員工分紅股權稀釋對公司報酬率之影響-以台灣上市電子產業為例

Abstract

台灣高科技產業以員工分紅配股當作吸引優秀人才的一種獎酬方式。此營運手法為台灣經濟引爆另一波的高峰，也造就不少經濟新貴，乍看之下無論是投資人或者管理人均互蒙其利各取所需。但隨著企業及資金的國際化，有關員工獎酬制度及會計處理之研討，不斷撻閥與嚴厲指責台灣員工分红制度。本文以理論與實務測試，評估市場決定現有權益證券價值時，是否將員工分紅配股股權的市場價值，由公司整體價值中減除。

本文研究目的有三： 1. 衡量員工分紅配股對公司股權稀釋程度。 2. 衡量員工分紅配股對公司獲利稀釋程度。 3. 員工分紅配股稀釋程度與公司報酬之影響以及與產業的關聯性。

本文研究結果有三： 1. 分紅配股與現有股東權益價值間呈現負向關係。顯示員工分紅配股制度除了帶來激勵效果外，亦有對股東權益產生稀釋效果之成本。意味若稀釋成本大於激勵效果，則公司整體績效呈現負成長。 2. 公司獲利稀釋率與超額報酬率呈現負向關係。雖然員工分紅短期可帶來激勵效果影響公司經營績效。但長期而言，獲利稀釋率越高，公司經營績效越差。 3. 電子產業中盛行的員工分紅所帶來的激勵效果小於稀釋效果，且時間越長稀釋力越強。即使短期因分發員工分紅配股而使公司績效上揚，但長期而言公司報酬率與稀釋率呈負相關。

The corporate adopt stock bonus as a portion of employee compensation, especially in Taiwanese electronic industry. Employee is granted directly with new common stocks without any future cost. The more common stock released, the more diluted rate of stock will impact to original stockholder. Thus, the study focuses on the Taiwanese electronics industry and measures the dilution rate of employee bonus on stockholder’s equity. This paper investigates the relationship between dilution rate of employee bonus and company performances. The purposes of this paper are measure the relationship between stock bonus and stockholder dilution rate. And analyze the relationship between stock bonus and earning dilution rate. The findings show 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 stock employee bonus. This implies that the market responses to the dilutions of employee bonuses on the stockholder’s equity. It also means that market return will be shrunk if the dilution impact is greater than incentive grogram.