企業辦理現金增資員工認股之給與日認定處理探討

Abstract

本研究係探討現金增資員工認股部分之「給與日」認定，研究主題有二，(1)企業於「董事會決議辦理現金增資日」與「員工繳款截止日」之兩種給與日認列之現金增資給與員工認購股份交易，其公允價值是否真有顯著差異。(2)不同產業別是否有不同之特殊情況以及維持原實務上認列的日期或放寬日期選擇所帶來的影響為何。 本研究採取實證探討方式，以2010年至2012年我國上市（櫃）公司中有辦理現金增資者為研究對象，共計193筆資料。研究結果顯示：（1）按整體有效樣本統計檢定結果，其董事會決議日當天員工認購股份之公允價值平均數與員工股款繳納截止日當天員工認購股份之公允價值平均數有顯著差異。（2）金融業雖在相對公允價值變動百分比這層面比其他行業相比，無特別顯著，但因其股數基本盤大，一旦股票市價有些許變動所造成之公允價值變動極為可觀。惟在統計檢定上，仍顯示為董事會決議日當天員工認購股份之公允價值與員工股款繳納截止日當天員工認購股份之公允價值平均數無顯著差異。（3）非金融業之樣本統計檢定結果，其董事會決議日當天員工認購股份之公允價值平均數與員工股款繳納截止日當天員工認購股份之公允價值平均數有顯著差異。（4）若改按前五大之行業（光電業、電子零組件業、建材營造業、半導體業以及生技醫療業）統計檢定結果，皆顯示董事會決議日當天員工認購股份之公允價值與員工股款繳納截止日當天員工認購股份之公允價值平均數無顯著差異。（5）非屬金融業且非屬前述前五大產業者，其統計檢定結果顯示董事會決議日當天員工認購股份之公允價值與員工股款繳納截止日當天員工認購股份之公允價值平均數有顯著差異。 爰建議無須放寬現行給與日認定之規定，保持會計準則與相關規定之中立立場，以期允當表達企業交易活動及其影響。

This study examines the effect of grant date on seasoned equity offering that shares sold to employee, which is share-based payment. There are two research subjects：(1) does there really exist the significant difference between the average of fair value of share-based payment on two grant dates, in other words, the fair value of share-based payment on the date of the board of directors voted to issue seasoned equity offering (the existing and current grant date) and the expiration date of payment of employee, (2) the effect on different fair value of share-based payment when using different grant dates for the different industries. In this study, I first choose 193 enterprises listed on Taiwan stock Exchange and Over the Counter as studying sample, which issued seasoned equity offering on 2010 to 2012. And make those industries into some categories of paired samples and analysis with descriptive statistics and testing statistical hypothesis. This study obtains the following findings. 1.For the overall effective sample, there is the significant difference between the average of fair value of share-based payment on two grant dates. 2.For the financial industry, since this industry usually issue huge shares to increase capital, a little change of the market value of its share affects its fair value of share-based payment extremely. But there is no significant difference between the average of fair value of share-based payment on two grant dates. 3.Compared to financial industry, there is the significant difference between the average of fair value of share-based payment on two grant dates on non-financial industry. 4.And for the top five of industries, which including optoelectronic manufacturing, electronic parts and components manufacturing, building materials industry, semi-conductors manufacturing and the biotechnology corporation, there is no significant difference between the average of fair value of share-based payment on two grant dates. 5.For the industries which are not included in above mentioned 3 and 4, there is the significant difference between the average of fair value of share-based payment on two grant dates. Consequently, this study recommends maintain the current definition of grant date and use it to measure the fair value of seasoned equity offering that shares sold to employee.