股東提供資金，員工致力於公司的經營，公司負責人與管理階層則努力提升經營能力，創造公司的價值，讓公司的股東、管理階層、員工等共同分享企業的經營成果。對公司而言，股東、董監事及員工所扮演的角色雖不儘相同，但同樣對公司的營運有所貢獻，公司治理良好之公司應確保股東、董事會成員與員工報酬之合理與公平。董事會負有制訂公司長期經營策略及監督公司經營之重責大任，且股利與員工分紅之發放由董事會集體決議提案，經股東會通過後執行，因此員工分紅政策可能受到董事會特性之影響。合理的員工分紅政策可以激發激勵效果，提升企業績效，但過當的員工分紅也可能導致對股東權益的稀釋效果。本研究擬針對我國上市(櫃)公司，分析員工與股東報酬間是否存在報酬不對等的現象，並探討董事會特性是否影響員工分紅(現金及股票分紅)對股東報酬(含股利及資本利得)之貢獻度。本研究預期，可以有效激發員工分紅激勵效果大於稀釋效果之董事會特性變數，將與因變數(員工分紅對股東報酬貢獻度)呈現正向關係，無法有效促使員工分紅激勵效果大於稀釋效果的董事會特性變數，將與前項貢獻度呈現負向關係。 Shareholders with provision of capital, employees by input of their effort and board of directors with strategic planning and supervision over operation, are essential for the corporate success, despite that their roles in corporate operation are different. Firms with good corporate governance should ensure that shareholders, employees and directors are equally and fairly treated by rewarding to them with reasonable returns for their valuable inputs. Since corporate boards are core to corporate performance and are in charge of proposal for earnings distribution to shareholders as dividends and to employees as bonuses, the characteristics of corporate board are expected to influence the relationship between the employee bonus and the shareholder dividend. An appropriate employee’s bonus plan can bring incentive effect to the employees to lift firm performance. However, an extravagant employee bonus plan can bring dilution effect to the equity of the shareholders. By applying analysis to the listed companies in Taiwan, this study investigates the effect of board characteristics on a contribution ratio, measured as a ratio of shareholder returns (including dividends and capital gain) to employee bonuses (including cash bonus and stock bonus). It is expected that variables help instigate the incentive effect over dilution effect are expected to be positively related to the contribution ratio. In contrast, variables fail to promote dominant effect of incentive are expected to be negatively related to the contribution ratio.