穩健會計對員工分紅之影響

Abstract

本文探討穩健會計與董事會特性對企業員工分紅決策之影響。我們首先推導模型，並以「員工分紅前之會計淨利」除以「員工紅利」作為被解釋變數，該變數代表員工分紅比率之倒數，本文稱為「員工分紅盈餘貢獻度」。實證結果顯示，在其它條件不變的情況下，由於穩健原則認列收益較嚴謹的特性，使得員工分紅貢獻度與會計穩健程度呈現負向關係。會計較穩健之公司，其員工分紅比率較高。此外，在控制會計穩健性下，我們發現出任董事之經理人持股比率與員工分紅貢獻度呈顯著負向關係。換言之，無論會計屬性或董事會屬性均能系統性地解釋員工分紅貢獻度。具體而言，本研究之意涵為未來針對員工分紅的討論，應將穩健會計水準納入考量。

This study investigates the effect of accounting conservatism and characteristics of corporate board on employee bonus decision. An analytical model is first developed, and a measure of earnings-bonus contribution multiple (i.e., earnings before employee bonus divided by employee bonus) is then derived and examined as our dependent variable. The empirical results indicate that accounting conservatism is significantly and negatively related to earnings-bonus contribution multiple due to the asymmetric treatment of conservatism in more timely recognition of unrealized losses but not to unrealized income. With respect to shareholdings by managers, the result shows that higher the shareholdings lower the earnings-bonus contribution multiple. The findings therefore suggest that both accounting conservatism and the equity ownership of managers who sit on the corporate board can systematically explain the variation in earnings-bonus contribution multiples. The evidence also implies that accounting conservatism should be considered in future studies analyzing employee bonus.