員工股票分紅緩課稅政策之影響

為促進產業的創新與升級，政府於2010年開始實施「產業創新發展條例」。政府在2015年為輔助企業延攬產業人才，在硬體設備的投資抵減外，增訂員工股票分紅緩課稅。本文即在探討公司員工取得股份基礎給付得適用延緩5年繳納所得稅規定之實施對（1）企業發放員工股份基礎給付（2）促進員工參與公司經營（3）提高產業經營績效的影響。研究結果發現，員工股票分紅緩課稅實施後，對企業發放股票分紅的偏好無顯著影響，但會增加企業買回庫藏股轉讓員工的可能性；而條例對董、監事身分的限制，並未提高專業經理人分配到的股票分紅比例，不符合政策預期之促進員工分享經營成果。員工股票分紅緩課稅政策反而對企業經營績效產生負面影響，對董事兼任經理人與績效不具顯著調節效果。

關鍵字

產業創新條例；股份基礎給付

並列摘要

In order to promote industrial innovation and upgrading, the government implemented the "Statute for Industrial Innovation" in 2010. Supporting companies to recruit professional employees, the government amended article 19-1 which is to defer taxing company's employees on share-based compensation. This research examines the effect of deferring taxing share-based compensation policy on (1) the distribution of share-based compensation (2) employee participation (3) operating performance. The results indicate that the policy did not change the company’s preference for issuing stock bonus, but it increased the possibility of shares repurchasing and transferring to employees. In addition, this study finds the article’s constraint on Inside directors leads to marginal negative effect on the allocation of share bonus to general employees, which means the policy failed to promote earning distribution to general employees. Instead, the policy has a negative impact on the company's performance, and board duality has no significant moderating effect on performance.