員工分紅費用化對董監酬勞與員工紅利發放及經營績效之影響

• Main Authors: 陳姿諭, Chen, Tzu Yu
• Language: 中文
• Published: 國立政治大學
• Subjects: 員工分紅費用化; 董監酬勞; 員工紅利; 經營績效; Expense treatment for employee bonus; director compensation; employee bonus; corporate performance
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0098353006%22.

公司的順利有效運作仰賴企業整體共同努力，透過發放以公司績效為計算基礎的酬勞及紅利，期望能增加董監與員工的工作動機，進而達到提升公司績效之目的。然而，我國於費用化制度實施前，董監酬勞與員工紅利之會計處理係作為盈餘分配項，而非列為薪資費用，此作法受到外資及投資法人的批評，認為台灣企業的財務報表無法允當表達其實質經營狀況。為消除相關人士的抨擊，並與國際會計準則接軌，我國陸續修訂法律、頒布公報及解釋函令，規定自2008年1月1日起，員工分紅及董監酬勞費用化制度正式開始實施。 本研究欲探討在費用化制度實施後，公司的酬勞及紅利制度將產生什麼變化，且該項制度的變動是否會改變對董監及員工的激勵誘因，進而影響公司績效。本研究實證結果顯示，員工分紅費用化制度實施後，公司發放的董監酬勞佔稅後淨利比例無顯著變化。在員工紅利部分，現金紅利比重提高，股票紅利比重則降低。無論於費用化制度實施前或後，給予員工現金或股票紅利，皆有助於公司提升經營績效；惟費用化後，現金紅利之激勵效果變差，股票紅利則變好。此外，若同時比較員工現金與股票紅利兩者，可發現無論是費用化實施前或實施後，現金紅利對於提升公司經營績效之效果皆較佳。 === The success of corporate operations relies on the efforts of all people in the firm. By distributing compensation and bonus which are based on corporate performance, it not only can enhance directors’ and employees’ work motivation, but also achieve the purpose of better corporate performance. The accounting treatment for director compensation or employee bonus used to be recognized as a part of corporate earnings distribution, not as an expense. This method was, however, criticized for its failure to present the true operating results of a company. In order to solve this problem and in accordance with the IFRS treatment, the government amended the related laws and required that both director compensation and employee bonus be recognized as salary expense after January 1, 2008. The purpose of this study is to investigate the changes in director compensation and employee bonus after the above new regulation took effect. This study also examines whether this change alters the incentives to directors and employees. The empirical results show that after the new accounting treatment, no significant changes in the percentage of director compensation to net income. When it comes to employee bonus, the percentage of cash bonus increased, but the stock bonus declined. In addition, employee cash and stock bonus, no matter being treated as an expense or not, did help the firms to enhance performance. However, cash bonus’ motivation effect became lesser, whereas stock bonus’ effect increased. Furthermore, cash bonus was more effective than stock bonus in improving corporate performance before and after the expense treatment for employee bonus.