財務會計準則公報第39 號「股份基礎給付之會計處理準則」於2008 年起正 式實施，強制規定公司所發放之員工分紅必須認列為費用而非視為盈餘之分配，如此一來，公司管理階層是否會因此考量其盈餘報導之美觀性，導致減少發放員工分紅，以及員工分紅費用化後，是否仍會造成公司管理階層採行盈餘管理。此外，本研究以員工分紅費用化作為一重大事件，深入研究經理人對其分紅之行為模式是否會因而受到改變並趨向利益掠奪假說，並探討經理人持股與獎酬分紅兩者間之關係是否因公司治理程度不同以及發放對象為經理人與一般員工時是否有所不同。 實證結果發現，不論有無排除費用化前一年之影響，員工分紅費用化後公司 確實會考量其盈餘之美觀性而傾向減少發放員工紅利，另雖然過去研究指出，於費用化前，資本市場早已認知員工紅利為公司費用，但公司管理階層仍會考慮投資者間仍存在的功能固著現象，針對員工分紅費用化此一事件進行盈餘管理；然而，若以未預期盈餘將樣本公司加以劃分，則在未預期負盈餘之樣本公司中，無法證實其會利用負向之裁決性應計項目進行洗大澡；最後，在分紅費用化之後，經理人持股比例與分紅金額呈正比，顯示經理人在代理問題上從利益收斂趨向利益掠奪公司，並且在公司治理較差的公司中尤為明顯；此外，經理人會同時增加對於經理人與一般員工之分紅金額。 / Statement of Financial Accounting Standard No.39 has beening implemented since year 2008, and it is a mandatory requirement for the company to recognized employee bonus as an expense rather than as a surplus of assignment. Therefore, the management might consider company’s earnings performance and result in paying less employee bonus, as well as adopt the earnings management. In addition, this paper apply the employee bonus expense as a major event to study whether the patterns of managers’ behavior on their dividends will be affected and correspond to entrenchment hypothesis. Also, this paper investigates the relationship between manerger’s ownership and bouns under the different levels of corporate governance as well as different payment objectives (e.g. managers and staff). The empirical results indicate that whether excluding the effect of the previous non-expnsing year or not, the company did consider its earnings performance and tend to pay less employee bonus after expensing employee bonus. Although other studies point out the capital market has already seen employee bonus as an expense, the company will manage earnings due to functional fixation hypothesis. However, it can’t be verified that taking big bath would exist by using negative discretionary accruals. Finally, after expensing employee bonus, managers’ ownership is directly proportional to the amount of bonus and the companies with poor corporate governance is particularly significant. In addition, managers will also increase their own and staff’s dividend amount as well and it implies the angency problem towards entrenchment hypothesis from convergence of interest hypothesis.