員工分紅入股與組織績效：智慧資本觀點

Abstract

員工分紅入股(Employee Stock Bonus; ESB)制度在台灣已實行多年，相關研究認爲ESB有助於提升組織績效。然而，爲何ESB能夠影響組織績效？此議題卻顯少被探討。本研究假設ESB有助於智慧資本的蓄積，並進而提升組織績效。本研究選取台灣上市（櫃）公司1994-2007年間資料爲樣本（金融業除外），透過智慧資本附加價值係數衡量智慧資本運用效率，檢視ESB、智慧資本與組織績效三者之間的關聯性。研究結果顯示ESB與智慧資本以及智慧資本與組織績效之間皆呈現顯著正相關，而且智慧資本在ESB與組織績效的關聯性中具有中介效果；相較於非資訊電子產業，資訊電子產業的中介效果更爲明顯。員工分紅入股制度是激勵員工學習成長與促進組織內部合作及知識分享的管理作法，更是蓄積智慧資本的重要因素，企業在制定管理決策時，應重視員工分紅入股及智慧資本對於組織績效之影響。

Employee stock bonus has been introduced in Taiwan for years. It is believed that employee stock bonus can promote firm performance. However, ”Why employee stock bonus influences firm performance?” is a research question that was rarely explored. This study hypothesizes that employee stock bonus could facilitate the accumulation of intellectual capital, which in turn contributes to firm performance. Data of this study were drawn from all public-listed companies in Taiwan (excluding banks and financial companies) from 1994 to 2007. Employing Value Added Intellectual Coefficient to evaluate the efficiency of intellectual capital utilization, the current study investigated the associations of employee stock bonus, intellectual capital, and firm performance. Results of this study showed positive relationships between employee stock bonus and intellectual capital and between intellectual capital and firm performance. It also found a mediating effect of intellectual capital in the relationship between employee stock bonus and firm performance, and the mediating effect is stronger for companies in high-tech sector than non high-tech companies. Employee stock bonus is a managing practice that encourages employees to learn and grow, and then to accumulate intellectual capital. Firms should pay much attention to the impacts of employee stock bonus and intellectual capital on firm performance.