員工分紅費用化對員工獎酬制度影響之研究

The Effect of Expensing Employee Bonus on Employee Compensation and Reward Systems

蘇連芳(Lien-Fang Su)

指導教授 ： 丘邦翰

元智大學/管理學院/管理研究所/碩士(2009年)

摘要

在台灣的經濟發展過程中「員工分紅」與「入股制度」對於台灣經濟與科技產業的發展具有極高之影響力。過去的員工分紅配股制度，係指企業對於每年年度終了結算，從盈餘提撥的紅利以現金或得將其中一部份之紅利以轉增資配發企業股票分配給員工。然，以盈餘轉增資配發股票給員工的分紅制度並無法明確顯現企業的人事成本，因而使企業的盈餘被灌水增胖。不但無法反映真實財報，企業為了持續分紅配股必須每年辦理盈餘轉增資，幾年累積下來使得股本不斷被稀釋；一旦企業的盈餘成長率趕不上股本膨脹率時即嚴重稀釋了股東權益，變相稀釋股東之權益而備受爭議；且會計處理上也因違背國際會計的準則，不斷遭受國外法人機構的質疑與詬病。我國政府為順應國際趨勢，讓國內會計原則與國際準則接軌以提高財報的透明度，經濟部發布函令，從2008年一月一日起正式實施員工紅利費用化，員工分紅配股必須以公平市價列為企業費用。
從近一年來報章媒體的討論來看，其焦點大多停留在會計處理、課稅方式及股東權益稀釋的議題上，卻忽略一個最重要的議題－員工的分紅獎酬將因費用化而大幅縮水，進而對企業在人才吸引及留置上帶來挑戰。本研究使用次級資料，以經濟學研究法、歷史研究法及個案研究法探討員工分紅費用化新制實施後，企業在可分配資源減少下，該如何將有限資源做更有效分配，藉此發展一套多元的員工獎酬制度，例如調高薪資、發行員工認股權憑證、實施庫藏股、限制行配股、員工持股信託等制度，降低員工紅利費用化所帶來之衝擊，進而防止股價下跌與人才的流失。

關鍵字

員工分紅入股 ； 庫藏股 ； 員工認股權憑證 ； 持股信託 ； 限制型股票

並列摘要

In Taiwan’s economic development, “employee bonus” and “employee stock ownership” systems have been highly influential to the development of high-tech industries. In the past employee bonus system, enterprises would allocate distributable earnings in cash or share to their employees at the end of each year. However, the bonus system based on allocating earnings in share to employees could not clearly reflect the personnel cost, thus resulting in an inflation of earnings. The financial statements could not be realistically reflected. In order to distribute earnings in share to employees continuously, enterprises needed to capitalize retained earnings every year. In a few years, their capitals would be gradually diluted. Once their earnings growth rate began to fall behind their capital inflation rate, serious dilution of shareholder equities would occur and cause controversy. Besides, the domestic accounting method adopted to cope with such problem was also against the international guidelines on accounting, so it was constantly criticized by overseas financial institutions. To make domestic accounting principles compatible with international guidelines and increase the transparency of financial statements, the Department of Economic Affairs of our government issued an ordinance demanding that, starting from Jan 1, 2008, all enterprises shall expense all employee bonuses and recognize shares distributed to employees as an expense of the company by market price.
The reports and discussions on this policy in the last year have been mostly focused on the aspects of accounting, taxing, and dilution of equities. The most important aspect, shrinkage of employee benefits and its impact on employee retention, has been neglected. In this study, secondary data were used. Through economical research methods, historical research method, and case study method, this study investigated how enterprises can make an effective allocation of limited resources under the “expensing employee bonus” policy to develop a pluralistic employee compensation and reward system, which includes mechanisms such as salary raise, issuance of employee stock option, implementation of treasury stock, constrained distribution of shares, and employee stock ownership trust, to lower the impact of this policy and further avoid slump of their stock price and loss of employees.

並列關鍵字

Profit Sharing and Stock Ownership ； Employees’stock option plan ； Stock bonus ； Employee Stock Ownership Trust ； Restricted Stock Awards

參考文獻

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