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研究生:李岳蓉
研究生(外文):Yueh-Jung Lee
論文名稱:員工分紅入股與組織績效之關聯性-智慧資本之中介效果
論文名稱(外文):The Relationship Between Employee Stock Bonus and Firm Performance – The Mediating Effects of Intellectual Capital
指導教授:莊智薰莊智薰引用關係
指導教授(外文):Chih-Hsun Chuang
學位類別:碩士
校院名稱:大葉大學
系所名稱:會計資訊學系碩士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:75
中文關鍵詞:員工分紅入股智慧資本組織績效
外文關鍵詞:employee stock bonusintellectual capitalfirm performance
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員工分紅入股制度(employee stock bonus)在國內已行之有年。一般認為員工分紅入股可提升組織績效(firm performance)。然而,「何以員工分紅入股會影響組織績效?」卻顯少為學者探討。員工分紅入股之所以對於組織績效有正向的影響,或許因為這樣的制度能夠促進智慧資本(intellectual capital)的蓄積,而智慧資本有助於財務績效。本研究假設,智慧資本在員工分紅入股與組織績效的關係中扮演重要的中介角色。
本研究選取國內各產業(金融業除外)上市(櫃)公司1994-2005年之資料為樣本,透過智慧資本附加價值係數(VAICTM)衡量智慧資本運用效率,並以資產報酬率(ROA)、淨值報酬率(ROE)、每股盈餘(EPS)、市場價值與帳面價值比(M/B ratio)及Tobin’s q為績效指標,檢視員工分紅入股、智慧資本及組織績效三者間的關聯性。
研究結果顯示員工分紅入股與組織績效、智慧資本與組織績效、員工分紅入股與智慧資本皆呈現顯著正相關,且員工分紅入股與組織績效之關聯性中,智慧資本具中介效果。本研究認為,員工分紅入股制度是激勵員工學習成長的管理作法,而企業在制定管理決策時,不應忽視智慧資本。
Employee stock bonus has been introduced in Taiwan for several years. It is believed that employee stock bonus can promote firm performance. However, “Why employee stock bonus influences firm performance?” is a research question that was seldom discussed. It is possible that employee stock bonus could facilitate the accumulation of intellectual capital, and intellec-tual capital contributes to financial performance. This study hypothesizes that intellectual capital acts as a mediator in the relationship between employee stock bonus and firm performance.
Data of this study were drawn from all public-held companies in Taiwan (except for fi-nancial holding companies) from 1994 to 2005. Employing Value Added Intellectual Coeffi-cient (VAICTM) to evaluate the efficiency of intellectual capital utilization, and using return on asses (ROA), return on equity (ROE), earnings per share (EPS), market-to-book (M/B) ratio, and Tobin’s q as indicators of firm performance, the current study investigated the associations of employee stock bonus, intellectual capital, and firm performance.
Results of this study showed positive relationships between employee stock bonus and firm performance, between intellectual capital and firm performance, and between employee stock bonus and firm performance. It also found a mediating effect of intellectual capital in the relationship between employee stock bonus and firm performance. Employee stock bonus is a managing practice that encourages employees to learn and grow, and firms shouldn’t ignore in-tellectual capital while making decisions.
內容目錄
中文摘要 .....................iii
英文摘要 .....................iv
誌謝辭 ......................v
內容目錄 .....................vi
表目錄 ......................viii
圖目錄 ......................ix
第一章 緒論................... 1
第一節 研究背景及動機.............. 1
第二節 研究目的................. 2
第三節 研究流程................. 3
第二章 文獻探討................. 6
第一節 員工分紅入股............... 6
第二節 智慧資本................. 9
第三節 員工分紅入股、智慧資本與組織績效之關聯
性.......................20
第三章 研究方法................. 26
第一節 研究架構................. 26
第二節 研究樣本................. 26
第三節 研究設計................. 28
第四章 實證結果................. 37
第一節 敘述性統計................ 37
第二節 相關性檢定................ 37
第三節 迴歸分析................. 40
第五章 討論與建議................ 58
第一節 討論................... 58
第二節 管理意涵................. 62
第三節 研究限制與建議.............. 64
參考文獻 ....................65

表 目 錄
表 2-1 台灣現行員工分紅入股制度.......... 7
表 2-2 智慧資本定義................ 10
表 2-3 智慧資本分類及組成要素........... 11
表 3-1 觀察值分佈表................ 27
表 4-1 敘述性統計表................ 38
表 4-2 相關係數表................. 39
表 4-3 員工分紅入股、智慧資本與績效之迴歸分析表
(全產業)......................41
表 4-4 智慧資本與績效之迴歸分析表(全產業)..... 44
表 4-5 員工分紅入股與智慧資本之迴歸分析表(全產業). 45
表 4-6 員工分紅入股、智慧資本與績效之迴歸分析表
(資訊電子業)....................50
表 4-7 員工分紅入股、智慧資本與績效之迴歸分析表
(非資訊電子業)...................52

圖 目 錄
圖 1-1 研究流程圖................. 5
圖 2-1 斯堪地亞智慧資本導航者........... 15
圖 2-2 VAICTM概念圖................16
圖 2-3 策略、平衡計分卡及智慧資本間的關係..... 19
圖 3-1 研究架構圖................. 26
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