員工紅利與董監事酬勞對公司經營績效之影響

The Impacts of Profit Sharing and Directorate's Remuneration on Corporate Performance

周國泰(KUO-TAI CHOU)

指導教授 ： 諸承明

中原大學/商學院/企業管理學系/碩士(2006年)

https://doi.org/10.6840/cycu200600173

摘要

摘 要

員工及董監事之管理與機制隨著公司治理精神愈來愈被重視，上市(櫃)公司長久來存在的不合理制度或現象，也引起社會上諸多批評，尤以員工紅利及董監酬勞過高等問題，都被視為是影響股東權益的指標之一。董監事主要擔負公司管理監督之責，員工平時貢獻心力於公司，如果公司經營得當，績效有成，當然可以獲得合理的報酬與分紅，但產業的績效表現是否真如我們預期般肇因於盈餘分紅之激勵效果，卻是有待商榷。
本研究之動機即探討企業之員工紅利及董監事酬勞之盈餘分配，對公司經營績效之影響程度，以國內上2004年台灣573家上市公司研究對象，進行一橫斷面之研究分析。以T-檢定分析探討有無發放員工紅利及董監事酬勞之公司，其公司的經營績效是否會有所差異；另以相關性分析，以驗證員工紅利與董監事酬勞之分配數額，對公司績效是否具有相關。以期了解目前國內企業在採行盈餘分配之後，對組織績效指標的影響及其制度缺失，進而提出建議改善方案，期望公司治理制度能發揮其應有的功能。
研究結果發現，企業在前一年有發放員工現金分紅或董監事酬勞之公司，其當年度公司之經營績效，均明顯大於未發放員工分紅或董監事酬勞之公司，其間差異已達顯著水準。企業在前一年實施員工分紅入股與董監事酬勞制度之後，不論有無發放金額、或其佔盈餘分配比例，兩者對當年度企業經營績效均有正面的提升，並均達到顯著水準。

關鍵字

董監事酬勞 ； 代理理論 ； 員工紅利 ； 經營績效

並列摘要

ABSTRACT

Employee and Director Management Mechanism is the area getting much attention in a firm’s management philosophy A certain irrational pheonema or systems exhibited in a listed company have been highly disputed over the years A high profit sharing rate offered to employees and high directorate's remuneration in particular, are deemed as one of the prevailing indicator influencing the right of stakeholders The primary responsibility of a board director is to secure the smooth operation of a company, to protect shareholders’ assets and ensure they receive a decent return on their investment If a company runs smoothly, then there is no doubt a high profit sharing should be granted to board of directors rewarding their efforts Nevertheless, it is questionable whether the profit sharing is a powerful motivator to boosting the corporate performance.

The aim of this paper is to investigate the extent to which stock dividend offered to employees and board of directors influence the corporate performance. With 573 listed companies in Taiwan as research targets, a cross-sectional research was conducted to analyze the correlation between employee and director bonus and corporate performance. The T-test procedure was used to test the statistically significant difference in means between two groups: listed company with and without dividends offered. Meanwhile, we used the relational analysis to examine the correlation between portions of dividends and corporate performance. Propositions were developed and supported by the empirical case studies.

Implications for theory and practice were offered to mend the shortcomings of existing policy with regards to employee and director bonus management.The empirical test results showed a significant difference of corporate performance between firms with and without bonus shares Firms with sharing mechanisms, no matter in the form of cash or stock dividend, have higher sales performance than those without sharing mechanisms.

並列關鍵字

Directorate's Remuneration ； Agency Theory ； Profit Sharing ； Corporate Performance

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