The Impact of Business Life Cycle on the Value Relevance of Employee Bonuses

企業生命週期對員工紅利價值攸關性之影響

羅國華(Kuo-Hwa Luo) ； 陳俊合(Chun-Ho Chen) ； 劉貴方(Guey-Fang Liu)

《評價學報》 5期 (2011/12) Pp. 81-96

https://doi.org/10.30073/JV.201112.0004

摘要

激勵薪酬對公司價值具有正向激勵效果與負向稀釋效果，在台灣高科技產業，普遍使用員工紅利來激勵員工。本文主要研究目的為探討是否企業落於不同企業生命週期階段，其員工紅利之價值攸關性是否亦有顯著差異。在考慮共線性問題後，本文結果顯示員工紅利之價值攸關性確實會受到企業生命週期之影響，資本市場對較高成長階段反應出較高之正向價值攸關性。

關鍵字

員工紅利 ； 價值攸關性 ； 企業生命週期 ； 獎酬

並列摘要

Incentive compensation plans have positive incentive effects and negative dilute effects on corporate value. In Taiwanese high-tech industry, employee bonus plans have been widely adopted. The main purpose of this study is to investigate whether the capital market will place different value relevance of employee bonuses during different life cycle stages. After considering the multi-colinearity problem, the results show that the value relevance of employee bonuses varies with different life cycle stages, and that the capital market react a higher valuation to employee bonuses given by high-growth stage companies.

並列關鍵字

Employee bonuses ； Value relevance ； Business Life cycle ； Compensation plan