| Summary: | 碩士 === 淡江大學 === 國際貿易學系國際企業學碩士班 === 95 === Since 2006 American Financial Accounting Standard Board
has required the employee stock options as operating
expense, we are going to execute the expense of stock
bonuses from 2008. This amendment of accounting principle
will extremely influence the real income of employees,
earnings of the listed companies and change the stocks''
valuation of investors. Thus, it would be a great impact
on Taiwan’s electronic stocks’ price. Those companies
are engaging in executing the stock bonuses.
We utilize 2005 ten financial variables of Taiwan’s
listed electronic companies to analyze the impact of
expense of stock bonuses”. First, we examine the
development of the employee’s stock bonus nowadays and
discuss the influence of expense on earnings per share.
Second, we use two different pricing methods, after stock
dividend price and the closing price on the working day
right before the stockholders’ meeting, to evaluate the
damage to the profit (total earnings & EPS) of those
firms. Then, we apply the step-wise regression to extract
the dominant variables affecting the rate-of-return of
electronic stocks, then to analyze whether the stock
bonuses impose negative influence on rate-of-return.
Finally, considering the expense of stock bonuses, we
re-calculate the relevant variables and re-regress amended
econometric model, then evaluate the difference between
two models.
After empirical study, we find once the expense of stock
bonuses is implemented, the profit and rate-of-returns of
those companies will all be extremely influenced, and the
injury of “the closing price on the working day right
before the stockholders’ meeting” as the accounting
principle is more serious than “the after stock dividend
price”. Furthermore, the result of the step-wise
regression demonstrates that the EPS is the only
significant and critical variable in both the public and
over the counter markets when investors evaluate the value
of investment in Taiwan’s electronic stocks. According to
the analysis of amended model, some companies’ profits
even reverse to net loss. For the public markets, the
amended EPS with two different pricing methods is still
regarded as the significant factor by investors. However,
with regard to OTC market, we can’t find out the expense
effect, then in the econometric amended the EPS is
replaced by the both inventory per share and operating
profit per share. Therefore, once the stock bonuses must
be recorded as expense, the companies must properly
execute the stock bonuses, in order to balance the
employee welfare and equity of stockholders.
|
|---|
