| Summary: | 博士 === 國立臺北大學 === 會計學系 === 95 === The human resources are the most important inputs in an enterprise, so the management of human resources is necessary. Especially under level-management philosophy, the agency problem between owners and professional managers often influence the pursuit of enterprise's value maximization. Therefore, an effective reward system can make the agent bear some performance responsibilities, and can lighten the idle duty problem. Based on this argument, first, we use option valuation model to derive the optimal ratio of employees’ reward system. Second, we examine whether the implementation of reward plan with employees’ bonus and employees’ warrant can improve the enterprises’ performances and shareholders’ value. Finally, we use Mishkin test (1983) to analyze whether investors have rational pricing to employees’ reward system.
The research conclusions of this thesis are as follows:
(1)The employees’ reward system exists optimal granting ratio：
We use option valuation model to derive the optimal ratio without any restriction, and the conclusion is that the more granting percentage, the more enterprise's value. However, after joining 10% of total amount of the issued stock of the decrees limiting, we derive the ratio to turn into 0.1K/E (K, the amount of the capital at that time; E, earnings). If we put into the reward pattern, the optimal granting ratio will be influenced.
(2)The implementation of employees’ reward system have positive influence to enterprises’ performances：
The empirical result shows that employees’ cash bonus, employees’ stock bonus, remuneration of directors and supervisors and employees’ warrant all have positive inspirable influence on enterprises’ performances, and also have deferred (lagged) effect. Therefore, the implementation of the reward system contributes to the improvement of their performances indeed.
(3)The implementation of employees’ reward system have influences to the enterprises’ value：
The employees’ cash bonus, employees’ stock bonus and remuneration of directors and supervisors can heave enterprises’ value, and fully show the implementation of employees’ reward system could promote the shareholder's value effectively in the past in Taiwan. However, the employees’ stock option has negative effect, so it shows investors can take notice of the employee stock option to dilute their shareholder's value.
(4)Investors could reflect the information of employees’ reward effectively:
We adopt Mishkin test (1983) to examine whether the market could reflect accounting information effectively. We finally find that investors overprice the reward system, especially for cash bonus and stock bonus, but underprice the remuneration of directors and supervisors.
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