分紅費用化後員工分紅制度對組織績效之影響

The Impact of Profit-Sharing on Firm Performance after The Change of Accounting Ragulations of Expensing Employee Stock Bonus.

黃耀陞(Yao-sheng Huang)

指導教授 ： 劉念琪

國立中央大學/管理學院/人力資源管理研究所/碩士(2014年)

摘要

本研究主要是探討，台灣在2008年員工分紅費用化政策實施之後，分紅措施在不同產業中對於組織績效的影響，其中本研究將分紅措施再分成現金分紅與股票分紅分別來探討，而組織績效則是以企業生產力、會計績效ROA以及市場績效Tobin’s Q這三個面向進行探討。另外本研究也探討組織規模以及費用化前員工分紅入股的使用程度，是否會對於分紅措施的分紅效果產生干擾的影響。
本研究對象為台灣證券交易所公開上市公司或台灣櫃台買賣中心公開上櫃公司，其資料來源來自台灣經濟新報資料庫（TEJ）、公開資訊觀測站、各公司年報及公開說明書。而樣本期間為2008年起至2011年止共4年，總共有1347家上市上櫃公司，觀察值共4890筆資料。其中傳統產業共341間公司，觀察值為1264筆資料；科技產業共778家公司，觀察值為2787筆資料；服務業共230家公司，觀察值為839筆資料。
本研究結果指出，費用化後的現金分紅以及股票分紅依然均能夠提升組織績效，但在不同的產業與不同的組織績效衡量標準下會有不一樣的顯著效果。而費用化前員工分紅入股的使用程度會負向地干擾分紅措施的效果，其中對高科技產業在現金分紅的干擾最為顯著，最後組織的規模大小會對高科技電子產業以及服務業造成負向的干擾效果。

關鍵字

員工分紅措施 ； 組織績效 ； 員工分紅入股的使用程度 ； 組織規模

並列摘要

This study is to explore the impact of the profit sharing on firm performance in Taiwan after expensing employee bonus from 2008, and the study divides the way of bonus into cash bonus and stock bonus to explore respectively; moreover, firm performance is measured by productivity, ROA and Tobin's Q in this study. In addition, the study tends to explore the size of firms and the level of employee stock bonus used by firm before expensing employee bonus, both of which will have the mediation effect for the impact of the profit sharing on firm performance.
The sample data is collected from Taiwan Economic Journal database (TEJ) during 2008 to 2011, which is based on secondary data of all listed companies in Taiwan. The number of total firms in this study is 1,347 listed companies, and among these companies, there are 341 listed companies belong to traditional industry, 778 listed companies belong to high-tech industry, and 230 listed companies belong to service industry.
The results of this study point out that whether cash bonus or stock bonus, they are both still able to improve firm performance, but there are diffirent effects in each industry and in different firm performance measurements.Furthermore, the level of employee stock bonus used by firm before expensing employee bonus will negatively affect the impact of the profit sharing on firm performance, especially in high-tech industry. And the size of firm will negatively affect the impact of the profit sharing on firm performance, especially in high-tech industry and service industry.

參考文獻

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