員工獎酬策略對公司治理影響之研究 —以台灣工業電腦產業為例

Abstract

公司治理之基本精神為先公平對待所有利害關係人，再追求公司價值之極大化，財務報表中之損益表其實就是公司治理之縮影，收入（客戶）減去成本費用（供應商、員工、主管機關、債權人及其他間接外部支援廠商）得出稅前淨利，再減去所得稅（政府），後得稅後淨利（股東享有）；惟在追求股東利益極大化的同時，給與高額的員工獎酬在簡單的損益表計算裡可能造成股東利益之稀釋。 本研究以高度客製化及重研發涵量之台灣工業電腦產業為例，分析員工獎酬策略對股東權益及公司治理中相對利害關係人之影響。經過個案資料分析，屬盈餘分配型及高獎酬型策略之企業於公司治理上對公司經營績效、股東及員工權益、債權人之保障，以及對政府稅收與社會責任之貢獻上均有積極正面的效果，特別是屬盈餘分配型之非上市櫃公司於公司治理精神之實踐上，並不亞於其他上市櫃公司。 此外，就高獎酬策略（成長型或高比率）之上市櫃公司，其公司經營績效大部分明顯優於中低獎酬策略之上市櫃公司。2015年金管會將員工酬勞分配上限取消，惟上市櫃公司大幅提升員工酬勞分配比率之案例並不多，本研究結果中之高獎酬型(含盈餘分配型)之員工獎酬策略案例及2017年底最新修訂之公司治理評鑑指標增加「應將經營成果反映於員工薪酬」，或許可以給欲強化公司治理之所有上市櫃公司一個啟發，公司治理成功的關鍵或許不在於過度強調股東權益之維護，而是應更重視員工並激勵員工超越現狀，並激化出員工創業家的精神，以使企業績效極大化，並更有能力落實企業社會責任

The basic spirit of the Corporate Governance is to treat all stakeholders fairly and then to chase the maximal corporate value. The income statement reported in the financial statement actually is the miniature of the Corporate Governance. Revenue (clients) minus Cost and expense (suppliers, employees, authorities, creditors and other indirect outside vendors) yields income before taxes and then to deduct taxes (Governments) which finally produces the net income (possessed by stockholders). However, when purchasing the profit maximization of stockholders, to give large shares of employee compensation might lead to the dilution of stockholder profits in a simple income statement. In this study, we took Taiwan’s IPC industry which is highly customized and extremely focusing on research and development as the example, to analyze the impact of the Strategy of Employee Compensation on both shareholders’ equity and all stakeholders, mentioned in corporate governance. By analyzing the case data, it has found that enterprises, which use distribution and high compensation, have active and positive effects on the corporate performance, shareholders and employees’ equity, protection of bondholders, tax revenues of government, corporate social responsibility(CSR). Especially, the non listed Taiwanese company, who uses distribution as their strategy, in the actual practice of Corporate Government are as good as those listed ones. Moreover, listed companies, who use the high employee compensation strategies (growing or high ratio), their corporate performance are better than those who use the middle or lower compensation strategies. In 2015, The Financial Supervisory Commission (FSC) canceled the maximum of employee compensation. However, there are few cases to show listed companies make significant progress in employee compensation. The results in this study on the strategy of employee compensation by using distribution and the Corporate Governance Evaluation Indicators, revised in the end of 2017, has added “to reflect the business achievement on employees’ salaries” might illuminate listed companies who want to intensify their corporate government. The key point for a successful corporate government maybe is not to focus on the protection of stockholders’ equity but is on how to use the compensation strategy to inspire employees to overtake their present situation and to intensify their employees’ entrepreneurship and then to make the maximization of the corporate performance and furthermore to put the corporate social responsibility into practice.