臺灣博碩士論文加值系統

員工分紅入股制度是各國企業普遍採行的一種激勵措施，特別在電子業或高科技產業中。但是此制度於不同國家或不同企業中之型態殊異，故有必要加以釐清並闡述其內涵。本文即透過此部分分析，將研究範圍設定在我國電子業特有之員工分紅入股制度上。我國電子業實施員工分紅入股制度，不僅吸引高素質人才進駐，帶動該產業的快速發展，且對經濟成長亦有相當大的助益。因此，瞭解此制度之生產力效應乃為本研究亟欲貫徹的核心主旨。
本文以嚴謹的計量經濟理論為基礎，建立可衡量員工分紅入股制度生產力效應之模型。首先，利用橫斷面（Cross Section）資料來探討此制度對員工生產力的影響，因顧及股票分紅與生產力之內生性問題，所以利用似無相關一般化最小平方法（SUGLS）設立聯立方程式以求得生產力效果。其次，利用縱橫資料（Panel Data）模型，以固定效果（Fixed Effect）控制可能的未衡量變數之影響，來瞭解隨著時間經過，分紅入股制度生產力效應之變化情形，以找出此制度長期遞延效果。
研究結果發現，企業前期有無股票分紅，對員工生產力的影響不大；反而是，分紅價值（不論以面額或市價計算），以及分紅佔薪資比例與生產力有正向且顯著關係。若以簡單相關分析來看，則分紅強度相較於其他電子業高的半導體企業，其生產力效應似乎也較高。再者，分析員工分紅入股制度的長期生產力效應則發現，採用此制度短期而言並無太大效果，必須得持續三至四年後，才能有顯著的生產力效應。而本研究為求謹慎，縱橫資料模型不僅使用Cobb-Douglas函數，亦使用Translog函數；更以功能變數（Instrumental Variable）來調整資本存量與勞動投入的內部性問題。不過，所得結果並無差異。
本文且針對近來產官學多所討論的議題─分紅入股費用化，做一建議。根據上述結論，員工分紅入股成本計算方式若改變，將可能降低此制度之生產力效應。故各界在探討該議題時，若能在會計層面之外，加入生產力效果的考量，勢必更為周延與完整。

第一章 緒論…………………………………………………… 1
第一節 研究動機與研究目的………………………………… 1
第二節 研究範圍與研究方法………………………………… 8
第三節 論文組織結構………………………………………… 10
第二章 員工分紅入股制度之闡析…………………………… 12
第一節 廣義員工分紅入股制度之說明……………………… 13
第二節 歐美及其他國家實施員工分紅入股制度的概況…… 18
第三節 我國企業實施員工分紅入股制度的發展…………… 29
第四節 國內外員工分紅入股制度之綜合比較……………… 39
第五節 員工分紅入股制度費用化爭議及其與生產力之關係 42
第三章 文獻回顧……………………………………………… 50
第一節 員工分紅入股制度之理論基礎……………………… 50
第二節 員工分紅入股制度之理論發展……………………… 61
第三節 員工分紅入股制度對員工工作行為及工作績效的影響64
第四節 員工分紅入股制度對生產力影響之研究…………… 66
第四章 員工分紅入股制度對台灣上市電子公司生產力影響
之實證分析…………………………………………………………74
第一節 樣本分析……………………………………………… 74
第二節 以橫斷面資料分析員工分紅入股制度對生產力之影響78
第三節 以縱橫資料分析員工分紅入股制度對生產力之影響 86
第五章 結論與建議…………………………………………… 96
第一節 結論…………………………………………………… 96
第二節 建議…………………………………………………… 101
參考文獻 中文部分……………………………………………… 106
英文部分……………………………………………… 108
附錄一 ………………………………………………………… 115
附錄二 ………………………………………………………… 116

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