A Correlational study of Profit-Sharing and Employee Stock Ownership Plan on the Company and Employee Performance

[[abstract]]自1990 年代初期，台灣已有顯著的成長，尤其是有實行員工分紅配股的電 子產業。為了彌補研究缺口，截取台灣109 家上市電子業公司1994 年至2002 年 的資料。研究主要檢定員工分紅配股中的現金分紅與股票分紅這兩種型態對公司 員工分紅提供給員工一定比率的所得，這份所得主要由公司的盈餘所提供， 且以現金支付。員工配股則是傾向於提供公司自己的股票給予員工，在台灣是無 償配股。台灣的電子業除了發放員工現金紅利或股票紅利外，有的公司兼採兩者 混合制，亦是員工分紅配股。近期，員工分紅配股制度在台灣已經造成了一股流 驗證結果顯示出員工分紅與員工配股與公司績效間存在正向關係，但與員工 程度與總薪資雖各有正向與負向的關係，但效果較不顯著。至於因果分析方面， 員工分紅與員工配股與公司績效間存在回饋的關係，但與員工程度與總薪資則不 存在回饋關係，只有股票分紅與總薪資還存在回饋關係。[[abstract]]Since the early 1990s, Taiwan’s information technology industry has gained substantial with the help of unique profit-sharing system and Employee Stock Ownership Plan. The study aimed at testing the effects of profit-sharing and ESOP (cash bonus and stock bonus plans) on company and employee performance. Data were chosen from 109 high-tech firms listed in Taiwan’s stock market during 1994-2002. Profit-sharing involves employees receiving a proportion of their income that is related to profits. Employee share ownership plan refers to arrangements that provide corporate shares to employees to become owners in their firms. Share-based profit-sharing plan involves allocating shares to employees on the basis of profit. Empirical results show that profit-sharing and ESOP are positively associated with firm performance, whereas between employment mobility and total compensation is not significant.The causality between profit-sharing, ESOP and firm performance shows a Feedback relationship, whereas test the causal relationship between employment mobility total compensation is not significant. The profit-sharing, ESOP and total compensation have a significant causal relationship