分紅配股及財務績效之研究-以國內資訊電子產業上市公司為例

Abstract

台灣高科技產業的成長自1980年代開始即非常迅速，特別是資訊電子產業的發展，扮演極其重要的角色。許多人認為台灣高科技產業發展的成功因素之一在於實施員工分紅配股制度，而員工分紅配股制度可提供誘因讓員工創造公司價值，提昇營運績效，並可吸引人才。 雖然國內高科技產業界普遍採行員工分紅入股制度，但是對於員工分紅配股與財務績效相關的實證研究仍極其少見。本研究之目的在於探討員工分紅與財務績效相關性之研究。本研究將以國內上市之電子資訊產業為研究對象，利用1998及2001年期的財務及會計資料，針對國內產業目前所採行的分紅入股制度，就其員工分紅及獲利能力（Profitability）以複迴歸方式進行橫斷面之實證分析，以期了解國內企業在採行分紅入股之後，對財務績效指標的影響。 研究結果顯示，(1) 國內上市資訊電子產業在股票分紅部分，各公司股票分紅依面值計算約佔超額盈餘10％左右，而有將近六成並未實施員工現金分紅，但現金分紅的金額有逐年提昇的趨勢，顯示現金分紅的即時激勵效應逐漸被經營者所重視；(2) 當年度的員工分紅配股無論是以面值或市值估算都對當年度資訊電子產業創造超額盈餘產生正向顯著之影響；(3) 前一年度的員工分紅配股無論是以面值或市值估算都對當年度資訊電子產業創造超額盈餘產生正向顯著之影響；(4) 當年度分紅配股、前一年度分紅配股，對於超額盈餘的創造會有正向的影響，而分紅配股的效果優於現金分紅。

Taiwan’s high-tech industries have exhibited substantial growth in the past two decades, especially in the information technology sector. Profit sharing and employee stock ownership plans have been cited as one of the key successful factors of Taiwanese high-tech firms. There are many firms adopted profit sharing and employee stock ownership plans. However, there is no clear evidence to show that relationship between profit sharing and financial performance is positive. The purpose of this thesis is to investigate the relationship between profit sharing and financial performance. Financial data of 95 firms from 1998 to 2001were collected. Multiple regression model were then applied to examine the effects of employee stock ownership plans on firm’s financial performance. This study tested the effects of two types of profit sharing programs: cash profit sharing and stock profit sharing plans. The results of our study are as follows: First, employee’s stock profit sharing plans calculated by its par value is about 10% of excess earning of each firm. However, there are around 60% of firms without any cash bonus plans. From the empirical study shows that it’s trend more and more firms adopted the cash bonus plans. Second, firms with either cash profit sharing or stock profit sharing plans calculated by its par value or by market value did have positive effective on the same annual excess earning. Third, firms with either cash profit sharing or stock profit sharing plans calculated by its par value or by market value did have positive effective on the next annual excess earning. Fourth, both of the cash profit sharing and stock profit sharing plans did have the positive effective to the excess earning, but the stock profit sharing plans had better profitability effects on cash profit sharing plans.