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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/37825
Title: | 員工分紅與股東股利分配不對稱對公司績效的影響-以資訊科技產業為例 Payment Asymmetry of Employee Stock Bonus and Stock Dividends and Subsequent Firm Performance |
Authors: | Yi-Hsuan Huang 黃怡璇 |
Advisor: | 許文馨(Wen-hsin Hsu) |
Keyword: | 員工分紅,股東股利,盈餘分配不對稱,公司績效,激勵效果, employees bonus,payment asymmetry,firm performance,incentive effect,entrenchment effect, |
Publication Year : | 2008 |
Degree: | 碩士 |
Abstract: | 報章媒體報導,在高科技產業公司的股東會,時常有小股東不滿盈餘分配議案中將公司盈餘以股票分紅的形式分配給員工,卻以現金的形式分配給股東的現象,認為本身的權益受到損害。然而,公司的管理者往往以員工分紅制度能夠激勵公司後續的經營績效,為股東創造更高的價值作為理由。本研究欲以實證分析來探討小股東的質疑是否合理。
本研究所定義員工與股東盈餘分配不對稱為員工股票分紅比率大於產業之中位數且股東股票股利分配比率小於產業之中位數,藉此條件作為分組基礎,探討存在盈餘分配不對稱現象的公司,員工分紅與公司後續績效的關聯程度相較於沒有盈餘分配不對稱現象的公司,其後續經營績效是否較差。本研究從實證結果支持存在員工與股東盈餘分配不對稱現象的公司,其後續經營績效相對較差,為小股東的質疑提供合理的證據支持。 公司管理者擬議盈餘分配案時,除了考慮員工分紅對於後續公司績效的激勵效果外,本實證研究提供了另一種角度,對於盈餘分配的發放形式,同樣也需納入考量,員工與股東若存在盈餘分配不對稱現象時,員工分紅產生的激勵效果也會較差,所以管理者應在股票與現金之間的發放取得平衡。 It has been reported that minority shareholders are extremely upset that high-tech firms tend to pay employee bonus in the form of stocks and pay dividends in the form of cash. Managers usually believe that the asymmetric treatments can increase employees' productivity and performance and can increase shareholder benefits in the long run. However, shareholders tend to believe that managers are exploiting shareholders’ benefits to increase their personal benefits. The main purpose of this essay is to investigate the minority shareholders’ perspective is reasonable or not. We first define whether employees have disproportionate stock bonus relative to shareholders. Payment asymmetry exists when a firm’s stock bonus ratio is greater than the industry median and its stock dividend payout ratio is less than the industry median. The objective of this essay is to examine the associations between subsequent firm performance and payment asymmetry in high tech companies in Taiwan. The evidences in high tech companies in Taiwan suggest that there is a negative association between payment asymmetry and subsequent firm performance. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/37825 |
Fulltext Rights: | 有償授權 |
Appears in Collections: | 會計學系 |
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