（Study of the Impact of Employee Stock Bonus on Shareholder’s Wealth - In the Example of IT and Semiconductor Industry）

• Main Authors: Li-Pao Lin, 林麗寶
• Other Authors: Ming-Tien Tsai
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/11075945681060707890

碩士 === 國立成功大學 === 高階管理碩士在職專班 === 93 === 　Our securities authority first announced in 2004 its plan to limit the percentage of earnings of a listed company as employee stock bonus. The purpose of this study is to observe the stock market investors reactions when the securities authority first announced the policy to limit the percentage of earnings as employee stock bonus, and to examine the attitude of investors towards employee stock bonus plan. 　Prior studies in Taiwan typically tackled the impact of employee stock bonus plan taking the dates the board of directors and shareholders met as the date of event. But in board of directors’ meeting and shareholders’ meeting, usually a number of material events, such as dividend distribution, financial forecast, cash capital increase and re-election of directors and/or supervisors, are announced, which makes it more difficult for the empirical study to exclude the effect of information interference, hence affecting its outcome. This study takes the date the securities authority first announced the policy to limit the percentage of earnings as employee stock bonus as the date of event, and employs the event study methodology and regression analysis to examine the attitude of investors towards employee stock bonus plan and whether they will have different reactions after learning how the percentage of employee stock bonus affect their wealth. 　This study finds that investors hold a negative view towards the policy declaration of the securities authority, and the cumulative abnormal return over the event period exhibits a significant negative reaction. Under regression analysis, the degree of stock price fluctuation and the percentage of earnings as employee stock bonus also exhibit a significantly negative relationship. Thus this study concludes that market investors hold a positive attitude towards the employee stock bonus policy of companies in the IT and semiconductor industry and believe that higher percentage of employee stock bonus helps the company accumulate wealth, that is, such policy produces greater incentive effect than dilution effect.