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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/30200


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30200


    Title: 國內上市櫃公司員工認股權憑證發行時間點之研究
    Authors: 洪翌芳
    Hung , Yi-Fang
    Contributors: 郭弘卿
    洪翌芳
    Hung , Yi-Fang
    Keywords: 員工認股權憑證
    發行日
    季盈餘宣告日
    事件研究法
    Date: 2006
    Issue Date: 2009-09-11 17:26:36 (UTC+8)
    Abstract: 本文旨在探討當公司員工認股權憑證發行時點不固定時，管理階層是否會傾向將認股權憑證發行時點安排於公司股價低點，藉以增加認股權憑證之價值。本研究以2001年～2006年219家國內上市櫃公司518個員工認股權憑證為樣本，採用事件研究法來計算標準化累積平均異常報酬率(SCAR)，藉以判斷事件的發生對於股價的影響。


    研究結果發現，員工認股權憑證發行日前存有股價下跌的現象，而在發行日到達了最低點，發行日之後股價漸漸回升，顯示公司的員工認股權憑證發行日確實有落在公司股價低點；此外，於員工認股權憑證發行日前宣告的季盈餘資訊內涵顯示出為壞消息的現象。然而，當董事長有權對認股權憑證發行日做決定，同時又取得認股權憑證者，會更有動機其將認股權憑證發行日訂在股價低點的現象並不顯著。
    Reference: （中文部份）
    沈中華、李建然，2000，事件研究法：財務與會計實證研究必備，台北：華泰文化事業公司。
    林秀芬，2004，我國員工認股權制度之研究，國立政治大學法律學系碩士班學士後法學組。
    林柏廷，2005，員工認股權、盈餘管理與公司治理，國立彰化師範大學會計硏究所碩士論文。
    吳珮瑜，2005，員工認股選擇權發放與盈餘宣告的時點關係，國立成功大學會計學系碩士論文。
    陳紫雲，2006，日益擴大之美國股票選擇權醜聞，會計研究月刊，第249期（8月）：34-45。
    張心怡，2004，股票選擇權獎酬,風險承擔誘因與CEO持有意願，國立中興大學企業管理研究所碩士論文。
    張嘉惠，2002，高科技公司發放員工認股權憑證對公司績效的影響-以台灣上市上櫃公司為例，私立真理大學財經研究所碩士論文。
    溫燕翔，2003，員工分紅入股與員工認股選擇權對公司績效與投資支出影響性研究，私立中原大學企業管理研究所。
    （英文部份）
    Aboody, D., and R. Kasznik. 2000. CEO stock option awards and the timing of corporate voluntary disclosures. Journal of Accounting and Economics 29 (May): 73-100.
    Agrawal, A., and G. Mandelker. 1987. Managerial incentives and corporative investment and financing decisions. Journal of Finance 42 (September): 823-837.
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    Bartov, E., and P. Mohanram. 2004. Private information, earnings manipulations, and executive stock-option exercises. The Accounting Review 79 (October): 889-920.
    Berle, A., and G. Means. 1932. The modern corporation and private property. New York: MacMillan.
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    Conyon, M., and R. Freeman. 2000. Shared models of compensation and firm performance: UK evidence. Working Paper, University of Pennsylvania and London School of Economics.
    Core, J. E., and W. R. Guay. 1999. The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics 28 (December): 151-184.
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    Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88 (April): 288-308.
    Hanlon, M., S. Rajgopal, and T. Shevlin. 2003. Are executive stock options associated with future earnings? Journal of Accounting and Economics 36 (January): 3-44.
    Huddart, S., and M. Lang. 2003. Information distribution within firms: Evidence from stock options exercises. Journal of Accounting and Economics 34 (January): 3-41.
    Jensen, M., and K. Murphy. 1990. Performance pay and top-management incentives. Journal of Political Economy 98 (April): 225-264.
    Jensen, M., and W. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (October): 305-360.
    Patell, J. M. 1976. Corporate forecasts of earnings per share and stock price behavior: Empirical tests. Journal of Accounting Research 14 (Autumn): 246-276.
    Rajgopal, S., and T. Shevlin. 2002. Empirical evidence on the relation between stock option compensation and risk taking. Journal of Accounting and Economics 2 (June): 145-171.
    Shleifer, A., and R. Vishny. 1997. A survey of corporate governance. Journal of Finance 52 (June) : 737-783.
    Staiman, J., and K. Tompson. 1998. Designing and implementing a broad-based stock option plan. Compensation and Benefits Review 30 (July): 23-40.
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    Description: 碩士
    國立政治大學
    會計研究所
    94353023
    95
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0094353023
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

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