從ADR股價報酬探討中美員工分紅配股會計處理之盈餘資訊內涵 摘要 我國科技產業普遍使用員工分紅配股制度獎勵員工，但因中美兩國對員工分紅配股之會計處理方式不同，若依美國會計原則調整員工分紅成本，則國內許多帳面上獲利甚豐之企業將立即呈現虧損。1998年美國對台灣廠商提起之反傾銷訴訟，及近日來外資對高科技業的非難，皆反映該議題之重要性。各方對員工分紅之會計處理，意見相當分歧。學術界與外資贊同美國之會計處理方式以反映其經濟實質，產業界以負面經濟效應為由，主張維持現狀，政府政策則成為各界意見角力後之妥協產物。至於市場參與者對該議題之態度為何，尚待深入探討。 我國企業赴美發行存託憑證時，須依美國一般公認會計原則揭露重編後之財務報表，因而投資人對於同一企業可以獲得兩套不同之財務資訊。此背景提供探討員工分紅議題良好之媒介，故本研究以發行美國存託憑證之國內企業為研究樣本，從實證觀點探討兩種員工分紅配股觀點下盈餘資訊之資訊內涵差異。由於市場公開資訊並不限於財會資訊，故投資人是否會在攸關性及時效性之考量下另覓資訊評估員工分紅配股影響，亦成為本研究探討之延伸。 本研究之主要實證結果列示如下： 1. 對於員工分紅入股事項，投資人傾向於參考依我國會計處理之盈餘資訊。其中之一種可能解釋為，海外存託憑證價值隨標的證券價值連動，故而存託憑證投資人於制訂投資決策時，更加重視標的企業在其所在國與其他企業間相對獲利能力之比較；另一種之可能解釋則為資訊在即時性上之差異。 2. 依股東會宣告日市值衡量之員工分紅配股成本及依年底收盤價衡量之員工分紅成本，其相對資訊內涵皆顯著優於依美國證管會20-F所要求之衡量與揭露方式。可能原因為20-F衡量方式偏離經濟實質，在及時性上亦無法滿足投資決策之需求。 3. 依年底收盤價或股東會宣告日市價衡量員工分紅配股成本之兩種資訊內涵並無顯著差異，顯示投資人對此兩類資訊並無明顯偏好。 關鍵字：員工分紅配股、海外存託憑證、相對盈餘資訊內涵 / Abstract Rewarding their employees with stocks, a prevalent practice for high-tech firms in Taiwan, serves as a primary managerial tool for attracting and retaining quality people. However, difference in accounting treatment of this bonus practice in terms of expensing vs. appropriation of retained earnings exists between U.S. and R.O.C. GAAPs. As such, companies with high profits, measured R.O.C. GAAPs, will more than often show humongous losses once converted to be in accordance with U.S. GAAPs. The anti-dumping suit against Taiwan electronics industry in 1998 as well as the more recent criticism on the severe dilution effect of this practice on equity value from the QFII analysts reveals the economic importance of this issue. Accounting academias prefer expensing treatment to reflect the economic substance. The management of companies retains the opposite view and is strongly pro for current practice due to losses would be inevitably shown in their accounting books. Government policy results in an obviously compromising solution as react to the tension from both communities. However, there is limited research effort on the view of the market participants for this important issue. The reporting requirements from Taiwan authority aside, for firms issued ADRs in the U.S. capital market are required to prepare another set of accounting statements (the 20-F) in accordance with U.S. GAAPs. This unique background provides us a intriguing setting for exploring the relative information content of the employee stock bonus when differently measured in accordance with U.S. and Taiwan GAAPs. In specific, this thesis investigates which set of accounting performance measures will ADR investors turn to for their investment decision-making. The main empirical results show that in the context of employee stock bonus, ADR investors in U. S. market prefer the measure of earnings gauged in accordance with R.O.C GAAPs. The bonus cost determined in compliance with form 20-F is less informative than that measured by the closing price at the year-end or the annual shareholders’ meeting date. The analysis also indicates that ADR investors didn’t show strong preference as to whether the bonus costs are determined by the closing prices at the year-end or the annual shareholders’ meeting date. The findings may thus imply that compared to the information quality of relevance the timeliness of information renders more importance in ADR investment decisions. Key wards: employee stock bones, ADR, information content