Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18814
標題: 激勵薪酬費用化後獎酬政策改變對後續經營績效之影響-以企業生命週期探討
The Effect of the Change of Compensation Plan on Firm Performance after Expensing Incentive Compensation: A Test of the Life Cycle Hypothesis
作者: 林奕辰
Lin, Yi-Chen
關鍵字: Expensing incentive compensation
激勵薪酬費用化
Business life cycle
Compensation plan
Employee bonuses
Employee stock options
Firm performance
企業生命週期
獎酬制度
員工分紅
員工認股權
公司績效
出版社: 會計學研究所
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摘要: 本文主要探討激勵薪酬費用化後,在不同企業生命週期下,員工獎酬政策改變對後續績效的影響。首先,本研究先探討激勵薪酬費用化後,在不同企業生命週期下,員工分紅比率變動對後續績效之影響,接著進一步探討不同企業生命週期下,員工分紅組成變動對後續績效之影響,最後探討不同企業生命週期下,員工認股權發放比率變動對後續績效之影響。 實證結果顯示,在激勵薪酬費用化後,當公司降低其員工分紅比率,無論在成長-成熟期(G-M)、成長-衰退期(G-S)或成熟-衰退期(M-S)之比較樣本中,皆可發現其後續兩年和後續三年的會計績效也會下降,兩者間呈現顯著正相關,表示公司處在較高成長階段,越能吸引優秀的高科技人才,但以市場績效為績效變數時,此結果並不顯著。接著關於員工分紅組成變動的部分,實證結果顯示,在激勵薪酬費用化後,當公司降低股票紅利佔員工分紅比率時,公司處於成熟期相較於衰退期,其後續一年至後續三年的市場績效也會隨之下降,兩者間呈現顯著正相關,表示公司處於較高成長階段,股票市場對員工分紅組成變動的反應會較大,且此反應為正向關聯,但以會計績效為績效變數時則無顯著關聯性。最後,激勵薪酬費用化後在不同企業生命週期下,員工認股權發放比率變動和未來會計績效及市場績效皆無顯著相關性,揣測可能因員工認股權實施時間較短,且員工認股權相較於員工分紅佔資訊電子業的獎酬比重相對低很多,而導致其對後續績效激勵效果受限,也可能員工認股權需要更長時間才能產生明顯效益。
The objective of this study is to investigate the effect of the change of compensation plan on firm performance at different business life cycles after expensing incentive compensation. First, this study is to examine the effect of the change of the percentage of employee bonuses on firm performance at different business life cycles. Furthermore, the study is to explain the effect of the change of the percentage of employee stock bonuses on firm performance at different business life cycles. Finally, it is to investigate the effect of the change of the percentage of employee stock options on firm performance at different business life cycles. The empirical results indicate that when companies at higher growing stage, they reduce employee bonuses, their future firm performance will also decrease. It means that when companies at higher growing stage, they will attract talented people. But the results are not significant when using stock performance as performance measure. Furthermore, this study also finds that when companies reduce the percentage of employee stock bonus, the future firm performance is lower at the stage of mature than they at the stage of stagnant. It means that when companies at higher growing stage, stock performance in response to the stock bonus ratio will be great. But the results are not significant when using financial performance as performance measure. Finally, the results of changing employee stock option ratio are not significant no matter when using stock performance or financial performance as performance measure. It is probably because the time to execute the policy of employee stock options is short, it will reduce the incentive effect of this compensation plan.
URI: http://hdl.handle.net/11455/18814
其他識別: U0005-0806201215321300
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-0806201215321300
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