A Research on Employees’ Bonus--The Empirical Investigation of the Companies Listed in Taiwan Stock Exchange

• Main Authors: Ching-Ya Kuo, 郭靜雅
• Other Authors: Weng-Miang Szu
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/36705224951556141443

碩士 === 國立高雄第一科技大學 === 金融營運所 === 91 === This thesis investigates the market reaction against employees' bonus system in Taiwan. Three purposes are the following：(1) To investigate how employees and investors react to the system of bonus and to test if " the optimal bonus rate " exists. (2) There are several ways to estimate the Employees’ bonus rate. We use the actual data to identify which is more adaptable. (3) To estimate " the optimal bonus rate " in the different industry. Our conclusion are as below： (1) The slope of E/P ratio to employees' bonus rate turns round from positive to negative. It is consistent with the existence of "the optimal bonus rate". (2) Investors’ return decreases as the employees' bonus rate increases at first, and increases as the rate increases after touching the trough. It also approves the theory of " the optimal bonus rate ". (3) The bonus / dividend ratio seems to be a more adaptable index than the bonus / earnings ratio in estimating bonus rate. (4) In the 9 industries of our research, the electronics’ optimal bonus rate is the highest, the Elec. & Mach.’s is the second highest, and others are low relatively.