員工認股權與公司風險的關係

Abstract

由於員工認股權漸漸成為公司發放員工獎勵的首選工具之一，越來越多研究者投入研究相關議題，但主要的議題方向仍著重於研究員工認股權定價相關、如何在財報上表達其對公司成本、抑或是持有者的交割時點選擇等議題，鮮少關於員工認股權與公司風險相關的議題，也因此本論文將探討員工認股權與公司風險的關係。透過迴歸測試以及統計分析得到員工認股權的發放與公司風險間有統計上顯著的正向關係，也因此推得有發放員工認股權公司會傾向於承擔更高的風險；另外，此正向關係也在限制性股票與公司風險間關係的檢測中得到證實。較值得注意的是此篇論文研究員工認股權與公司非系統性風險的關係，這樣的關係檢測是目前沒有被任何相關的研究報告探討或是證實的，而此篇研究證實公司非系統性風險與員工認股權的發放有正向關係，連高風險的公司也有這樣的情況，故推斷公司認為其股東已作多元投資，願多承受投資人不要求補貼的非系統性風險。

Employee stock options have already become one of the popular tools for companies to grant their employees as compensations, thereby attracting more and more research papers examining on it. However, most of the extant papers focus on the valuation and exercise-decision of the employee stock option. This thesis turns to the company’s risk with the association of the employee stock options. The results show that there exists a significantly positive relationship between the company risk and the employee stock options, which leads to the interpretation that the companies tend to take greater risk since the increase of company risks helps increasing the value of the options. The tests are also applied to those of restricted stocks, which posses same characteristics as those of employee stock options. The tests also indicate that there is positive relationship between restricted stocks and company risk. Furthermore, this thesis analyzes the relationship of employee stock options with unsystematic risks, which offer no compensations to undertakers. The empirical results indicate that there is statistically significantly positive relationship between either the numbers or values of employee stock options and the unsystematic risk of the company, leading to the interpretation that the company undertakes more unsystematic risk, consistent with the notion that stockholders will conduct self-diversification to their investments.