策略性員工分紅政策之研究-以上市電子公司為例

The study of strategic Employee Stock Bonus Policy－An example of listed electron companies in Taiwan

張維漢(Chang Wei-Han)

指導教授 ： 沈仰斌

元智大學/管理學院/管理研究所/碩士(2004年)

摘要

企業是一種經濟性組織，必須能夠有效的整合資源、創造顧客價值以贏得市場需求。而策略的型態是指對決策者或企業的經營者而言，對於所需解決的管理問題有那些可以採行的行動方案(Michael Porter(1980))。
知識工作者將取代傳統的資本和勞工，成為最重要的基本經濟資源，提高知識工作者的生產力，是二十一世紀管理學最大的挑戰(Peter F. Drucker(1999))。
20世紀末全球產業發展進入數位時代及全球化競爭中，員工分紅造就我國的高科技及電子產業的優越競爭力，特別是以研發創新為重心的產業。相對美國的高階經理人股票選擇權計畫所引起的財報醜聞及泡沫經濟，產生截然不同的結果，所以近來美國的企業也紛紛群起效尤，發行限制股票（restricted stock） ，以激勵員工及經理人。
但全球化數位時代的競爭結果，微利時代也於焉來臨，加上兩岸政治議題的紛擾，致使股市低迷不振，於是外界開始注意及質疑員工分紅的正當性及分配結果，是否傷及股東利益或確實有助於企業營運目標的達成，審視此節，能分享特殊利益的員工，對公司的價值會有非常大的影響，這些能夠分享特殊利益的員工究竟會為公司帶來多少利益，以及會為公司多創造多少價值，卻是模糊不清的。因此如果分紅方式不當，可能會對公司價值造成損害（Leibowtz，2000）。
在缺乏員工分紅的管理及績效評估機制的前題下，企業經理人面對股東及外界的批判，很難提出可以令人接受的理由，而讓員工分紅配股制度蒙上不白之冤，其實，企業盈餘原歸全體股東所有，依據公司法第二三五條的規定：「公司章程應明訂員工分配紅利之成數。…章程得明訂員工分配股票紅利之對象，包括符合一定條件之從屬公司員工。」
員工分紅是一項企業重要資源的分配，需有一完整的科學機制，用以決定如何提撥、分配、及評估，方能達到有效激勵員工的目的，實現企業年度目標，滿足股東投資價值。有鑑於此，本研究試圖以定量法實證台灣上市電子公司之員工分紅配股制度的實行方式及其與營運績效的相關性，並嘗試以定性法提出就企業對股東提出的股利承諾為中心的員工分紅配股政策，如此，不僅可以獲得股東及外界的認同與支持，也可以有效激勵員工，達成企業的營運目標，造成三贏的良性循環，促進企業的競爭力，提供關鍵的貢獻。

關鍵字

員工分紅 ； 策略 ； 股東權益

並列摘要

The corporate is a kind of economic organization which must integrates effectively resources and creates the valuation to match the market needs. Strategic type means the decision-makers or the managers adopted the feasible resolution for the outstanding problems. (Michael E. Porter(1980)).
The traditional capital and labors will be replaced by knowledge workers who are becoming the most important economic assets, and the most challenge in 21st century at management field is how to improve the output of knowledge workers. (Peter F. Drucker(1999))
At the end of 20th century, the world-wide industrial development is introduced into the digital and globalization competition. Taiwanese high-tech industries achieved the superior competition by using employee bonus (referred as “EB”), especially that focus on the industries that involved in research and development, it had completely difference outcome relative to American enterprises Employee Stock Option Plan （referred as “ESOP”）which has caused the scandals of finance statement. Recently American enterprises are getting to imitate the EB, preferred issuing the restricted stocks to incentive the employee than the ESOP.
Based on the globalizing digital competition made the plume margins coming, and the political tumults between Taiwan and China produced Taiwanese stock markets cooling down, the ESB is questioned by share holders and finance analysts with whether it helpful to the company’s operation or not. Someone may hold the key influence if they have the right to share the privilege, and in case of their advantages distribution was not appropriate could bring the company’s value declining. But it is indistinct indeed that how much value can be created by the beneficiaries and how to measure it, and then the company value could be harm by the ESB.
Under the lack of management mechanism and performance assessment of EB, the enterprise’s CEO is very hard to explain an acceptable reason for his employee bonus strategy when they faced to outer critique then made an injustice to the EB, actually the earnings is belong to the shareholders and investors, it is subjected to the Article 235th of the Corporate Law that required the distribution percentage of EB must be regulated in the Corporate Rule,…, the beneficiaries of EB must be defined in the Corporate Rule, it is including its subsidiaries’ employee.

The EB is part of re-distribution for corporate resources, It needed a complete scientific mechanism to decide the allotment and distribution and assessment then the purpose of incentive employee will be achievement the corporate budget. It’s realizing the corporate yearly operating plan and satisfying its shareholders value, so this study tried to empirical the implement of the EB system and the co-relationship between the EB and operation performance by using the Quantitative Method, meanwhile exercising the Qualitative Method brought up the strategy of EB policy on account of dividend commitment which the corporate CEO’s promise, so that the strategies not only can win their supports from shareholders but incentive employee’s aggressive courage to accomplished the corporate ambitious goal.

並列關鍵字

stock bonus ； strategy ； stockholders'' interest

參考文獻

1. 侯乃文（2003），從比較法觀點探討我國員工認股權憑證之法制建構—以美國模式為藍本碩士論文。

6. 張昱婷（2004），員工股票分紅對公司投資風險與融資風險之影響碩士論文

11. 張昱婷（2004），員工股票分紅對公司投資風險與融資風險之影響碩士論文

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