員工獎酬工具運用對台灣150大企業營運績效之影響

本研究挑選台灣150大標竿企業作為研究對象，以2015年~2018年作為研究期間，探討不同獎酬工具運用對台灣標竿企業營運績效之影響。有別於過去文獻偏好以特定產業或個案研究模式探討員工獎酬工具的實施對企業營運績效之影響，本文除了擴大產業研究範圍，更進一步比較不同產業在實施員工獎酬工具上之差異性，以給予台灣企業在獎酬工具運用及留才模式上更多借鑑價值。在實證方法上，本研究主要以建立量化模型的方式，首先探討現金分紅、庫藏股轉讓以及員工認股權憑證的實施對台灣150大企業營運績效之影響，後續再以敏感性測試的方式額外加入人均薪資費用變動數，以探討其對公司未來營運績效之影響。本研究將相關結果整理如下: 一.現金分紅對於台灣的標竿企業而言，確實是非常有效的員工獎酬工具，並能夠正向反饋於營運績效之表現上。惟對於科技業員工的激勵效果僅停留在後續一年，而對於非科技業員工的激勵效果則相對持久。二.兩年內僅實施庫藏股轉讓對於科技業員工的激勵效果較佳，並正向反饋於營運績效之表現上，而對於非科技業員工則並無明顯的激勵效果。三.兩年內僅發放員工認股權憑證，無論對於科技業或非科技業樣本公司，皆與公司後續一年及兩年之營運績效變動無明顯關聯性。四.兩年內同時實施庫藏股轉讓員工及發放員工認股權憑證，無論對科技業或非科技業樣本公司，皆與公司後續一年及兩年之營運績效變動無明顯關聯性，因此並不建議企業發放過多的股權類獎酬工具。五.在敏感性測試的部分，人均薪資費用變動數亦正向影響標竿企業後續之營運績效，因此建議台灣企業可透過調升員工薪酬、增加年終獎金、完善員工福储等外在獎酬的方式激勵員工，相信也會對於未來營運績效之提升有所幫助。

關鍵字

獎酬工具；營運績效；現金分紅；庫藏股轉讓；員工認股權憑證

並列摘要

This research employed Top 150 enterprises in Taiwan, during the period from 2015 to 2018 in order to explore the impact of the use of different compensation tools on the operating performance of Taiwan’s benchmark enterprises. Different from the past literature’s preference to discuss the impact of the implementation of employee compensation tools on operating performance in a specific industry or case study mode, this paper not only expand the scope of industry research, it also further compare the differences between different industries in implementing employee compensation tools to give Taiwanese companies more reference value in the use of compensation tools and retention models. In terms of empirical methods, this research mainly uses the method of establishing quantitative models, firstly explore the impact of the use of cash bonuses, treasury stock transfers and employee stock option certificates on the operating performance of Taiwan’s Top 150 Enterprises. And then, we add the number of changes in per capita salary costs in the form of a sensitivity test to discuss its impact on the company's future operating performance. The empirical results are summarized as follows: 1.Cash bonuses are indeed very effective employee compensation tools for Taiwan’s benchmark enterprises, and can provide positive feedback on the operating performance. However, the incentive effect for employees in the technology industry only stayed for the following year, while the incentive effect for non-technical employees was relatively lasting. 2.Only the use of treasury stocks within two years has a better incentive effect on employees in the technology industry than non-tech industry, and also show the positive feedback on the operating performance of the technology industry. 3.Only the use of stock options within two years has no obvious impact on the sample enterprises’ subsequent one and two years’ operating performances. 4.If treasury stocks and stock options are both used within two years, the results show no obvious impacts on the sample enterprises’ subsequent one and two years’ operating performances. So it is not recommended to issue too many stock-based compensation tools. 5.The sensitivity test indicated that the changes in per capita salary costs are also positively affect the follow-up operating performances of benchmark enterprises. Therefore, it is recommended that companies can improve external rewards to motivate their employees, further improving the future operating performance.