員工分紅費用化之市場效應-以訪談方式檢驗功能固著假說

Abstract

摘要 歷經研議約莫十年，員工分紅於2008年1月1日後費用化，該會計處理的改變將導致帳面盈餘下降，故本研究欲藉此政策強制性的會計原則變動，檢驗台灣資本市場究竟符合效率市場假說抑或是功能固著假說。本研究採取訪談方式，透過「員工分紅費用化對股價的影響」此訪談主題，針對七大類型的受訪者(會計背景學者、商學背景學者、會計師、一般審計人員、相關機關單位、企業界、一般投資人)共95人，藉由人與人間的言談互動來瞭解各類型的受訪者是否有功能固著的現象，以及該現象對於受訪者做成股票評價的過程將造成何種影響。又員工分紅是否費用化及其會計處理歷經長時間的爭議，藉此訪談機會，亦對該政策的接受度及相關處理之合理性進行調查。 本研究結果顯示，95位受訪者中，至少有41位(43.2%)本身有功能固著的現象，導致僅因員工分紅由盈餘分配項目改列費用科目所造成的盈餘下降，即會使之改變對股價或獲利能力的評價。又即使本身很清楚員工分紅費用化是一個會計處理之改變的30位(31.6%)受訪者，仍因預期市場上存在相當數量不理性的投資人，使其認為股價會有下跌的情形。本研究雖未深入瞭解此類理性的受訪者是否有意進入市場套利，但由其言談可推知，多數人認為市場上不理性的受訪者為數不少，可能會成為決定市場價格的主要力量，這一點從有高達72位(75.8%)受訪者認為(至少短期內)股價將下挫可獲得佐證，依照受訪者的邏輯思維，短期內自無套利空間，理性投資者很可能因此卻步不敢貿然進場，故股市很可能有功能固著的現象，又有高達56位(58.9%)受訪者認為若股價有所反應，反應期間會是在2007年下半年之後，顯示受訪者對於台灣股市的效率性之看法相當不樂觀，本研究結果傾向支持功能固著假說。 本研究亦發現95位受訪者中，有高達92位(96.8%)受訪者認為員工分紅應該要費用化，值得注意的是，15位企業類別的受訪者(9位服務於資訊電子業，6位服務於非資訊電子業)全數認為員工分紅應該費用化，顯示此政策已經普遍被接受與認同。關於會計處理方面，95位受訪者中，亦有高達88位(92.6%)表示股票分紅應該用市價來費用化，顯示大部分的受訪者已有公司分配股票分紅是犧牲該股票市價等值的資產之概念。至於該用何時點的市價反推股票分紅的股數，仍存有許多不同的看法，且有相當數量的受訪者(35位，佔36.8%)認為，為避免操縱，用一個期間的均價來設算較單一日的收盤價來設算合理，可作為政府調整該會計處理之參考。

Abstract After debating for about ten years, employee bonus is expensed as it should be in 2008. This accounting principle change would lower the accounting earnings and make a good chance to test whether capital market of Taiwan is consistent with efficient market hypothesis or functional fixation hypothesis. This study is conducted by interviewing 7 categories of interviewees (including 10 accounting professors, 10 commerce (other than accounting) professors, 15 cetified public accountants, 15 auditors, 15 workers of related agencies, 15 managers of listing companies and 15 investors) and testing them by designed questions at the same time. This study also conducts a survey about this policy. The results show at least 41 interviewees would change their evalution of stock price or profitability of a company only because its employee bonus is expensed and the accounting earnings becomes lower. And there are 30 interviewees who could distinguish the lower earnings is due to the change of accounting method but expect most of the investors couldn’t. Therefore, they still think this policy would lower the stock price. And there are up to 72 interviewees think this policy would lower the stock price. Moreover, 56 interviewees think this treatment would affect stock price from late 2007 and regard capital market of Taiwan as a weak form efficiency market. According to the findings, this study is prone to support functional fixation hypothesis. This study also indicates that almost all interviewees support this policy and its accounting treatment. There are up to 92 interviewees remark employee bonus should be expensed and 88 interviewees regard fair market value as a better treatment than par vlue method. But using what date or periods of time of stock price to calculate the shares of employee stock bonus is still controversial. To avoid manipulating, 35 interviewees consider that periods of time provide a better basis for calculation than a single date. This finding may offer a chance to rethink the the accounting treatment of this part.