................43
第五章 研究結論與建議...................................................................................48
第一節 研究結論......................................................................................48
第二節 研究限制......................................................................................50
第三節 研究建議......................................................................................51
參考文獻...................................................................................................................52
表目錄
表3-1 樣本篩選明細...........................................................................................31
表3-2 各產業之公司於當年度發放員工認股權分佈情況...............................32
表4-1 員工認股權之公平價值...........................................................................34
表4-2 盈餘方程式變數之敘述性統計量...........................................................34
表4-3 盈餘方程式變數之相關係數...................................................................35
表4-4 盈餘方程式之係數估計與檢定...............................................................37
表4-5 員工認股權資本攤銷率之衡量...............................................................38
表4-6 股價方程式變數之敘述性統計量...........................................................40
表4-7 股價方程式變數之相關係數...................................................................40
表4-8 股價方程式之係數估計與檢定...............................................................42
表4-9 盈餘方程式係數估計與檢定(不同的員工認股權價值衡量)...............44
表4-10 股價方程式係數估計與檢定(不同的員工認股權價值衡量)...............45
表4-11 股價方程式係數估計與檢定(Ohlson model)..........................................46
表4-12 股價方程式係數估計與檢定(控制年度效果).......................................47
圖目錄
圖1-1 研究流程圖.................................................................................................6

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