摘要
在財務理論中，管理者以極大化公司價值為目標，依據效率資本市場的假設，證券價格能反映包含員工分紅在內之所有資訊，因此公司價值將受員工分紅影響。員工分紅可以激勵員工努力工作，使企業獲利增加，有助於公司價值的增加；另一方面，員工分紅在實質上可以視為一種費用，使股東可分配盈餘減少，並減少公司價值。兩種效果造成公司價值產生增加與減少兩種相反效果，財務理論上是否存在一個最適分紅配股比率，是本研究在理論模式構建的重點。本研究以線性規劃描述公司面對之決策問題，以美國學者Gordon的股利折現模式描述公司價值，以極大化公司價值為目標函數，為了求出符合實務狀況的最適員工分紅配股率，本文將下列現實經營產生的狀況與法規問題納入模式中：1.考慮員工分紅配股產生的激勵效果與代理問題後，修正的股利成長率。2.公司法第232條關於股利分派的限制。3.公司法第235條關於員工分配紅利成數的限制。本研究主要結論如下：1.存在最適員工分紅配股金額，使股價極大化。2.影響最適員工分紅配股金額的因素如下：（1）分紅配股引發的成長率在遞增階段時，公司淨利越大，可以支付的員工分紅配股金額越大。分紅配股引發的成長率在遞減階段時，公司淨利越大，可以支付的員工分紅配股金額越小。（2）員工分紅配股產生的邊際成長率越大，公司獲利越高，可以支付的員工分紅配股金額越大。（3）員工分紅成數上限越大，因為正的「激勵效果」逐漸趨緩，負的「代理成本增加效果」逐漸增加，所以可以支付的員工分紅配股金額越小。（4）股東權益報酬率越大，公司員工分紅配股金額越小，就可以達成既定成長率目標。
並列摘要
Managers' objective is to maximize corporate value in financial theories. According to efficient capital market hypothesis, securities' prices can reflect all inner information including payment for employee bonus. So we can conclude that corporate value will be influenced by employee bonus. Bonus can motivate employee to work harder to increase corporate value. However, employee bonus, being naturally taken as a kind of expense, will decrease distributable earning belonging to shareholders. As a result, corporate value will be decreased. Employee bonus leads to two opposite effects on maximizing corporate value. Whether the optimal ratio of employee stock bonus exists to maximize corporate value, is the most important topic in this paper. This paper describes corporate decision problems with linear programming. We maximize corporate value as the objective function. The effects from employee stock bonus and stock dilution will be included in constraint conditions. So the optimal ratio of employee stock bonus can be found. The important findings can be concluded as follows: 1. The optimal amount of employee stock bonus exists to maximize corporate value. 2. The factors affecting the decision of the optimal employee stock bonus can be concluded as follows: (1) Higher net income affords higher employee stock bonus. (2) If the marginal rate of growth created by employee stock bonus is higher, corporate profit will be higher, then higher employee stock bonus can be paid. (3) Higher ceiling percentage of employee stock bonus will lead to decreasing positive motivation effect and increasing negative motivation effect. The available employee stock bonus will be less. (4) If rate of equity is higher, then corporate objective growth rate can be attained only by smaller amount of employee stock bonus.