- 學位論文
員工獎酬組合對企業經營績效之影響
The impact of employee compensation composition on firm performance
摘要
良好的員工獎酬計劃，不僅可以降低經理人與股東間的代理問題，為企業本身帶來激勵的效果，進而提升公司的價值，在2008年開始實施員工分紅費用化制度後，對員工分紅配股制度之激勵效果已產生了重大影響。 在員工分紅費用化實施後，企業在面對獲利下降、人員忠誠度及人才流失的取捨中面臨重大的考驗，公司如何運用不同激勵效果之獎酬工具，讓公司經營績效與員工獎酬密切連結，將會是維繫公司競爭力之關鍵課題，而如何在發放現金紅利、股票紅利及認股權憑證等不同的獎酬工具之比率（簡稱員工獎酬組合）中取得一個平衡，並探討員工分紅費用化實施後員工獎酬組合對企業經營績效之影響，將是產業或學術界關心的一個重要議題。 本研究以民國97年至100年本國上市上櫃公司（排除金融保險業）之年資料為樣本期間，來探討員工分紅費用化後員工獎酬組合對企業經營績效之影響。 實證結果顯示，在員工分紅費用化實施後，公司發放較高認股權證比率對公司營運績效產生的效益較差，推論員工認股權證激勵效果與公司股價具有較強的關聯性，若公司股價不具任何的升值空間，員工認股權證對員工而言，將會沒有任何激勵及獎酬的作用，因此無法達到留住優秀人才，降低員工流動率的功用，且對股東而言也會有股權稀釋之影響，公司亦因認列了員工認股權證費用化之金額造成獲利減少，故應仍以發放現金紅利為主要的激勵工具為佳。
並列摘要
Well-established employee compensation schemes can not only decrease the agent problem between managers and shareholders but also encourage the employee and furthermore enhance the company's value. Employee bonus expense which implemented in 2008 has a significant impact on the motivated effect of employee stock bonus scheme. The enterprise has been in danger of decrease in profitability、employee loyalty and turnover. How to use different incentive employee compensation schemes which are closely linked with company operating performance are key points to maintain the company's competitiveness. It is an important issue in academic and practices to balance the combination of cash dividend, stock dividend, and stock option (employee compensation combination) and to discuss the impact of employee compensation combination on firm performance after considering employee bonus expense. In this study I selecs list companies (except finance and insurance companies) for the period 2008-2011 as sample to examine the impact of employee compensation combination on firm performance after considering employee bonus expense. The results show that the more stock options are paid by enterprise, the less profitable is created by employees. If the share price does not have any appreciation, employee stock option has no motivation and reward for employees; it cannot retain talented people, lower employee turnover, and result in dilution effects on shareholders. Enterprise recognizes the employee stock option expense (bonus expense) that led to the decline in profit, so it shall pay cash divined as the motivational scheme.