我國員工分紅入股制度之研究－以高科技電子產業為例

A Study on Employee Stock Incentives System in Taiwan - Taking High-Tech Industry as an Example

張芳瑜(Chang Fang-Yu)

指導教授 ： 張昌吉

國立政治大學/社會科學學院/勞工研究所/碩士(2021年)

https://doi.org/10.6814/NCCU202100958

摘要

過去我國企業大量使用分紅配股方式作為主要薪酬工具，尤其高科技產業最為人熟知，進而正向激勵組織績效、人才留任與吸引、勞資關係。然自2008年員工分紅費用化與所得稅負制度之改變，員工分紅入股不再被偏好作為主要薪酬工具。反觀國際趨勢，員工分紅入股並未式微，美國、英國為鼓勵企業使用員工分紅入股相關措施，提供優惠的租稅措施，再由2家指標性企業採行現況發現，實務上亦以選定特定人才，並搭配績效、服務年資等條件之做法，藉以連結公司未來發展。
為探討我國實務對於員工分紅入股之觀點與見解，本研究深入訪談3位於高科技產業服務之受訪者，結果顯示我國實務上確實於員工分紅費用化後，因稅負之改變、企業發展趨勢不同，影響企業採用員工分紅入股之偏好與適用性。由訪談並結合文獻之分析整理，本文歸納提出三點結論與建議，以作為員工分紅入股制度改善與實行之參考：
一、 員工分紅費用化之衝擊及改變：過去我國企業採用員工分紅入股之槓桿高，因而成功發揮員工分紅入股之激勵效用，員工分紅費用化後，對於企業成本、員工實際獲利造成巨大衝擊，因此企業以現金分紅取代股票分紅。此外，股票所得計算與環境之改變，使得企業在員工分紅入股規劃上，如直接複製過去的成功經驗套用，可能導致失敗的結果。
二、 我國員工分紅入股之採行建議：於現行的法規制度下，本文認為針對獎勵全體員工過去表現之員工酬勞，以現金形式之員工酬勞更有彈性且更受員工偏好；針對特定人才激勵工具之員工庫藏股、員工認股選擇權、限制員工權利新股三者，無法一體適用所有公司，而是應考量公司本身狀態、外在市場環境及欲達到之目標，搭配使用各員工分紅入股措施。
三、 員工分紅入股之租稅措施：雖我國以產業創新條例提供符合條件下之員工分紅入股所得稅負方面之優惠，然發揮效用仍不明顯，因此，本文認為可朝提供稅負優惠、股票處分規範連結稅負優惠搭配、提前認列限制員工權利新股所得方向參考，以提高使用偏好度。

關鍵字

員工分紅入股 ； 員工分紅入股激勵 ； 員工分紅費用化 ； 員工分紅入股所得稅負 ； 採行員工分紅入股方案

並列摘要

In the past, stock bonus was used as one of main compensation reward tool to drive organizational performance, talent retention and attraction, and labor relations, especially in the high-tech industry. it was no longer preferred due to expensing stock incentive effected in 2008 and income tax burden. However, employee stock incentives are frequently used in international trend, like both U.S. and U.K. provide favorable taxation to encourage companies and employees, also, the 2 iconic business in the article have implemented stock incentives linked to performance, seniority and so on to connect individual and company development.
The research identified 3 interviewees who worked in high-tech industry to explore the perspectives and insights regarding employee stock incentives in practice. The result show that after expensing stock incentive, tax burden and different business growth phase would affect preference and applicability of companies in using employee stock incentives. Organize and interview result and the literature reference, 3 points are summarized as following as improvement and implementation reference for employee stock incentives,
1. The impacts and the reactions of expensing stock incentive: the high benefit made stock incentive motivate employees successfully. However, a huge impact on business cost and employee profits led by expensing stock incentive made companies replace stock bonus with cash bonus. Moreover, due to changes of taxation on stock incentive and market, if companies copy previous experience directly and apply to current without adjustment, it may lead to failure.
2. Recommendations for employee stock incentive implemented: Under the current regulations, it’s suggested to use in the form of cash to recognize employees’ past performance which is more flexible and more favored by employees. The measures of for employee treasury stocks, stock options and restricted stock which are granted to targeted talent should be used in consider of business status, external market environment and goals to be achieved.
3. Taxation measures on employee stock incentives: Although favored income taxation are provided under Statute for Industrial Innovation, it’s still inefficient currently. Therefore, it’s suggested increase preference to use by providing tax incentives, linking stock holding period with favored taxation and filing the income of restricted stock when granted.

並列關鍵字

Employee Stock Incentives ； Employee Stock Incentives Motivation ； Employee Stock Incentives Motivation, Expensing Stock Incentive ； Taxation on Employee Stock Incentives ； Employee Stock Incentives Implementation

參考文獻

學術期刊

王志誠、葛冠琳，2007，〈美國微軟公司員工獎酬新制之研究〉，《財稅研究》，vol.39 (5): 89-113。

王志誠、葛冠琳，2009，〈美國蘋果公司權益型獎酬制度之研究〉，《法令月刊》，vol.60 (1) :16-34。

吳明政、夏凡翎，2005，〈現行分紅制度利弊與改進方法之研究-從美國與台灣制度比較來檢視〉，《證券櫃台月刊》，vol. 118: 69-81。

呂理豐，2003，〈員工分紅配股制度影響股利政策並膨脹股本〉，《貨幣觀測與信用評等》，vol.41: 47-51。