新冠肺炎嚴重期間員工福利對企業股價表現之影響

The Impact of Employee Welfare on Stock Performance during the Severe Period of COVID-19

江晉楷(Chin-Kai Chiang)

指導教授 ： 陳業寧

國立臺灣大學/管理學院/財務金融學研究所/碩士(2020年)

https://doi.org/10.6342/NTU202101980

摘要

本研究以台灣上市公司為樣本，分析企業給予員工薪酬以外的福利項目在新冠病毒疫情嚴重期間(2020.01.31-2020.04.24)，是否能被投資人納入投資評價考量，進而產生員工福利較好的公司於疫情嚴重期間有較佳股價表現的情形。實證結果發現，企業於104人力銀行上刊登的員工福利敘述字數與疫情嚴重期間與企業股價報酬顯著正相關，代表投資人在疫情嚴重期間，將企業對於自身員工福利制度的態度納入投資考量，認為員工福利良好的企業，因員工努力程度較高且於新冠病毒疫情嚴重期間能夠更完善地保護人力資本，所以股價報酬較佳。本研究亦發現在人力資本較為重要的企業，投資人更會重視企業對員工福利制度的態度，進而加強員工福利對新冠病毒疫情嚴重期間股價報酬的正向影響。而在疫情和緩期間(2020.04.27-2020.11.30)員工福利敘述字數與疫情嚴重期間與企業股價報酬的顯著正向關係同樣存在。另外，實施員工國內團體旅遊的企業於疫情嚴重期間股價報酬顯著較低，顯示投資人擔心實施員工國內團體旅遊的企業，可能將該筆資金交由員工自行運用且出遊，增加危害企業人力資本及企業生產力的情形。

關鍵字

員工福利 ； 股價表現 ； 新冠病毒

並列摘要

Using the data of publicly traded firms in Taiwan, this thesis examines how a firm’s employee welfare provisions affected its stock performance during the severe period of the COVID-19, which is defined as the period between January 31, 2020 and April 24, 2020. It shows that the number of words in the employee welfare narratives published by a firm on the 104 Human Resources Bank is significantly positively correlated with the firm’s stock performance during the severe COVID-19 period. This result is consistent with the argument that investors expect that firms with better employee welfare provisions will have better performance during pandemic periods. Firms that care more about employees can better protect human capital and their employees have higher morale in difficult times, so their performance should be better in pandemics. The positive relation between employee welfare and stock performance during the severe COVID-19 period is stronger for firms that human capital is more important. In addition, this positive relation still holds for the period between April 27, 2020 and November 30, 2020, when the pandemic became milder. This thesis also finds that firms with domestic group travel plans for employees had worse stock performance during the severe COVID-19 period. One possible explanation for this result is that these firms might offer travel subsidy to employees during the pandemic, so investors worried that their employees were more likely to travel and were at higher risk of getting COVID-19, which would reduce the firms’ productivity.

並列關鍵字

Employee Welfare ； Stock Performance ； COVID-19

參考文獻

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