員工分紅費用化對企業分紅政策、經營績效與股價的影響

Abstract

本文旨在探討2008年1月1日員工分紅費用化實施後，對台灣的上市企業在員工紅利政策、經營績效與股價所造成的影響。本篇研究與過去文獻不同之處有二。第一，本文同時依分紅比例高低以及股價高低將企業分組，並採用二因子變異數分析來探討不同性質的企業受到新制度實施的影響是否有差異。第二，本文採用經股權稀釋調整以及產業調整後的EPS之變化量做為變數，探討新制度實施後是否影響企業的經營績效。 實證結果發現，新制實施後企業普遍降低員工分紅比例，且過去的員工分紅比例與股價皆對新制實施後的員工分紅比例產生反向影響。此外，新制實施後企業的經營績效普遍下降，且過去的員工分紅比例與股價皆對新制實施後的經營績效產生負面的影響，但股價所造成的影響較為顯著。最後，企業在股東會期間的異常報酬在新制實施後有明顯上升，且員工分紅比例的變化量與股價皆對企業在股東會前後的股價表現產生負面影響。顯示投資人對稀釋效果減輕的正面評價大於對盈餘降低的負面評價。

This study discusses the impacts on employee’s bonus policies, performances, and stock prices after the expensing employee’s bonus, which has been in effect since January 2008. Our research is different from previous literature in two ways. First, we separate the samples simultaneously by employee’s bonus ratio and stock price, and use two-way ANOVA to investigate whether different results are caused by different features. Second, we use the change of adjusted EPS to measure the impact on firms’ operating performances. The empirical results show that firms tend to reduce employee’s bonus after the new regulation, and both previous employee’s bonus ratio and stock price produce negative effects on employee’s bonus. In addition, firms’ operating performances generally become worse, and both factors contribute to the worsening performances with stock price being more significant. Lastly, the CAR (Cumulative Abnormal Return) during shareholders’ meeting has increased after the change of regulation, and the change of employee’s bonus and stock price are both negatively related to the CAR, which implies that the decrease of dilution effect is more important than the decrease of earnings for investors.