| Summary: | 碩士 === 東吳大學 === 會計學系 === 96 === In Taiwan, the employee bonus is treated as surplus earning distribution for many years, it doesn't match with International Financial Reporting Standards（IFRS）. As Article 64 of the Business Accounting Act was amended in 2006, and the Statement of Financial Accounting Standards No.39 was announced, the employee bonus will be recognized as expense.
This thesis employs the event study methodology to investigate the impact of the amendment of the Business Accounting Act and the announcement of SFAS NO.39 on stock returns.
Empirical results show that the cumulative abnormal returns were negative in the two event periods, which is subject to the accounting treatment would change, investors expected stock returns will be reduced, so stock prices revised down.
Case study shows that after expensing stock bonus, in order to keep the core talented persons and maintain the profitability, the companies need to establish the new employee compensation scheme.
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