員工分紅與公司治理關係之研究

Employee Profit-Sharing and Corporate Governance

陳昱如(Yu-Ju Chen)

指導教授 ： 李存修

共同指導教授 ： 胡星陽(Shing-Yang Hu)

國立臺灣大學/管理學院/財務金融學研究所/碩士(2004年)

https://doi.org/10.6342/NTU.2004.10142

摘要

「員工分紅配股」是台灣業界普遍施行的一種薪酬制度。雇主期望能藉由分紅配股來激勵員工，以進而提升公司的生產及獲利能力。但是因為員工分紅配股會導致嚴重的稀釋效果，有損小股東的權益，因此近年來各種負面評論紛紛出現。

　　本研究試圖探討公司在施行員工分紅配股上的決策與公司治理構面之間的關係，期望了解大股東是否利用員工分紅配股制做為圖利自己，剝削小股東的手段。根據本篇實證結果，當最大股東的控制力越高、最大股東的現金權越高、控制權與現金權偏離的程度越高、以及外資持股越多時，公司會傾向使用較少的員工股票分紅。而當越多董事成員參與員工分紅時，公司則傾向使用較多的員工股票分紅。

關鍵字

股票分紅 ； 公司治理 ； 員工分紅 ； 分紅入股

並列摘要

Employee stock bonus program in Taiwan is designed as a device to tie employees’ interests and firm’s interests together. Although it is generally believed that employee stock bonus has an incentive effect that can potentially enhance firm’s productivity and profitability to some degree, there are increasing dissatisfied voices appearing in recent years due to the serious dilution effect. In this study, we try to investigate the connection between firm’s using extent of employee stock bonus and the corporate governance mechanism.

　The empirical evidences indicate that corporate governance does influence the adoption of employee stock bonus. The percentage of control-affiliated directors, the joint CEO-chairman factor, the controlling shareholder’s cash flow right, the deviation from control right to cash flow right, and the foreign ownership all present remarkably negative impacts on the use of employee stock bonus. Besides, the participation of board members in employees’ profit sharing reinforces the approval of employee stock bonus.

並列關鍵字

corporate governance ； profit sharing

參考文獻

Wang, Mei-Ling, 2002, “Profit sharing and firm performance: an empirical investigation of high-tech industry in Taiwan”, unpublished thesis, Graduate Institute of Business Administration, National Taiwan University

Azfar, O. and S. Danninger, 2001, “ Profit-sharing, employment stability, and wage growth”, Industrial and Labour Relations Review 54, pp.619-630

Blasi, Joseph, Michael Conte, and Douglas Kruse, 1996, “Employee stock ownership and corporate performance among public companies”, Industrial & Labor Relations Review 50, pp.60-71+-

Chelius, J. and Smith R.S., 1990, “Profit sharing and employment stability”, Industrial and Labor Relations Review 43, pp.257-S-73

Claessens, Stijn, Simeon Djankov, and Larry H.P. Lang, 2000a, “The separation of ownership and control in East Asian Corporations”, Journal of Financial Economics 58, pp.81-112