員工分紅費用化對其股票紅利發放之影響

80 年代電子科技業蓬勃發展，各大企業為留住專業人才，廣發股票紅利，造就許多「科技新貴」。然而，當時的政策允許員工分紅不用列入費用，導致財務報表盈餘「虛胖」。有鑑於此，政府於 2006 年修法，2008 年員工分紅化政策正式上路，緊接著員工分紅按時價併入所得課稅政策也在 2010 年正式實施。本研究主要探討上述政策實施前後，企業董事兼任經理人比例及外國機構投資人持股比例對股票紅利發放的影響。研究結果顯示，2008 年實施員工分紅費用化後，公司雙重領導結構比例越大，越會減少發放股票分紅；外國機構投資人持股比例越大，公司越會發放股票紅利。而2010 年員工分紅併入薪資所得課稅後，外國機構投資人持股比例越高，越不會發放股票分紅。

關鍵字

員工分紅費用化；雙重領導結構；外國機構投資人

並列摘要

In the 1980s, the electronic technology industry flourished, and major companies issued large stock bonus in order to retain professional talents. However, the policy at that time does not regard employee bonus as certain expenses, then boost earnings in the financial statement. Therefore, the government amended the law in 2006 and the regulation of expensing employee bonus came into effect in 2008. Further, employee stock bonus was individually taxed based on their fair value in 2010. Based on the above two regulation change, this study investigates the effect of the proportion of the company's CEO duality and the ownership of foreign institutional investors on employee stock bonus. Empirical results show that after expensing employee stock bonus in 2008, the greater the proportion of board-management duality, the more it will reduce employee stock bonus; the greater ownership of foreign institutional investors, the more employee stock bonus the company will issue. After the employee stock bonus was taxed based on their fair value in 2010., the higher the ownership of foreign institutional investors, the less bonus will be paid.