摘要
本研究以1999年至2002年台灣上市上櫃的591家電子業為研究對象，探討員工分紅制度對企業經營效率的影響。本研究採用兩階段法，第一階段，採用DEA併用無母數的Wilcoxon配對組等級符號檢定電子產業員工分紅制度對企業經營效率的影響，並輔以差額變數分析，說明員工分紅投入與產出組合間是否有投入過量之情況。第二階段，DEA併用Tobit模型迴歸，比較第一階段無母數檢定的研究結果。研究結果發現： （1） 電子產業內有發放員工分紅者的企業經營效率顯著較低，同時電子業發放前一年度員工分紅者對當年度的經營效率為負向顯著相關。 （2） 電子產業內發放員工現金分紅者對企業經營效率的影響顯著高於股票分紅者，同時電子業發放前一年度員工股票分紅者對當年度的企業經營效率為負向顯著相關。 （3） 電子產業內員工分紅變動薪資比例高者對企業經營效率的影響優於員工分紅變動薪資比例低者，但未達統計顯著水準；在增加其他控制變數後，電子業發放前一年度員工分紅變動薪資比例高者對當年度的企業經營效率為正向顯著相關。 （4） 電子產業內員工分紅佔總銷貨比例高者對企業經營效率的影響低於員工分紅變動薪資比例低者，但未達統計顯著水準；在增加其他控制變數後，，電子業發放前一年度員工分紅佔總銷貨比例高者對當年度的企業經營效率為負向顯著相關。 （5） 差額變數分析，電子產業內發放過多員工分紅的公司約有21.15%，平均各無效率的公司要減少69,268仟元，其佔人力成本支出62.26%；除電腦系統製品業外，十一個電子產業皆有發放過多員工分紅的情況，最多者為IC產製業，其次為IC設計業與通訊網路業。
並列摘要
The main purpose of this thesis is to research the impact of profit sharing on operating efficiency of 591 electronics firms listed in Taiwan from 1999 to 2002. The empirical analysis is based on the two-stage DEA Model. In the first stage, the empirical adopts Wilcox on Test for Paired Observations and DEA Model to make a comparison between the firms which distribute profit sharing and the ones which don’t; and between the firms which distribute cash bonus and the ones which distribute stocks. In addition, the empirical analysis also makes a comparison in the ratio of profit sharing to total salaries and wages; and in the ratio of profit sharing to sales. In the second stage, the empirical analysis verifies the impact of profit sharing on operating efficiency by adopting Tobit Model and DEA Model. The following are the results of the empirical analysis: 1. The firms distributing prior profit sharing generate lower current operating efficiency and exert significantly negative impact than the ones not distributing prior profit sharing. 2. The firms distributing prior stock bonus generate lower current operating efficiency and exert significantly negative impact than the ones distributing cash bonus. 3. No matter whether the ratio of prior profit sharing to total salaries and wages is high or low, there is no difference in current operating efficiency. However, in adding control variable, the high ratio of prior profit sharing to salaries and wages exerts significantly positive impact on current operating efficiency. 4. No matter whether the ratio of prior profit sharing to sales is high or low, there is no difference in current operating efficiency. However, in adding control variable, the high ratio of prior profit sharing to sales exerts significantly positive impact on current operating efficiency. 5. Slack Variable Analysis indicates that there are 21.15% firms which distribute too much profit sharing. The sum which they distribute is equal to 62.26% of total human resource cost in this empirical. As a result, they have to reduce the distribution of profit sharing. On average, every firm of them should reduce about sixty-nine million dollars.