員工分紅入股、管理型態及經理人持股 對公司績效之影響

The Effect of Employee Stock Ownership Plans, Management Types, and Managers Ownership on Firms Performance

陳致全(Chih-Chuan Chen)

指導教授 ： 胡為善

中原大學/商學院/會計研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500683

摘要

員工分紅入股是國內電子產業普遍採行的一種制度，但這幾年來亦發生許多爭論，其原因係現今將員工分紅入股制視為盈餘分派之我國，在會計處理上，並未列入損益表費用處理，而引起外資們的關切，此外董事長兼執行長該不該領員工分紅配股，不但是許多公司有的現象，最近也是引起市埸爭論的話題，也引發本研究之另一研究動機：董事長兼任管理主管與其參與員工分紅配股是否會使公司績效提高。

本研究主要目的在探討公司實行員工分紅入股、管理型態（董事長兼任總經理）及經理人持股比率對公司績效的影響。以上市電子公司為樣本，研究期間自民國89至92年，研究方法以複迴歸分析進行研究，其結果如下：

在員工分紅入股與公司績效方面，前期員工股票紅利、當期員工現金紅利及當期員工股票紅利對公司績效則有正向顯著影響，但前期員工現金紅利與公司績效無顯著關係，至於員工配股率，在盈餘分派法與面額法下有顯著正向影響，但在市價法下，則員工配股率與公司績效有顯著負相關。

在管理型態與公司績效方面，本研究顯示董事長兼任總經理與公司績效並無顯著關係，但在高科技電子產業則有顯著負相關。

在經理人持股與公司績效方面，其經理人持股與公司績效並無顯著關係。

關鍵字

管理型態 ； 經理人持股 ； 公司績效 ； 員工分紅入股

並列摘要

Employee stock ownership plans (ESOPs) have been widely adopted in the electronic industry in Taiwan for many years. However, this system in Taiwan has also caused much controversies during past three years mainly because Taiwanese companies usually treat ESOPs as an appropriation of earnings and were not included in the income statement. This method was raised much concern from internationally institutional investors. Moreover, the Chairman also pluralizing as the CEO (management type) of some electronic companies in Taiwan participating in the ESOPs are deeply concerned by internationally institutional investors. This study attempts to examine whether the participation of the chairman pluralizing as the CEO in ESOPs improves the performance of the company or not.
The empirical results of this work are summarized as follows:
1. This study finds that there is a significantly positive relation between the performance of the company and the ESOPs of last year, the ESOPs of the current year, and the cash bonus of the current year. However, there is no significant relationship between cash bonus of the previous year and the performance of the company. There is also a significantly positive relation between the stock appropriation ratio and the performance of the company under both the surplus appropriation method and the face value method. However, there is a significantly negative relation between the performance of the company and the stock appropriation ratio under the market price method.
2. The finding indicates that the participation of the Chairman of the broad also pluralizing as the CEO in ESOP has no correlation with the performance of the company for non-hightech industries, yet it has a significantly negative relation between them for the high-tech industry.
3. This investigation dose not find any significant relationship between the ownership of managers and the performance of the company.

並列關鍵字

Company performance ； Employee stock ownership plans ； Management types ； Managers ownership

參考文獻

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