員工紅利資訊內涵

長久以來，我國相關法令與會計實務皆將員工紅利視爲公司稅後盈餘的分派，而非公司之薪酬費用，此與美國等國家之會計處理不同。就現代會計理論而言，不論是按月支付的薪資、年終獎金或是獎勵性質的股票皆應視爲給員工的酬勞費用，而非盈餘之分配，這差異廣爲各界關注，相關文獻已有探討。本研究在追本溯源的角度下，由市場面來探討員工紅利是否具有資訊內涵。研究結果發現，員工紅利確實具有資訊內涵，在董事會宣告日前，有顯著的正向累積異常報酬，而在股東會後則有顯著的負向累積異常報酬。另外，實證結果亦顯示，員工紅利與累積異常報酬成正相關；進一步分析顯示，電子產業之員工股票紅利與累積異常報酬成正相關，現金紅利則不顯著；在非電子產業公司方面，員工現金紅利與累積異常報酬成正相關，股票紅利則不顯著。

關鍵字

員工紅利；資訊內涵；累積異常報酬

並列摘要

The law and accounting practice have treated employee bonus as part of the distribution of earnings rather than compensation expense for a long time in our country. This practice differs with those of the US and other countries. As modern accounting theory is concerned, wages paid monthly, year-end bonuses or stock bonuses should all regarded as the compensation for employees. This difference is widely concerned and discussed in the literature. To trace to its source, this paper explores the information content of employee bonus. This study shows that the employee bonus has the information content and has a positive relationship with the cumulative abnormal return (CAR). Further, this study also shows that in the electronics industry, employee stock bonus is positively related with CAR while cash bonus is not significant; employee cash bonus is positively related with CAR while stock bonus is not significant in the non-electronics industry.