員工分紅費用化與公司績效之關聯，-以台灣上市電子業為例

The relationship between employees bonus and organization Performance -- A Study of the Information and Electronics Industry

林秀針(HSIU-CHEN LIN)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200900612

摘要

為配合國際趨勢及與國際接執之需要，我國自 2008 年 l 月 l 日起將實施員工分紅費用化之會計政策。此新制度將增加金業之營運費用，營業利益及每股稅後純益可能亦隨之降低，尤其是高股價與高配股之企業，如此一來員工分紅的激勵效果及對公司淨利可能產生衝擊。本研究以 2004 年至 2007 年間之上市電子公司為研究對象，選取樣本公司 164 家，並依其樣本推估 2008 年實施員工分紅費用化復之財務報表，以探討員工分紅費用化前後與經營績效之關聯。本研究之實證結果如下所述：一、企業發放員工紅利對公司績效的影響無論採會計績效（ ROE ）或市場績效（ Tobin'sQ ）來衡量公司績效，其與公司績效皆呈現顯著正相關；表示公司可透過員工紅利發放，以激勵員工，可讓公司獲得更多利潤。
二、企業員工分紅費用化實施前後對公司績效的影響以費用化實施前後年度進行分析發現，會計績效（ ROE ）與市場績效 ( Tobin'sQ ）皆有顯著正相關，顯示其員工分紅費用化政策的實施，並未使公司績效呈現下降，其對員工的激勵效果仍存在。
三、 2008 年實施員工分紅費用化後對公司績效的影響以 2008 年第一季公佈之財務資訊分析，會計績效（ ROE ）方面並未下降，可能因許多企業傾向暫不發放員工紅利，待年底再視全年獲利情況決定所致；市場績效（ Tobin'sQ ）呈現負相關，可能係員工預期分紅金額不如往年，其激勵效果亦相對下降所致。

關鍵字

員工分紅 ； 公司績效

並列摘要

The accounting policy of employee-bonus expensing has been implemented in Taiwan since January 1, 2008 so as to follow the international trend and to he geared to international standards. This policy is expected to increase corporate operating expense and to reduce operating profit as well as net profit per share. Consequently. the employee bonus used as incentive may have impact on the corporate net profit.
The subjects of this research were the electronic companies public-listed during
2004 — 2007. 164 companies of those were selected and their 2008 financial
statements were forecasted after expensing employee bonus in order to explore the
colTelation between employee bonus expensing and business performance. The
empirical results of the research were as followings:
1. The influence of distributing employee bonus on corporate performance The corporate performance. measured by ROE or Tobin’ s Q, both
showed significant positive correlation with employee bonus. It
indicated that the company could reap niore profits by distributing employee bonus to motivate the employees.

2. The impact on corporate performance after and before implementing the employee-bonus expensing
ROE and Tobin’ s Q showed significant positive correlation both before
and after implementing the employee-bonus expensing, which suggested that the implementation of employee-bonus expensing didn’t affect the corporate performance while the incentive effect. remains.
3. The impact on corporate performance after implementing employee-bonus expensing in 2008
The financial results published in first quarter of 2008 revealed that ROE didn’t decrease as expected. The reason might he that many companies tended not to distribute the employee bonus for the time being and might make decision based on the annual gain in the end of the year. The Tobin’ s Q showed negative correlation, which might result form employee’s anticipation on less bonus that lowered the incentive effect.

並列關鍵字

employees bonus ； organization performance

參考文獻

19 ．溫燕翔， 2004 ，員工分紅入股與員工認股選擇權對公司績效與投資支出影響性研究，中原大學金業管理學系碩士學位論文。

9 ．柯鼎杰， 2004 ，員工分紅配股與上市公司績效關聯性之探討一適應性預期模型之運用，國立成功大學財務金融研究所頓士論文。

13 ．陳如慧， 2004 ，員工分紅制度對金業經營效率影響之研究，中原大學會計學系石員士論文”

24 ．歐淑卉， 2003 ，員工分紅配股對上市公司績效之影響，國立成功大學財務金融研究所碩士論文。

1. Ben—Ncr, A. , and Derek C. Jones, 1995, Employee Part ici pat ion, Ownership, and Productivity : A Theoretical Framework, Industrial Re lat ions, 34