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    Title: 員工分紅與公司績效及投資人報酬之關聯性研究--以台灣上市資訊電子業為例
    Authors: 蔡志瑋
    Contributors: 許崇源
    蔡志瑋
    Keywords: 員工分紅
    員工分紅入股
    利潤分享制度
    Date: 2002
    Issue Date: 2009-09-18
    Abstract: 實施員工分紅可以留住優秀人才，並激勵員工士氣，使公司整體經營績效提升，但將立即且直接的使股東的權益減少，本研究試著從員工分紅比例的高低來探討，企業是否可藉由員工分紅的政策來激勵員工、提升公司整體經營績效，進而彌補因為員工分紅對股東所造成財富上的損失。
    一、員工分紅與組織績效之關連性
    無論因變數採用會計績效(ROE)或是市埸績效(TOBIN’s Q) 來衡量，無論每股員工分紅是按照面值或是市價來計算，皆能得到顯著正相關的結果，顯示組織的績效確實能透過員工分紅的激勵效果而提高。
    二、員工分紅與投資人報酬之關連性
    員工分紅可以增加企業生產力，則藉由生產力的增加來提升組織績效及獲利能力，亦即員工分紅存在著激勵效果，但員工分紅又存在著稀釋效果來降低投資人報酬，本研究即在探討投資人報酬受激勵效果和稀釋效果之混合效果為何。
    組織的績效確實能透過員工分紅的激勵效果而提高，但隨著發放員工分紅金額的提高，稀釋效果也不斷地往上增加，投資人的報酬也不斷地受激勵效果及稀釋效果而變化。
    由實證結果來看，投資人的報酬並沒有因為前一期員工分紅的增加而提高，反而呈現負相關，顯示員工分紅的激勵效果小於員工分紅的稀釋效果。
    實證結果為投資人報酬和員工分紅呈現顯著負相關，可能的原因為，我國資訊電子產業的員工分紅比率太高了，導致員工分紅的激勵效果小於稀釋效果。員工分紅對組織績效的激勵效果並非呈現一線性的關係，隨著員工分紅的提高，其激勵效果對組織績效的邊際效果影響力呈現一先增後持平或是先增後減的趨勢，但另一方面，隨著員工分紅的提高，其稀釋效果對投資人報酬的邊際影響力卻是呈現一負向的直線關係，故本研究推測我國資訊電子產業的員工分紅比率大於最適員工分紅比率。
    The employee bonus policy can keep the eminent staff and be an incentive to cause the employee work hard to raise the performance of the whole organization. But this policy was caused the direct damage to the equity of the stockholder. The purpose of thesis is to investigate encourage effect by employee bonus ,and to understand whether this policy make up the damage of the stockholder that was created by the system of the employee bonus.
    1.The relationship between employees bonus and organization performance:
    To estimate the result at independent variables- ROE or Tobin’s Q and dependent variables-employees bonus at par value or market value shows a significant positive relationship. It means the employees bonus system can raise the organization performance.
    2.The relationship between employees bonus and the reward of the investor:
    Employees bonus system make the increase of capacity and raise the organization performance. So the employees bonus system encourage the employee. On the other side, the employee bonus system has the dilute effect on the reward of the investor. The study investigates the investor return to be affected with the effects that mix encouragement effect and dilute effect.
    The organization performance raises by the encourage effect of the employees bonus system. But the raise of the employees bonus increase the effect of the dilution. The investors return will be affected by the effect of encourage and dilution.
    The empirical result shows the reward of the investor did not increase with the raising amount of the previously employees bonus. On the contrary, they are a negative relationship. That means the effect of the encourage of the employee bonus was lower than the effect of the dilution of the employee bonus.
    The empirical result shows the significant negative relationship between the employee bonus and reward of the investor. Probably, the electric industry has so high bonus ratio that lead the effect of the encouragement to be lower than the effect of the dilution. Employees bonus cause the encourage effect of the organization performance was not a linear relationship. The encourage effect of the organization performance of the marginal effect shows an increase first then decrease, or increase first then fixed tendency followed the raising amount of the employee bonus. On the other hand, the effect of the dilution to the marginal effect of the investor return shows a negative linear relationship followed the raising amount of the employee bonus. The inference of this study the bonus ratio of the employees’ bonus was higher than the optimal bonus ratio in the electric industry in Taiwan.
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    國立政治大學
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