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題 名 | 臺灣上市櫃公司實施員工股票選擇權公司特性及效果之研究=Causes and Effects of Employee Stock Option Plans: Evidence from Taiwan |
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作 者 | 曹常鴻; 洪志賢; | 書刊名 | 全球商管研究 |
卷 期 | 1:1 民95.11 |
頁 次 | 頁61-75 |
分類號 | 494.7 |
關鍵詞 | 員工股票選擇權; 財務特性; 訊號效果; Employee stock option plan; Financial characteristics; Signaling effect; |
語 文 | 中文(Chinese) |
中文摘要 | 臺灣於民國八十九年正式開放庫藏股制度後,允許公司發行股票選擇權視為高階主管及員工之獎酬。從2001年的23家累積增加到2005年的299家。本研究討論宣告實施員工股票選擇權公司決定因素及實施員工股票選擇權對股東價值之影響。本研究發現以全樣本來看,ESOP的發行與公司規模大小有正向之關係、與公司之負債比率呈負向之關係、與公司流動比率呈現正向關係。另外以電子業來看,ESOP的發行與公司規模大小有正向之關係、與公司流動比率呈現正向關係。以非電子業來看,ESOP的使用與公司規模呈現正向之關係。總而言之,公司規模愈大愈會實施ESOP。最後,本研究想要瞭解市場對宣告實施ESOP上市櫃公司股價之反應,本研究證實宣告期間(-1, +1)實施ESOP反而帶來-3%累積異常報酬並發現公司規模愈大則其累積異常報酬愈差,因此,本研究證實ESOP之獎酬制度並不能替股東創造價值。 |
英文摘要 | In 2000, the Taiwan financial Supervisory Commission was amended to allow firms to begin granting stock repurchase as compensation to top management and employees. Nearly 299 firms adopted option-based compensation plans between 2001 and 2005. This study highlights the determinants for adoption of employee stock option plans (ESOPs) in Taiwan and measures the impact of ESOP announcements on the shareholder wealth of adopting companies. For the whole sample, we find ESOP granting is positively associated with current liquidity ratio but negatively related to leverage ratio. Although larger firms are more likely to adopt ESOPs than smaller firms. For the electronics industry sample, we also find ESOP granting is positively associated with current liquidity ratio and company Size. For the non-electronics industry sample, we find ESOP granting is positively associated with company Size. However, when company more size tend to granting ESOPs. A further investigation of the market response to adoption of ESOPs show that firms exhibit cumulative abnormal stock return about -3% around (-1, +1) the announcement of plan adoptions and we also find that firms with larger size tend more negative return. Our evidence suggests that ESOPs are inconsistent with creation of shareholder value. |
本系統中英文摘要資訊取自各篇刊載內容。