A Research on Employees’ Bonus --The Empirical Investigation of the Companies Listed in Taiwan Stock Exchange

[[abstract]]本論文旨在研究我國員工分紅制度的市場反應，目的有三：(一)探討員工與市場投資人如何對分紅制度做出反應，是否如理論所言真的存在最適分紅率。(二)衡量員工分紅率有不同的指標，我們以實際的資料檢測何種指標較具攸關性。(三)估計各產業上市公司員工及投資人所認可的最適分紅率。 我們的研究結論如下： (一)益本比的大小與員工分紅率的高低存在「先增後減」的關係，即支持最適分紅率之存在。 (二)報酬率的大小與員工分紅率的高低存在「先減後增」的關係，此亦間接支持最適分紅率之存在。 (三)市場似乎較認同以員工分紅對股東股利比率最為分紅率之指標，而較不傾向以盈餘分紅率作為指標。 (四)最適員工分紅率以電子業最高，電機機械業次之，其他產業普遍較低。[[abstract]]This thesis investigates the market reaction against employees' bonus system in Taiwan. Three purposes are the following：(1) To investigate how employees and investors react to the system of bonus and to test if " the optimal bonus rate " exists. (2) There are several ways to estimate the Employees’ bonus rate. We use the actual data to identify which is more adaptable. (3) To estimate " the optimal bonus rate " in the different industry. Our conclusion are as below： (1) The slope of E/P ratio to employees' bonus rate turns round from positive to negative. It is consistent with the existence of "the optimal bonus rate". (2) Investors’ return decreases as the employees' bonus rate increases at first, and increases as the rate increases after touching the trough. It also approves the theory of " the optimal bonus rate ". (3) The bonus / dividend ratio seems to be a more adaptable index than the bonus / earnings ratio in estimating bonus rate. (4) In the 9 industries of our research, the electronics’ optimal bonus rate is the highest, the Elec. & Mach.’s is the second highest, and others are low relatively