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Case16-2 PowerPoint PPT Presentation


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組員 : 會 二 B  林子伃 會 二 B  沈宜萱 會 二 B  陳 玠 伊 會 二 B  李 艾 馨 會 二 B  張惠敏 會延 C  吳淑惠. Case16-2. CA16-2(Ethical Issues-Compensation Plan).

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Case16-2

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B b b b b c

組員:

會二B 林子伃

會二B 沈宜萱

會二B 陳玠伊

會二B 李艾馨

會二B 張惠敏

會延C 吳淑惠

Case16-2


Ca16 2 ethical issues compensation plan

CA16-2(Ethical Issues-Compensation Plan)

The executive officers of Rouse Corporation have a performance-based compensation plan. The performance criteria of this plan is linked to growth in earnings per share. When annual EPS growth is 12%, the Rouse executives earn 100% of the shares; if growth is 16%, they earn 125%. If EPS growth is lower than 8%, the executives receive no additional compensation.

In 2010, Gail Devers, the controller of Rouse,reviews year-end estimates of bad debt expense and warranty expense. She calculates the EPS growth at 15%. Kurt Adkins, a member of the executive group, remarks over lunch one day that the estimate of bad debt exoense might be decreased, increasing EPS growth to 16.1%. Devers is not sure she should do this because she believes that the current estimate of bad debts is sound. On the other hand, she recognizes that a great deal of subjectivity is involved in the computation.


Instructions

Instructions

  • Answer the following questions

    (a)What, if any, is the ethical dilemma for Devers?

    (b)Should Devers’s knowledge of the compensation plan be a factor that influences her estimate?

    (c)How should Devers respond to Adkins’s request?


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在Rouse Corporation工作的高階主管們,有一套以業績為根據的獎酬計畫。判斷業績的標準和EPS(Earnings Per Share)的成長與否相關。


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獎酬計畫

  • 年度EPS成長到12%,主管可獲得無償配股100%

  • 達到16%則可無償配股125%

  • 成長率低於8%,就沒有任何額外的獎酬

    ※無償配股:保留盈餘轉增資、資本公積轉增資或員

    工紅利轉增資。


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2010年時R公司的財務長Gail Devers審查了年底估計的壞帳費用和認股權費用。她估算EPS成長率可達到15%。

其中一位高階主管Kurt Adkins在一天午餐時間時提到了關於壞帳的估計高估了(應該調降),提高每股盈餘的成長率達到16.1% 。

Devers不確定他是否該照Adkins說的做,因為他確信目前關於壞帳的估計是穩妥可信的。

另外,他覺得Adkins提出的新估計含有大量的個人主觀性。


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(a)根據以上情況,Devers有沒有遇到任何道德上的困境

(b)Devers對於獎酬計畫的相關知識應不應該成為影響她估計的因素

(c)Devers要如何回覆Adkins的請求


Earnings per share eps

每股盈餘(Earnings Per Share,簡稱EPS)

  • 又稱每股稅後利潤、每股盈餘

  • 稅後利潤與股本總數的比率

  • 測定股票投資價值的重要指標

  • 綜合反映公司獲利能力的重要指標

    稅後淨利-特別股股利

    ※基本EPS= 加權平均流通在外普通股數


A devers

(a)根據以上情況,Devers有沒有遇到任何道德上的困境

如果:

  • 調升EPS

  • 調降EPS

    稅後淨利-特別股股利

    ※基本EPS=加權平均流通在外普通股數


B devers

(b)Devers對於獎酬計畫的知識,應不應該成為影響她估計的因素?

  • 會計人員的決定不應以員工獎酬計畫為基礎

  • 以正直、公正客觀之立場,保持超然獨立精神

  • 忠實表達

    • 中立性

    • 完整性


C devers adkins

(c)Devers要如何回覆Adkins的請求


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補充

  • 每股盈餘只能衡量股價高低不能判定經營績效

  • 成長型公司,高EPS但配息率低

  • 潛在普通股將對EPS具稀釋作用

  • 股本變動少,EPS只能用來衡量股價高低


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每股盈餘只能衡量股價高低不能判定經營績效


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成長型公司,高EPS但配息率低

  • 處於成長階段的公司

     例:宏達電,民國 100 年 EPS 高達 73.32 元,董事會決定配發每股 40 元現金股利,當時造成許多投資者不滿。

  • 成長趨於飽和的公司

     例:中華電信,現金一堆卻找不到新的投資標的,現金不配回來只有降低投資報酬率而已,一點用處也沒有。


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潛在普通股將對EPS具稀釋作用

  • 可轉換公司債

  • 可轉換特別股

  • 認股權證

  • 當這些證券變成普通股時,就可以參與盈餘分配,就會稀釋掉目前的每股盈餘


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股本變動少,EPS只能用來衡量股價高低


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補充資料來源

  • http://www.masterhsiao.com.tw/Books/978-986-7283-41-2/Promotion/chapter1-7.pdf


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