本論文研究員工股票紅利的認列方式與計算方法與其對公司價值的影響，而加入企業創新程度之後，是否會增強員工分紅與公司價值之間的關係，也是本研究所欲得知的。本研究採用Ohlson(1995)所提出會計基礎評價模式做為基本的實證模型，以員工股票紅利與企業創新程度做為模型中其他影響公司價值的變數進行研究，研究期間為2001年至2004年，研究樣本為電子業公司，共566個樣本。研究結果顯示，2001年及2002年時，投資人認為員工分紅會產生激勵作用，對公司價值有正面的影響，因此盈餘分配模型解釋能力高於費用化模型；而2003年及2004年，費用化模型的解釋能力高於盈餘分配模型，可能是因為證期會要求公司揭露員工分紅相關資訊使投資人意識到員工分紅應列為費用。而不管是哪一個年度，投資人對以市價計算員工分紅的評價都高於以面額計算員工分紅。在加入企業創新程度之後，的確會對市價法模型造成調節性影響，但在面額法上則無法觀察到有顯著的差異。
This paper study the recognize and account method of employee stock bonus and how these effect business value, and this study also want to know if the relationship between employee stock bonus and business value will increased after adding business innovation.
The based empirical model of this paper is the accounting based valuation model that Ohlson (1995) addressed. And use employee stock bonus and business innovation to be the other variable which influence business value to study. The study period is from 2001 to 2004, and the industry is electronics. The sample amount is 566.
The result shows investor think employee stock bonus will bring encourage affect, it’s positive to business value in 2001 and 2002, so the explanation of earning sharing model is higher than expense model. But the explanation of expense model is higher than earning sharing model during 2003 and 2004, it maybe the stock exchange ask company disclosure employee stock bonus information, and it make investor realize the employee stock bonus should be the expense. And investor like employee stock bonus count in market value more than in book value in full period. After adding business in-novation, it get moderate effext in market value model, but it’s not significant difference in book value model.
