The Relation between Employee Stock Options and Firm Performance：Taiwan Evidence

[[abstract]]本論文擬針對民國92年到96年台灣上市櫃電子公司進行縱斷面之實證分析。藉由複迴歸模型來探討有無實施員工認股權證制度對公司績效之影響，以及兩者是否存在顯著之差異性。本研究利用建立一組未發行員工認股權證公司之「配對控制組」，在相同產業與同等規模之條件下，將每一家發行員工認股權證公司與配對控制組進行配對，進而得到所有變數的「配對差異」，從整體因素來探討電子產業實施員工認股權證對提升公司長期績效。實證結果顯示，研究發展費用差異與公司會計績效（ROA、ROE）差異呈顯著的負向關係、權益比率差異與公司會計績效（ROA、ROE）差異呈顯著的正向關係，而與公司財務績效（Tobin’s Q）差異呈顯著的負向關係。[[abstract]]This paper compares the performance of Taiwan electronic companies offering employee stock options to companies similar in size and industry that do not introduce employee stock option plans in 2001-2007 The paired differences in levels of performance between the stock option companies and their counterparts are assessed using multiple regression techniques with long-autodial specifications Performance measures include return on assets return on equity and Tobin’s q Major findings are that 1) there are significant negative R&D expense difference and significant positive net equity between stock option and non stock option companies 2) We do not find evidence that size capital intensity and net sales result in superior increase in company performanc