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董監事酬勞及員工分紅佔盈餘分配比例對公司經營績效之實證研究

A Study on the Impact of the Proportion of Board Members Remuneration and Employees' Bonus to Earnings Distributed on Firm's Performance

摘要


本文之研究目的為瞭解董監事酬勞佔盈餘分自己比例對公司經營績效之影響;瞭解員工分紅佔盈餘分配比例對公司經營績效之影響;探討企業發放員工現金紅利及股票紅利之激勵效果及兩者之發放結構對公司經營績效是否亦有影響。本研究以國內所有上市公司為研究對象,搜集1999至2003年之財務資訊及會計資料,建立六大研究模型,利用董監事酬勞及員工紅利等獎酬變數,對會計績效、市場績效及投資人報酬等績效指標,進行敘述統計分析、及複迴歸分析等統計檢定。研究結果顯示如下:一、董監事酬勞佔盈餘分配比例對經營績效之影響董監酬勞佔可分配盈餘之比率對資產報酬率有顯著且正面的影響;對公司市價對帳面價值比率及股票年報酬率有影響,但效果均不顯著,顯示董監事酬勞佔盈餘分配比例越高的確可提升公司之經營績效。二、員工分紅佔盈餘分配比例對經營績效之影響研究結果顯示,換算成市值之員工分紅比率與公司經營績效的關聯性較面值為顯著,且員工分紅金額之提高的確有助於提升公司經營績效,激勵員工士氣。三、員工現金紅利及股票紅利之發放結構對經營績效之影響研究結果發現,近年來多數企業傾向以發放現金紅利的方式將其經營成呆與員工共享。員工紅利之組成結構方面,股票紅利帳面值佔員工紅利帳面總額之比率對會計績效與市場績效有顯著且正面的影響;對投資人之報酬則有負面之影響,但效果不顯著。

並列摘要


The purpose of this research is to probe into the influence the allocation for the board members remuneration and that for the employees' bonus has on the operating performance. Whether the issue of cash dividend and stock dividend would influence the enterprise, performance is also included in the discussion. The subjects of study are all the listed companies in Taiwan. The financial and accounting information between 1999 and 2003 of all these listed companies were gathered. The statistic analysis, and regression analysis were conducted by using variables, the board members remuneration and the employees' bonus. The results of the research are as follow. (A) The influence of the rate of board members remuneration of the divisible surplus has on the rates of return is remarkable and positive; however, the impact on the ratio of the company's market value to book value and the annual rates of return on stocks is not notable. (B) The rate of employees' bonus of book value has positive impact on the company's operating performance, yet not great. If we convert it into rate of employees' bonus of market value, the influence will be negative on rates of return and annual rates of return on stocks. The research indicates that the rate of employees' bonus of market value has tighter connection than that of face value. (C) In resent years, the enterprises tend to issue cash bonus to share with its employees the achievement of the operation performance. As far as the structure of the issue of employees' bonus is concerned, the ratio of stock bonus of book value to employees' bonus of total market value has obvious and positive impact on the market performance; however, it has negative yet not much impact on the investors ' rewards. In other words, the performance of an enterprise surely can be improved by the inspiring stock bonus.

被引用紀錄


謝公翔(2015)。董監事持股、董監事酬勞與實質盈餘品質之關聯性研究〔碩士論文,長榮大學〕。華藝線上圖書館。https://doi.org/10.6833%2fCJCU.2015.00173
林宇涓(2013)。董監事酬勞與盈餘品質之關聯性研究:分析不同酬勞來源之動機衝突〔碩士論文,長榮大學〕。華藝線上圖書館。https://doi.org/10.6833%2fCJCU.2013.00095
陳仁勛(2009)。台灣金融服務業董事酬勞及持股比例對組織財務績效之影響〔碩士論文,國立臺灣大學〕。華藝線上圖書館。https://doi.org/10.6342%2fNTU.2009.10296
許雯涵(2015)。股權質押、董監事薪酬與內部控制之關聯性〔碩士論文,逢甲大學〕。華藝線上圖書館。https://doi.org/10.6341%2ffcu.M0212433
田小慧(2013)。員工分紅對公司價值之影響-以資訊電子業為例〔碩士論文,朝陽科技大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0078-2712201314042339

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