摘要
員工持股計畫為結合公司目標與員工目標的激勵措施之一。本研究共發出993份問卷，回收193份，回收率為19.43%；再以次數分配描述有效問卷的資料，並以迴歸分析及多變量變異數分析進行檢定。半數以上的樣本公司(59%)認為，員工持股計畫的實施目的是在增加員工對公司的向心力，並提高對公司經營的參與感。實證結果發現，無論是服務業或製造業，已實施與未實施員工持股計畫的公司其績效並無顯著差異，無法支持代理理論的說法。實證結果同時發現，以年底分紅入股方式為主要的員工持股來源的公司，其績效優於以現金增資或原股東移轉持股為員工持股來源的公司，顯示激勵效果大於租稅效果。
並列摘要
Stock Holding Plan (SHP) and its related consequences have been widely discussed in recent years. In this study, we explore the relationship between SHP and company's performance. Data analyzing from 193 (19.43%) valid returned questionnaires demonstrate that, the main purpose for companies adopting SHP is to increase employees' commitment toward organization and the participation toward company's operations. The result also indicate that there is no significant difference between companies enforcing SHP and not enforcing SHP, and such conclusion still held whether the sample came from manufacturing industry or service industry.