員工分紅入股一直是高科技產業用來獎勵員工、吸引人才的工具之一,因此大多數的文獻都在研究發放員工分紅入股後對公司的績效影響,而較少文獻提及影響員工分紅入股發放率的因素為何。本研究使用縱橫資料(Panel data)的研究模型,樣本為高科技產業,其中高科技產業定義參考OECD(2001)的產業分類及新竹科學園區的園區劃分,並且以產業為分類來分析迴歸結果,藉以找出更為明確的因果關係。 因為員工分紅入股費用化於民國九十七年正式實施,為保資料性質統一,去除民國九十七年的樣本資料,因此研究時間為民國九十二年到民國九十六年,共計五年,資料來源為台灣經濟新報及公開資訊觀測站,並使用Eviews5.1統計軟體來進行研究。 本研究使用研究變數為七項:公司規模、前一年績效、財務槓桿程度、成長機會、董事會成員人數、獨立董監事成員人數比例、前一年股價。應變數為三類:員工現金分紅比率、員工股票分紅比率、員工現金與股票分紅比率。本研究結果如下: 1.成長機會及前一年績效與應變數呈現正相關。財務槓桿程度與應變數呈現負相關。 2.公司規模及前一年股價與現金分紅比率呈正相關,並與股票分紅比率呈負相關。在員工分紅入股總額比率部分,公司規模與之呈正相關,前一年股價則與之無顯著相關。 3.董事會成員人數及獨立董監事成員人數比例與應變數無顯著相關。 4.變數的影響程度及方向會因為產業而有所不同。 5.Panel data與一般迴歸式做出的研究結果大致相同,唯一差別是panel data的研究結果顯著性較低。
High-tech industry companies use Employee Stock Ownership(ESO) to encourage employees and attract the person of ability. So, most literatures are about that the relationship between Employee Stock Ownership and Company’s Performance. This study researches relationship between ESO and Company’s Characteristics, and wants to examine factors predicting the presence and adoption of ESO. This study uses data from a survey of high-tech public companies and panel data regression model on corporate financial variables. This study uses seven independent variables: the size of a company, the past performance of a company, a company’s leverage, a company’s growth opportunities, board members, the fraction of independent board members, past stock price. Three dependent variables: the fraction of cash bonus, the fraction of stock bonus, the fraction of cash bonus plus stock bonus. Empirical findings show that: (1) Growth opportunities and past performance are positively associated with dependent variables. An inverse relation between company’s leverage and dependent variables. (2) The size and past stock price are inversely associated with the fraction of cash bonus, but positively associated with the fraction of stock bonus. (3) No relation between board members and dependent variables, and so does the fraction of independent board members. (4) Results are different from industry to industry.