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論文名稱(中文) 公司治理對裁決性員工認股選擇權價值之影響
論文名稱(英文) Impact of Corporate Governance on Discretionary Employee Stock Option Values
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 100
學期 2
出版年 101
研究生(中文) 張詠詠
研究生(英文) Yung-Yung Chang
學號 R16994050
學位類別 碩士
語文別 中文
論文頁數 64頁
口試委員 指導教授-郭啟賢
口試委員-林松宏
口試委員-余士迪
中文關鍵字 員工認股選擇權  盈餘管理  選擇權評價模型參數  公司治理 
英文關鍵字 Employee stock option  earnings management  option-pricing model input  corporate governance 
學科別分類
中文摘要   本研究以2004年至2009年之高科技產業為研究對象,探討台灣企業是否會投機地使用裁決權去低估選擇權價值。實證結果發現高科技產業平均低估每一權員工認股選擇權之公平價值NT$1.76元。此外,公司操縱選擇權評價模型參數包括縮短存續期間參數和減少股價波動率參數使其公平價值低估。
  進一步探討公司裁決性選擇權價值之誘因以及公司治理機制對裁決性選擇權價值之影響。實證結果發現淨值報酬率和已實現股價波動率與裁決性選擇權價值呈負相關,顯示當公司之淨值報酬率和已實現股價波動率越大時,越會誘發公司低估選擇權價值。但隨著公司治理機制越好,將會弱化公司操縱選擇權評價模型之誘因,並且改善公司的裁決性員工認股選擇權價值。
英文摘要   This study investigates whether firms in Taiwan exercise discretion over employee stock option (ESO) valuation-model inputs to understate employee stock option values. Using 302 high-tech firms in Taiwan from 2004 to 2009, the empirical results suggests the difference between per option value using reported inputs and that using expected inputs is NT$-1.76. It means that firms use discretion to underreport employee stock option values. Further, the results find that managers the understatement of ESO values is mainly attributable to discretion over option life and stock return volatility.
  The study also explores the consequences of such discretion and the relationship between corporate governance and discretionary ESO value. The empirical results show that ROE and realized stock return volatility negatively affect discretionary ESO value, indicating that firms with larger ROE and realized stock return volatility underreport ESO values. More importantly, strong corporate governance can weaken incentives to improve the magnitude of discretionary ESO value.
論文目次 目 錄
第一章 緒論 1
第一節 研究目的與動機 1
第二節 研究架構 4
第三節 研究流程 5
第二章 文獻探討 6
第一節 員工認股權制度介紹 6
第二節 員工認股選擇權評價模型之參數文獻與研究假說 12
第三節 公司治理對裁決性選擇權價值之影響與研究假說 16
第三章 研究設計 23
第一節 研究樣本 23
第二節 研究變數設計與實證模型 25
第四章 實證結果與分析 37
第一節 基本敘述性統計 37
第二節 相關係數分析 42
第三節 迴歸結果分析 47
第四節 敏感性分析 54
第五章 結論與建議 58
第一節 實證結果與發現 58
第二節 研究限制與建議 60
參考文獻 61

表 目 錄
表3-1 台灣電子產業之樣本公司選取過程 24
表3-2 BLACK-SCHOLES模型所需參數彙總表 28
表3-3 公司治理與裁決性員工認股選擇權價值之彙總表 35
表3-4 衡量公司治理綜合指標之彙總表 36
表4-1 樣本公司電子產業分布 37
表4-2 員工認股選擇權評價模型參數之敘述性統計 38
表4-3 公司報導參數估計出之員工認股選擇權價值與自行計算參數估計出之員工認股選擇權價值之敘述性統計 39
表4-4 公司治理與裁決性員工認股選擇權價值之敘述性統計 41
表4-5 員工認股選擇權評價模型參數和公司報導參數估計出之員工認股選擇權價值與自行計算參數估計出之員工認股選擇權價值之PEARSON(SPEARMAN)相關係數檢定 44
表4-6 公司治理與裁決性員工認股選擇權價值之PEARSON(SPEARMAN)相關係數檢定 45
表4-7 公司報導之各參數與自行計算之各參數之平均數和中位數差異以及公司報導參數估計出之員工認股選擇權價值與自行計算參數估計出之員工認股選擇權價值之平均數和中位數差異 48
表4-8 公司低估選擇權價值之誘因及公司治理機制對於裁決性選擇權價值影響之迴歸分析 52
表4-9 公司治理與員工認股選擇權價值精確性影響之迴歸分析 56

圖 目 錄
圖1- 1 研究流程圖 5

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中文
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財團法人會計研究發展基金會. (2003). (92)基秘字第070、071、072與205號員工認股選擇權會計處理疑義
財團法人會計研究發展基金會. (2007). 第三十九號公報股份基礎給付之會計處理準則
財團法人會計研究發展基金會. (2007). (96)基秘字第266號企業以庫藏股票轉讓與員工之會計處理疑義
財團法人會計研究發展基金會. (2007). (96)基秘字第267號企業辦理現金增資保留由員工認購之會計處理疑義
財團法人會計研究發展基金會. (2007). (96)基秘字第318號企業自非員工取得無法辨認之商品或勞務
財團法人會計研究發展基金會. (2007). (96)基秘字第330號股份基礎給付協議反稀釋條款處理疑義
財團法人會計研究發展基金會. (2009). (98)基秘字第111號 股份基礎給付之給與日判斷疑義
財團法人會計研究發展基金會. (2009). (98)基秘字第121號企業辦理現金增資發行普通股參與發行海外存託憑證保留供企業員工認購之會計處理疑義
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