員工分紅費用化實施對公司股權價值影響之研究-－以電子產業為例

Abstract

本研究主要在探討我國員工分紅制度與公司權益價值間的關係。員工分紅結合股東與員工的利益，使二者間利益趨於一致，具有激勵效果，但在另外一方面，屬於員工股票紅利的部分，將移轉股東權益請求權予員工，具有稀釋股權的效果。本研究在實證模式中同時考慮激勵效果與稀釋效果，探討影響公司權益價值之因素，在考慮上述二效果之後，分析投資者是否不管在員工分紅費用化實施前後，均將員工股票紅利的本質視為公司的費用。實證結果發現不管在員工分紅費用化實施以後，亦或在實施以後：1.當公司潛在代理成本越大，人力資源重要性越高，員工股票紅利可發揮較大的激勵效果；2.在分離員工股票紅利相關利益後，投資者視員工股票紅利為公司的費用；3.員工股票紅利與權益價值間的負向關聯性大於一般薪資費用。

This research studies the relationship between employee profit sharing and firms’ equity value. As employee profit sharing structure integrates interests of both shareholders and employee so that both parties share a common goal, there will be motivational effect; however, on the other hand, if employee profit sharing means transferring shareholders’ rights to demand profits to the employees, a case of stock dilution effect may be in place. This research utilizes an empirical investigative model to study the factors influencing firm equity value by considering the joint effects of motivation and dilution. By taking both factors into account, this research attempts to find out whether investors consider employee profit sharing as a company expense, prior to and after the introduction of the new accounting rule that treats the employee bonus as an before-tax expense. The results indicate that in both cases: 1. When the incurred agency cost is high and human resource becomes scarce, employee profit sharing could have a significant impact on motivation; 2. After segregating interests between employee profit sharing and those of investors, employee profit sharing is regarded as company expense; 3. The negative correlation between employee profit sharing and equity value is more significant than that of usual salary expense.