員工分紅配股法令設限效果之評估 ▁▁以IC設計業為例▁▁

Abstract

金管會(行政院金融監督管理委員會)為導正國內上市上櫃公司大量發放員工分紅配股損害股東權益過鉅的問題，乃在外資壓力下，於民國93 年12月9日修法公佈，並於民國94年1月1日正式實施，限制員工分紅配股的股票股利加現金股息部份，其依市價計算的總額，不得高於本期稅後純益的50%，或可分配盈餘的50%。(於民國95年分配民國94年盈餘時開始適用) 本文將探討此舉對於高股價又高員工分紅配股的IC(Integrated Circuit)設計公司的員工和經營者是否有達到預期的約束員工分紅過當以及避免股本被不當稀釋的抑制效果。 分析結果顯示，上述的法令設限，對於處於成熟階段而又具相當規模之世界級的高股價、高員工分紅配股的上市IC設計公司而言，如現階段的聯發科(2003年到2006年)(P.38到P.42；表5-2 到表5-5)，是幾乎看不到任何負面的衝擊，其員工分紅配股的比例仍居高不下。而有趣的是，政府此舉對於該類型的公司竟然也沒有達到預期的約束員工分紅過當以及避免股本被不當稀釋的效果；然而對處於快速成長期且公司資本額較小之IC設計公司而言，就像現在的類比科、立錡和原相及1999到2002年的聯發科一樣(P.42 到P.62 表5-6到 5-17)，就可能對公司造成具體而又負面的衝擊，因員工分紅配股的比例會受到壓抑。至於股本被不當稀釋的問題，對該階段的IC設計公司而言，竟然不顯著。所以說，政府此次的法令設限辦法對於處於成熟階段之高股價又高員工分紅配股的IC設計公司的員工和經營者不但沒有達到預期的約束員工分紅配股過當以及避免股本被不當稀釋的抑制效果。反而對處於快速成長期而又股本較小的IC設計公司造成壓抑作用，形成不公平的產業競爭環境。 建議的法令設限之比例原則應當以員工的股票股利不高於同年度配發予股東的股票股利之原則下，取一個合理的百分比為依歸；同樣的，員工配發的現金也以不高於股東的現金之條件下，取一個合理的百分比。這樣才能真正達到預期的約束員工分紅過當以及避免股本被不當稀釋的抑制效果，同時也才能反應並兼顧到員工、經營者與股東等三方面間的真正合理所得與分配，且不至於對正在快速成長的優質公司的營運帶來負面而又不公平的衝擊。至於員工與股東就股票股利與現金之間的合理分配比例應設定為何？則不在本論文的探討範圍之列。

For the reason of solving the problem which the employee bonus share is too high to impact on shareholder equity a lot in many public companies in TSEC (Taiwan Stock Exchange Corp.) and GTSM (Gre Tai Securities Market), the FSC (The Financial Supervisory Commission, Executive Yuan), under the pressure of representative of the foreign capitals, decreed the new law on Dec. 9, 2004 and have been effective since January 1, 2005. The new regulation in this new law is that the market value of employee share bonus, including the form of stock shares and cash, will never be allowed to over the half of company’s after-tax net income or total distributable earning. In this thesis, I would like to study if the above regulation can reach the FSC and foreign capitals’ target to limit the employee bonus shares in some reasonable area to high stock price IC design house, and to avoid the equity be diluted too much at same time through the implementation of above regulation. In conclusion, we found that above limitation totally fail to reach the target for that kind of IC design house which is strong, stable and big enough, like MediaTek in currently (2003 to 2006), but it does work for some IC design houses which are smaller but growth faster in both of revenue and profit, like AAT,RichTek,PixArt and MediaTek in past(1999 to 2002). It comes into being the new competition environment that benefits the bigger, stronger and stable IC design house, but harm the smaller and growth faster IC design house. It not only can not reach the original target to above anterior company but also unfair to above posterior company. My suggestion for the above regulation is that don’t compare employee bonus share to after-tax net income or total distributable earning, but compare to dividend. It means that we can take a reasonable percentage from shareholder stock dividend to employee stock bonus, as well take another reasonable percentage from shareholder cash dividend to employee cash bonus. In this way, we can reach the target to limit the employee bonus share on reasonable level and avoid the equity be diluted too much. Also, it will provide the fair competition environment to different scale company and the reasonable distribution for earning among three sides of shareholder, management team and employee. As to how many percentages we should take, not within the discussing area of this thesis.