員工分紅盈餘稀釋程度與市場報酬實證研究-以台灣上市電子產業為例

Abstract

台灣大部分的公司會採用員工分紅作為激勵員工的一種方法，而這種分紅方式在電子產業中最為普遍，員工分紅的本質其實是把股東的財富移轉到員工手上，故探討員工分紅稀釋股權是非常重要的課題。本研究即以台灣電子公司為研究對象、衡量員工分紅對股權的稀釋比率並近一步探討員工分紅稀釋股權與市場報酬的關聯性。 本文發現，員工分紅所造成的稀釋比率，從0.01％到5.58％，此外，相關分析跟迴歸的結果顯示出稀釋比率跟市場報酬有顯著的負向關係，當公司發放越多的員工現金或員工股票紅利，市場報酬就傾向越來愈低，這就隱含者市場投資大眾已經對員工分紅會損害到股東的權益有了認知。

Most of the Taiwanese firms adopt employee bonus as incentive scheme, especially in electronics industry. The employee bonus transfers the wealth from the stockholder’s wealth to the employees. It is critical to explore the dilution of the employee bonus on market returns for investors in electronic firms. Thus, the study focuses on the Taiwanese electronics industry and measures the dilution rate of employee bonus on stockholder’s equity. Furthermore, this paper aims to investigate the relation between dilution rates of employee bonus and firm performances.

The findings show the dilution rate of employee bonus range from 0.01% to 5.58%. Besides, the results of the correlation analysis and regressions exhibit the negative associations between the dilution rates and market returns. The market returns tend to decrease for firms with greater cash and stock employee bonus. This implies that the market responses to the dilutions of employee bonuses on the stockholder’s equity.