員工分紅費用化對薪酬制度之影響-以我國電子業為例

Abstract

摘 要 近二十年來台灣科技產業透過員工分紅配股制度吸引優秀人才相繼投入科技產業，不僅創造台灣經濟高度的成長，也使得台灣成為全球半導體產業的生產重鎮，在全球科技產業佔有一席之地。過往對於員工分紅配股制度的研究，多著重於探討對企業股價、公司績效與投資人報酬等變數的影響。由於全球化時代來臨，台灣為了與國際接軌，吸引全球性的資金，自97年1月1日起就員工分紅予以費用化，此項改變對企業與員工造成相當衝擊，本項研究主要以實務觀點，探討員工分紅費用化後對員工實質所得的影響及企業因應方案。 本研究係以十家具有指標性的科技公司作為研究樣本，自公開資訊觀測站與個案企業網站中擷取個案企業的相關財務資料，並將各個案企業所採行的因應方案進行歸納、模擬試算與分析，彙總本次研究結果如下： 一、員工分紅費用化制度實施後，若企業未採行任何因應方案，則個案企業員工實質所得的減幅將介於50.28%~82.66%。 二、員工分紅費用化制度實施後，若企業採行調高盈餘分配成數、調薪、購回庫藏股轉讓予員工及發行員工認股權等因應方案，雖個案企業大幅調高盈餘分配成數及調薪20%，然仍有七成個案企業之員工實質所得依然低於分紅費用化前，僅三成個案企業足以彌補。 員工分紅配股制度對員工激勵效果甚大，而個案企業為維持員工實質所得，勢必需大幅調高員工紅利分配成數及增加薪資支出，而此作法又將增加公司所認列費用，致使每股盈餘降低，傷及股東權益，至於此制度對台灣產業競爭力與人才流向的影響，因制度實施後適逢全球性金融海嘯且實施期間尚短，尚難有足夠實證說明其影響，然對制度制定與實施，決策者理應有完整配套作法以為因應，方不致影響產業競爭力，使台灣的產業能夠繼續在國際的舞台扮演舉足輕重的角色。

Abstract In the past two decades, by utilizing the employee stock bonus system to attract lots of excellent employees joining the technology industry, Taiwan technology industry has not only helped Taiwan to achieve high economic growth in that period, but has also made Taiwan an important production site in the global semiconductor industry and also made itself an important player in the technology industry. In the past, studies related to employee stock bonus system are largely focused on its influences on company’s stock price, financial performance and returns to investors’ investment. As a result of globalization, Taiwan government regulated that, effective from Jan 1, 2008, employee profit sharing should be recognized as expenses, not as earning appropriation, in order to connect with international financial accounting principles and attract global capital. This change has made considerable impacts on companies and employees. This study mainly focuses on the impacts of this policy change on employees’ real income from the viewpoint of practice... This study will also suggest some plans for enterprises to effectively react to the change This study selected 10 representative technology companies as the research samples and collected these companies’ financial information from the website of Market Observation Post System. This study also summarized, simulated and analyzed these companies’ programs for the new accounting principle. The findings and results are summarized as follows: 1. employees’ real income will decrease by 50.28% to 82.66% if the company doesn’t take any action to it. 2. if companies adopt any combinations of the following programs, increasing the percentage of employee profit sharing, pay raise, buying back shares and transferring the shares to employees and issuing employee stock options etc., to react to the new accounting principle sure may reduce the impact of the new regulation. However, according to this research, even though some companies in the study substantially increased their employee profit sharing percentage and raised employees’ salary by 20%, employees’ real income still decreased in 70% of the companies. Among the company investigated, only 30 % of the companies can compensate their employees successfully . The effect of employee stock bonus system on motivating employees is tremendous and effective. Without this incentive program, the companies have to substantially increase the percentage of employee profit sharing and employees’ salary in order to maintain employees’ real income. This will result in much higher expense and lower earnings per share, and inevitably hurt shareholders’ equity. As for the impacts on the competitiveness of Taiwan industries and human resource market, since the new policy is just put in practice for a short period and financial crisis also happened in that period, we do not have sufficient evidences to make a proper judgment about its impacts. Nevertheless, in order not to unfavorably impact companies’ competitiveness, companies’ policy makers must draw up a thorough and appropriate program to respond to the new policy. By making proper responses to the change, the Taiwan industries can continue to play an important role in the international arena.