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公司員工分紅配股
問 1: 聯發科員工分紅配股制度為何 ?
答 : 聯發科透過員工分紅配股與員工共享公司的獲利成果。根據聯發科的公司章程，員工紅利不低於員工及股東紅利合計數之百分之一， 可以現金或股票形式發放。
問 2: 聯發科員工分紅配股對股東權益影響為何 ?
答 : 員工分紅配股依目前會計制度為非現金科目，聯發科的自由現金流量並未受影響。
配股對聯發科股東權益的影響如下 :
( 單位 : 百萬 ) |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
期初在外流通股數 |
216.9 |
316.1 |
460.5 |
641.5 |
769.3 |
864.0 |
968.3 |
當期股東股票股利 |
86.8 |
126.4 |
161.2 |
115.5 |
76.9 |
86.4 |
48.4 |
員工分紅配股 |
12.4 |
18.1 |
19.9 |
15.7 |
17.8 |
17.9 |
20.7 |
註銷庫藏股票 |
0 |
0 |
0 |
(3.4) |
0 |
0 |
0 |
期末在外流通股數 |
316.1 |
460.5 |
641.5 |
769.3 |
864.0 |
968.3 |
1037.4 |
股東股票股利佔在外流通股數之比重 |
27.5% |
27.5% |
25.1% |
15.0% |
8.9% |
8.9% |
4.7% |
員工分紅配股佔在外流通股數之比重 |
3.9% |
3.9% |
3.1% |
2.0% |
2.1% |
1.8% |
2.0% |
註: 股票股利及員工分紅配股為去年盈餘之發放
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問3: 員工認股權證與員工分紅配股有何不同?
答:
| |
Employee Stock Options |
Employee Profit Sharing |
| Definition |
An employee who receives
a stock option is eligible to purchase a certain amount of company's
shares at a set price - the strike price, during a specified time
period. |
Company allocates annual
distributable earnings in shares to employees. Profit sharing are normally
granted ex-dividend, so that share price upon grant date is already
adjusted by shareholder's dividend. |
| Valuation |
1. Fair value method -
represents what the market would pay for the option and is subject
to the applied models as well as measurement time frame.
2. Intrinsic value method - the difference between the option strike
price and stock price on the grant date, ignoring the time value.
Out-of-money options become worthless after the stock market slide
beyond strike price. |
Share price could be implied
as the cost of expense. However, fluctuation of stock market makes
it difficult to measure the cost. Normally company's management determines
bonus shares in April for the Board's approval in May and appropriates
the shares not till August to October. The value of bonus shares may
vary given unpredictable market volatility upon different measurement
date over this timeline. |
| GAAP |
1. Exercising a stock option increases the shares
outstanding.
2. Companies have the option not to recognize expense when the grant
price is greater than or equal to the market price of the stock at
the time of the issue (under APB25).
3. The difference between value of a share option and the grant price
is recognized as expense over the vesting period. Companies are required
to disclose pro forma earnings which reflect options expense in 10K
footnote annually (under SFAS123). Companies recognising intrinsic
value must present pro forma disclose of net income and EPS as if
a fair value approach had been used.
4. When employees exercise options, the company can get a tax benefit
for the difference between strike price and market price. |
1. A reclassification from retained
earnings to capital and do not affect profitability. It is on balance
sheet and expensed through fully diluted share count.
2. Allocation of profit sharing to employees is considered part of corporate
earnings distribution. Among the aggregate distributed earnings, the
weight of profit sharing is specified in the individual Articles of Incorporation
at a minimum of 1%.
3. The distribution information should be disclosed on footnote of
financial statements.
4. Profit sharing is not an allowable corporate tax deduction. |
| Corporate Practice |
1. No fixed distribution
percentage or schedule, company may cancel existing options to issue
new options at a lower strike price as the stock prices plummeted.
2. Company can issue options with discretionary strike price or expiry
cycle.
3. Company may issue options in broad-based employee participation
or only to top executives. |
1. Share bonuses are distributed
only when the company is profitable.
2. Employee bonus shares can be sold immediately upon issue and are
taxed at par value a share. Nevertheless, some companies may require
lock-up period on the bonus shares. |
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問 4: 2006 員工分紅配股如何計算 ?
答 : 員 工只有於公司獲利時方能分配紅利。中華民國公司法視員工分紅為企業盈餘分配之一部分，因此該項目屬於保留盈餘之減項，而非費用科目。可分配盈餘為本期稅後 純益減法定盈餘公積，加上前期未分配盈餘。依據此計算結果，董事會方決定本年度股東股利及員工紅利，以及其中現金和股票之發放比例。在台灣，股票股利是以 面額 NT$10 為基準計算股數。所分配的盈餘當中，員工紅利所佔的比重依不同公司而異，依法規定至少為 1% 。
聯發科 2006 紅利分配，說明如下 :
根據聯發科 2006 可分配盈餘總額 NT$45,632,354,400 ，董事會決議 2007 年每 1000 股普通股發放 NT$15,500 股利 ( 當時在外流通股數為968.31百萬股 ) ，共發放股利 NT$15,008,846,587。其中股票與現金各佔 3.2% 與96.8% 。因此，股票股利為 NT$484,156,340 ，相當於 48,415,634股 ; 現金股利為 NT$14,524,690,247 。 聯發科的公司章程規定，員工紅利不低於員工及股東紅利合計數之百分之一，可以現金或股票形式發放。今年股東股利及員工紅利分別佔分配盈餘之 92.7% 及 7.3% 。 前段所計算得之股利，包含股票股利 48,415,634 股 及現金股利 NT$14,524,690,247 ，共佔分配盈餘之 92.7% 。而員工可收到分配盈餘之另外 7.3%, 亦即股票股利 20,683,712 股及現金股利 NT$975,089,310 ，合計為 NT$1,181,926,430 。 聯發科於 2006 年發放之股東股利與員工分紅合計為股票 69,099,346 股 ( 以面額每股 NT$10 盈餘轉增資 ) 以及現金 NT$15,499,779,557 ，共計 NT$16,190,773,017 。
(NT$)
2006 稅後純益 |
$22,579,582,224 |
減 : 法定盈餘公積 |
2,257,958,222 |
減 : 特別盈餘公積提列轉回 |
714,648,448 |
2006 可分配盈餘 |
21,036,272,450 |
加 : 以前年度未分配盈餘總額 |
24,596,081,950 |
可供分配盈餘總額 |
45,632,354,400 |
分配項目 : |
|
董監事酬勞 |
63,108,817 |
股東紅利 |
15,008,846,587 |
員工紅利 |
1,181,926,430 |
分配項目合計 |
16,253,881,834 |
期末未分配盈餘 |
$29,378,472,566 |
2006 紅利分配(NT$) |
股票 (以面額每股NT$10) |
現金 |
合計 |
股票紅利 |
484,156,340 |
14,524,690,247 |
15,008,846,587 |
員工紅利 |
206,837,120 |
975,089,310 |
1,181,926,430 |
合計 |
690,993,460 |
15,499,779,557 |
16,190,773,017 |
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