Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/24707
標題: 激勵獎酬制度對企業經營績效之影響—以資訊電子業為例
The Effect of Incentive Compensation Plan on Firm Performance: The Case of Taiwanese Electronic Industry
作者: 詹志偉
Chan, Chih-Wei
關鍵字: http://etds.lib.nchu.edu.tw/etdservice/view_metadata?etdun=U0005-2307200917443200
獎酬制度
員工分紅
員工認股權
經營績效
出版社: 高階經理人碩士在職專班
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摘要: 國內高科技產業激勵員工除了採現金獎酬制度外,亦常實施員工分紅及員工認股權制度,但何種制度對提升企業經營績效有較顯著的效果,則有賴從實例中深入探討,本研究以台灣上市電子業為例,研究期間為2002年至2007年,探討企業實施員工分紅、員工認股權及雙軌制下,對企業後續一年及後續三年的績效影響,以迴歸模型分析何種制度較具激勵效果,本研究以產業調整資產報酬率、產業調整股東權益報酬率及產業調整股票報酬率做為衡量之績效指標。 實證結果顯示,實施員工分紅對企業後續一年及後續三年平均之產業調整資產報酬率及產業調整股東權益報酬率呈顯著正相關,而對後續一年及後續三年平均之產業調整股票報酬率影響則不顯著。企業發行員工認股權對後續一年及後續三年平均之產業調整資產報酬率、產業調整股東權益報酬率及產業調整股票報酬率呈正相關,但效果不顯著,推測原因可能是國內實施員工認股權的企業不多,樣本量偏低,且員工認股權在國內實施的期間不長,又有履約時間上的限制,其對企業的經營績效尚未發揮影響效果。在同時實施員工分紅及員工認股權兩種獎酬制度,對企業後續一年及後續三年平均之產業調整資產報酬率及產業調整股東權益報酬率均呈負相關,但效果不顯著,推測可能亦受員工認股權在國內實施期間不長等因素影響所致。
Domestic high-tech industries to motivate employees in addition to cash rewards system adopted, usually the implementation of employee bonus and employee stock option system. But what kind of system to enhance business performance more significant effect depends on the depth from the examples. In this study, listed in the Taiwan electronic industry as an example for the study period from 2002 to 2007 , analysis of regression model ,to explore the employee bonus, employee stock option and the two-track system,for follow-up to a year-to-business performance and the impact of a three-year follow-up .The study used industry adjusted return on assets, industry adjusted return on equity and industry adjusted return on stock as a measure of the performance indicators. The empirical results show that the implementation of employee bonus against corporate for one year follow-up and a three-year follow-up to the average of industry adjusted return on assets and industry adjusted return on equity was a significant positive correlation.But for one year follow-up and follow-up of a three-year average industry adjusted return on stocks are not significantly affected. Enterprises to issue stock options to employees for follow-up to a three-year and follow-up to a year of firm performance was a positive correlation, but the result is not significant. That may be due to the domestic implementation of employee stock option small enterprises, the sample is low, and during the period is not long,limited by performance time.It has not been an impact on performance results. At the same time, the implementation of employee stock options and employee reward system of the two, year-to-business and follow-up to a three-year follow-up of the industry adjusted average return on assets and industry adjusted return on equity were negatively correlated, but the result is not significant, that may Employee Stock Option is also implemented in the period did not last long due to such factors.
URI: http://hdl.handle.net/11455/24707
其他識別: U0005-2307200917443200
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