The Impacts of Expensing Employee Bonus on Stock Price and Employee Taxation-An Example of Listed Electronic Companies in Taiwan

• Main Authors: Yu-Wen MA, 馬郁雯
• Other Authors: Kun-Hui Lin
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/47514983992204913337

碩士 === 國立屏東科技大學 === 財務金融研究所 === 97 === The main purpose of this study is to investigate, FSC promulgate the news of different employee stock bonuses calculated basis day to listed and OTC companies, whether results in cumulate abnormal returns. On the other hand, it inquires into employee taxation. By performing event study－mean-adjusted returns model and statistical test, we get results as following: 1.The average abnormal returns over the event dates exhibit significantly positive abnormal returns. 2.The cumulative average abnormal returns over three events periods exhibit positive abnormal returns. Only second and third events reache significant level, but the first event does’t. After expensing employee bonuses at 2008, par value of employee stock should be included in income from salaries and wages and tax regular income tax. Besides, the amount of the market value in excess of the par value on the date next following the date of acquisition should be include in basic income. If it exceedes NT$6,000,000 and applied by the tax rate of twenty percent. That results in employee taxation increased and real income decreased. Key words: expensing employee bonuses, event study, basic income, abnormal returns