獎酬制度與人力資本與經營績效三者間的關連性

The Relationships among Reward System,Human Capital and Firm Performance

王信雄(Hsin-Hsiung Wang)

指導教授 ： 林谷峻

淡江大學/商管學院/會計學系碩士在職專班/碩士(2014年)

https://doi.org/10.6846/TKU.2014.00815

摘要

知識經濟時代的來臨，員工已從過去為人事成本支出的概念，轉變為公司資產的概念。企業可否透過獎酬制度的設計及加強人力資本，始企業經營績效獲得提昇為本研究主要之目的。
本研究係以2003年至2012年台灣上市半導體公司為研究樣本，探討獎酬制度、人力資本以及經營績效三者間之關係。以員工現金分紅、股票分紅及認股權為獎酬制度的代理變數。以員工生產力、員工附加價值及產業平均薪資增額為人力資本之代理變收。並以Tobing’s Q衡量經營績效。
研究結果發現，奬酬制度中，除認股權外，對經營績效具顯著影響，且在遞延一年之後，仍具顯著性。人力資本在整體上亦對經營績效具顯著影響且具有遞延效果。而在獎酬製度對人力資本方面，實證結果發現，獎酬製度僅對員工附加價值及產業平均薪資產生顯著影響，但整體而言對員工生產力不具顯著性。另經實證結果，員工認股權不論對於經營績效或人力資本，均無法產生顯著影響。

關鍵字

獎酬制度 ； 人力資本 ； 經營績效

並列摘要

With the advent of knowledge economy, the conception of employees has been changed from personnel cost to a company’s asset. Whether the enterprises can strengthen the abilities of their human resources through “ incentive system” and enhance their business performance is the main purpose of this study.
This study is based on the information of Taiwan’s semi-conductor listed companies from 2003 to 2012 discussing the relation among the incentive system, human capital and business performance. Furthermore, it uses cash bonus, stock bonus and stock option as the proxy variable of incentive system and it also uses productivity, employee’s value added and the averaged salaries of the industries as the proxy variable of personnel cost. The study evaluates the business performance by Tobing’s Q as well.
This study suggests that in the incentive systems, both cash bonus and stock bonus have significant influence on business performance and its impact can still remain prominent even 1 year later. Besides, human capital also have an important and expanded effect on the business performance. As for the influence of incentive system on the human capital, the study shows that incentive system only has significant impact on employee’s value added and the averaged salaries of the industries but in general its impact on the productivity is not significant. Finally, according to the study, stock option has no significant influence on both business performance and human capital.

並列關鍵字

IncentiveSystem ； HumanCapital ； BusinessPerformance

參考文獻

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