員工分紅費用化與財務績效之衡量

員工分紅包括現金紅利與股票紅利，在我國一向被視為盈餘之分派，如果將員工分紅費用化，對財務績效之關聯性為何？是值得探討重要課題。因此，本文首先建構以股東權益報酬率為指標之績效衡量模型，再以員工分紅費用化之角度，檢視股票紅利不同評價方式對財務績效模型之影響為何，進而探討何者為較佳之財務績效指標。研究發現，公司成長性、固定資產周轉率與股東權益報酬率呈正相關；負債比率與股東權益報酬率呈負相關。員工分紅若費用化且股票紅利以股票面額為計價基準，將使股東權益報酬率平均下降13.68%；員工分紅費用化且股票紅利按市價為計價基準，將使股東權益報酬率平均下降54.83%。就財務績效模型而言，股票紅利員以面額為計價基準，有最大的解釋能力，其次為盈餘分派法，最後則為市價法，但其三者之實證結果差異不大。本文認為可能原因，係許多因素會影響市價且市價波動大，因此員工分紅入股按市價法為計價基準，較無法直接反映至財務績效上，導致其模型解釋力較低。相對之下，面額法為較平穩之做法，其影響因素遠比市價法來得少，因而使得其實證結果更具模型解釋力。

關鍵字

股東權益報酬率；財務績效；員工股票紅利

並列摘要

Employee bonus includes cash bonus and stock bonus and has traditionally been treated as earnings distribution rather than expense. This research will explore the relationship between expensing employee bonus and firm’s financial performance. We first build a model of performance measurement based on return on equity and then by comparing different ways of valuing employee stock bonus, we try to find out which is the best indicator for financial performance. The results show that growth and fixed asset turnover are positively correlated to return on equity while debt is negatively correlated to return on equity. If employee stock bonus is expensed and valued at par, the average return on equity will drop 13.68%. If valued at market value, ROE will drop 54.83%. The empirical results also indicate that valuing stock at par value generates the highest explanatory power, suggesting it is the best indicator for financial performance. Valuing stock at market value has the smallest explanatory power, perhaps market fluctuation is to blame for it. However, all the three valuations are not different significantly.