Sun Yat-Sen Management Review

  Journal Fullview

Sun Yat-Sen Management Review  2008/12

Vol. 16, No.4  p.671-702


Title
員工分紅、公司治理與未來績效
Employee bonus, corporate governance, and future performance
(633719586756320000.pdf 4,934KB)

Author
許崇源、陳昭蓉/國立政治大學會計學系、中原大學會計系
Chung-Yuan Hsu、Chao-Jung Chen/

Department of Accounting, National Chengchi University , Department of Accounting, Chung Yuan Christian University


Abstract(Chinese)

本文探討公司治理特性對員工分紅之影響,及員工分紅對公司未來績效( 包括資產報酬率、市場報酬及權益報酬率)之影響。實證結果發現,在公司治 理特性方面,盈餘分配權較高、董監事持股比率較高及家族控股之公司,通常 發放較少之員工分紅,而機構投資人持股比率愈高及獨立董監事席次較高之公 司,發放較多之員工分紅。進一步測試員工分紅對公司未來績效之影響,實證 結果發現,員工分紅對公司績效之提升有正面的效果。但進一步區分成發放過多員工分紅及發放過少員工分紅後,發現發放過多員工分紅對於提升公司估效 的效果,不如發放過少員工分紅者,即過度發放員工分組對公司績效並無進一 步提升的效果。

(633719586755851250.pdf 65KB)

KeyWord(Chinese)

員工分紅、公司治理、盈餘分配權、分配程度、未來績效


Abstract(English)

This study uses data from listed company to empirically investigate the determinants of employee bonus, including corporate governance characteristics, and the impact of employee bonus on the future performance, including accounting performance and market performance. Empirical result shows that the employee bonus is lower when the firm's controller has higher cash flow right, when the directors own more shares, and when the firm is controlled by family, and that the employee bonus is higher when the firm、 independent board member and institutional ownership are higher. The above empirical results strongly support management self-interest hypothesis. We also examine the relationship between employee bonus and firm future performance. Results show that the impact of employee bonus on firm future performance is positive, but the impact of overpayment is lower than that of underpayment. The policy implication of the results is discussed in the paper.

(633719586755851250.pdf 65KB)

KeyWord(English)

Employee Bonus, Corporate Governance, Cash Flow Right, Overpayment\ Underpayment, Future Performance


Policy and management implications
(Available only in Chinese)

本研究實證結果發現,我國員工分紅之決定與公司治理情況顯著相關。員工分紅制度與我國產業發展有其相關性,但不可否認的,員工分紅決定過程中,管理當局之自利行為亦為重要影響因素。在員工分紅金額之決定因素中,我們發現除了企業之經濟因素特性外,公司治理機制亦扮演重要角色,其中控制股東盈餘分配權較高、董監事持股比率較高及家族控股之公司,通常發放較少之員工分紅,而機構投資人持股比率愈高及獨立董監事席次較高之公司,發放較多之員工分紅,可供員工及投資人決策參考。未來對企業之要求,不但應建立良好公司治理制度,對決定員工分紅的董事會或其薪酬委員會,亦應要求獨立、客觀。我們進一步的探討員工分紅金額之高低對企業未來績效之影響,發現員工分紅對公司績效之提升,整體而言有正面的效果,但亦發現企業發放過多之員工分紅,所產生的激勵效果並不如發放較少者,因此公司在員工分紅策略之使用上應該更謹慎。所稱較多或較少,係指實際發放之員工分紅金額,較考量各項影響員工分紅因素後所計算之正常員工分紅金額為多或為少。


References