台灣上市資訊電子產業員工分紅配股行為：獎勵或激勵

Abstract

自1980年代，台灣高科技產業便急速成長，特別是資訊電子業在整個產業發展中尤為突出。高科技產業的興起帶動了員工分紅配股制度的發展，許多人認為，高科技產業之所以能夠成功的在台灣蓬勃發展，員工分紅配股制度所扮演著舉足輕重的角色。而員工分紅配股制度能夠達到如此效果，一般人認為該項制度能夠激勵員工致力於為企業創造更高的績效成長，並留住菁英人才。 雖然國內高科技產業普遍採用員工分紅配股制度，近幾年來對於員工分紅配股制度與未來績效之實證探討亦不在少數，但對於過去、未來兩個面向同時分析之研究卻極少見。本研究之目的在於探討員工分紅配股制度的實行之動機為能夠對過去員工之努力達到獎勵之效果，亦或針對未來績效具有激勵的作用。本研究利用2001~2003年之財務及會計資料，針對台灣上市資訊電子產業所採行之員工分紅配股制度就員工分紅配股與企業獲利能力之以迴歸之最小平方法的方式進行實證分析，另加入了本業所產生之營運績效作為評量指標，客觀的分析員工分紅配股與企業績效間之關聯性。 研究結果顯示，(1)就獎勵的觀點出發，員工過去為企業努力創造績效，企業將可透過員工分紅配股制度與員工分享經營成果，無論是就本業或整體之績效皆認同此觀點。(2)站在激勵的觀點，本研究所做出的實證結果認為員工分紅配股制度之採行就整體績效而言無助於激勵之效果，就本業績效來看兩者亦不具關聯性。

Since 1980, Taiwan’s high-tech industries have speedy extensive growth, especially in the information technology sector. Profit sharing and employee stock ownership policies played an important role in Taiwan’s high-tech firms. There are many firms that have adopted profit sharing and employee stock ownership policies recent years, so we can find out some of evidence about the relationship between profit sharing and incentive. However, there’s no definite evidence to prove the relationship of profit sharing to incentive/compensation at the same time. The purpose of this thesis is to investigate the connection with profit and incentive/compensation. To analyze the relation within profit sharing and performance, we apply OLS regression methodology using samples from Taiwan listed high-tech companies of stock market from 2001 to 2003. Besides, we especially included an signal of operating performance to measure their relation objectivity. In short, we conclude the following contribution in this research： 1.In the point of compensation, employees can be shared profit from past one year achievement to present in all or operating performance. 2.In the point of incentive, we disagree that the past research which profit sharing has incentive effective. As we consider the incentive in operating performance, we found that they don’t have stable relationship. So we think the incentive is existence.