美國於2004年12月，為了改善財務報導並且與國際會計準則IFRS第2號share-based payment接軌，再發佈SFAS 123意見書之修正版SFAS 123R，規定員工認股選擇權之會計處理，應採公平價值法，不允許再採用內含價值法，並且應將此費用認列於當期損益中。然而，在公平價值法下，股價因為容易遭受到企業生命週期、政治現況、管理者行為、以及總體因素影響，導致當利用員工認股酬勞來衡量公司財務績效時，以股票的市價為計價基準會比面額計價，較無法解釋公司的財務績效。本篇研究以員工認股權和限制性股票為研究標的，分別探討在公平價值法下及面額法下，員工認股酬勞對公司財務績效的影響。
根據實證結果，公司成長性、規模、固定資產週轉率都顯著的與EPS存在正向關係；負債比率則與EPS存在顯著負向關係。員工認股酬勞若以股票面額為計價基準，將使EPS顯著上升0.68%；然而，若以市價為計價基準，其結果雖使EPS上升0.16%但該控制變數卻不顯著。員工認股酬勞若以股票面額為計價基準，將使得模型有60.5%的解釋能力，與市價計價的60.2%.相差不大。因此可以說明，利用以公平價值計價的員工酬勞來衡量公司財務績效並不會產生偏差。

The FASB has converged SFAS 123R with IFRS No.2, which simultaneously defines that the value of stock compensation is an expense under fair value method that must be recognized in the current statement of operations. However, under the fair value method, volatility of the market value of stock is easily subjected to the business cycle, political condition, managerial behavior, and macroeconomic factors, which results in a poor explanatory index than par value method. This paper limits the research target to stock option and restricted stock as incentive vehicles only, and investigates separately influence of stock compensation on firm's financial performance under par value and fair value.
According to the empirical results, growth, firm size, and fixed asset turnover are all significant and positively correlated with EPS; debt ratio is significant and negatively correlated with EPS. Stock compensation presented in par value is significant in t value and increases EPS by 0.68% while stock compensation presented in fair value isn’t. Stock compensation presented in par value of 60.5% R-square seems that there’s no better explanation on the firm’s financial performance than that in fair value of 60.2%. Therefore, using fair value method doesn’t deviate the influence of stock compensation on firm's financial performance.

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