The Effect of Incentive Compensation Plans on Operating Performance and Shareholder Wealth: Evidence from Taiwanese Electronic Industry

激勵薪酬對營運績效與股東財富之影響：台灣資訊電子業之實證

陳俊合(Chun-Ho Chen) ； 林嬋娟(Chan-Jane Lin) ； 蔡彥卿(Yann-Ching Tsai)

《Pan-Pacific Management Review》 15卷1期 (2012/01) Pp. 33-59

https://doi.org/10.30166/PPMR.201201.0002

摘要

本文特別針對台灣資訊電子業為研究樣本，探討員工紅利對營運績效與股票報酬之影響。本研究發現市值衡量員工紅利比率與未調整後續營運績效具有正向關聯，但調整員工紅利費用化後的後續營運績效，則不再支持員工紅利比率愈高其後續績效愈佳之研究假說，此可能肇因於過度發放員工紅利所致，此意謂著企業應以最適員工紅利來激勵員工，才能在股東與員工之間取得平衡，達到雙贏目標。此外，本研究發現，當股票紅利比例愈高，其後續營運績效與股票報酬並未顯著愈佳。主管機關已修改員工紅利會計處理，2008年起將員工紅利依公允價值認列酬勞成本，除使財務報表更加允當表達，並有助於企業訂定合理的獎酬制度，以有效提昇公司價值。而本研究之發現，亦為員工紅利會計處理修正提供有利之實證依據。

關鍵字

營運績效 ； 股票報酬 ； 激勵薪酬 ； 員工紅利 ； 激勵效果 ； 稀釋效果

並列摘要

This paper examines the effect of incentive compensation plans of Taiwanese electronic companies on their operating performance and stock return. The results show that the employee bonus ratio measured by fair value has a positive incentive effect on subsequent operating performance before adjusting the expenses of employee bonus. But, after considering the expenses of employee bonus to adjust operating performance, the results show that greater bonus ratio do not create better subsequent adjusted operating performance. These results may be caused by excessive profit-sharing before the revising of accounting treatment for employee bonus. We also find the same results about subsequent stock return that it links the shareholder wealth. In addition, the results fail to support the hypothesis that the greater the proportion of the stock bonus the better the subsequent operating performance and stock return. Our findings provide some evidences to support the amendment in the accounting rules for employee bonus to reflect the compensation cost.

並列關鍵字

operating performance ； stock return ； incentive compensation ； employee bonus ； incentive effect ； dilution effect

參考文獻

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