員工分紅費用化實施後員工紅利組合與企業經營績效之關聯性

The Relationship between Employee Bonus Composition and Firm Performance after Expensing Employee Bonus

胡威男(Wei-Nan Hu)

指導教授 ： 朱炫璉

國立臺北大學/商學院/會計學系/碩士(2011年)

摘要

員工分紅制度在高科技產業是激勵及吸引人才的一項強而有力的工具，而面臨員工分紅費用化的來臨，勢必將影響員工分紅制度所產生之激勵效果；各上市櫃公司在面對獲利下降、人員忠誠度及人才流失的取捨中面臨重大的考驗，而如何在員工現金紅利及股票紅利間取得一個平衡，將考驗著各公司的管理階層。
本研究以民國97年至99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，依發放員工紅利總金額之高低以四分位數作分群基準，並選取員工紅利總金額最高一群為研究對象，探討員工分紅費用化後發放較高現金紅利比率對企業績效之影響。
實證結果顯示，在員工分紅費用化實施後，發放較高現金紅利比率對企業績效為顯著的正相關。換言之，在員工分紅費用化實施之後，員工分紅(即利潤分享)制度仍有激勵效果，且現金紅利之激勵效果較股票紅利為佳。依此可解釋在員工分紅費用化實施後企業改以發放現金紅利替代發放股票紅利之因應政策確有其道理。本研究之結果除以較嚴謹的實證分析彌補相關文獻之不足外，亦可提供公司之管理階層於員工分紅費用化實施後作為選擇發放現金或者股票股利之參考，減少發放員工紅利卻無法增加營運績效之機率，讓員工分紅發揮最大的激勵效用並將效益能最大化，以產生的效益來減少員工分紅費用化實施後對公司之衝擊。

關鍵字

員工分紅費用化 ； 員工紅利組合

並列摘要

Employee bonus plan is a powerful tool for encouraging and attracting talents in high technology industries. However, expensing employee bonus would affect the incentive of employee bonus plan. All list companies are facing on serious trials of decreasing in profitability, loyalty of employees and brain-drain problems. Therefore, how to balance employee cash bonus and stock bonus is a challenge to managers.

This study selects list companies in our country (except finance and insurance companies) during 2008~2010 as sample period. By forming quartiles based on total bonus, I examine the the relationship between the bonus composition and firm profitability in quartile 4.

The result indicates that the relationship between cash bonus ratio and firm performance is positive after expensing employee bonus. In other words, after expensing employee bonus, employee bonus plan still has incentive effect and the incentive of cash bonus is better than stock bonus. According to this, it is reasonable to explain that after expensing employee bonus, company chooses to pay cash bonus instead of stock bonus. This study result not only to cover insufficient documentation by using strict case analysis but also can provide company management’s reference for choosing cash bonus or stock bonus after expensing employee bonus. Thus employee bonus can make its maximum beneficial to avoid the situation that decrease employee bonus but cannot increase firm performance and it also can reduce the impact of expensing employee bonus.

並列關鍵字

Expensing Employee Bonus ； Employee Bonus Composition

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