| Summary: | 碩士 === 東吳大學 === 會計學系 === 99 === There were three years past since the accounting standard of expensing the share-based payment for employee stock bonuses became effective in 2008. Although its accounting method could be connected to IFRS and US GAAP to enhance the financial information transparency and corporate governance as well as attracting an attention by foreign institutional investors and then facilitate the trading of domestic capital market, this transformation will impact income after tax, earning per share and employee compensation system dramatically. In order to cope with this change, corporate needs to have some change on its character and structure. This paper uses the revenue growth rate, R&D ratio, liabilities ratio and corporate ownership ratio as variables of company features to examine their influence on employee compensation plan.
With a sample of 2,358 firm/year observations from year 2006 to 2009 for companies listed in Taiwan Stock Exchange and OTC markets, this study uses t-test to examine the differences before and after the expensing employee bonus compensation plan and then takes company features and various bonus methods into consideration as well to analyze the association between company features and bonus methods.
The empirical result shows that: (1) the issuance of stock dividend dropped and increasing cash bonus and employee stock option.(2) in the relationship with enterprise features that a positive correlation between employee stock option ratio, R&D ratio and liabilities ratio to total bonus; stock dividend to total bonus ratio is positive correlate to liabilities ratio but negative correlate to corporate ownership; cash dividend to total bonus ratio is negative correlate to R&D ratio and liabilities ratio but positive correlate to corporate ownership.(3) after the implementation a structure change in enterprise features, the issuance of cash dividend and employee stock option increasing in electronic industry. Some companies with certain level of scale tends to issue cash dividend and so does for those with insufficient cash on hand.
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