鑑於過去研究實證結果發現發放員工分紅對於提升後一年公司績效呈現正反分歧的結果，且少有研究從企業生命週期角度，探討員工分紅對公司後續績效之影響。本研究進一步針對企業所處不同生命週期，採用不同員工分紅制度對公司後續績效長短期之差異影響，本研究採用Almon (1 965) 遞延分配模型(Almon distributed lag model )檢驗公司發放員工分紅對公司後續長短績效(會計績效、市場績效及成長指標)具有何種影響?實證結果發現: (1) 員工股票分紅相對員工現金分紅對公司績效其有長期正面效益，而此效益平均而言只能延續兩年，第三年之後，員工分紅可能會不利於公司後續績效; (2) 區分企業生命週期後，發現公司處於成長(熟)期相對於衰退期，對公司績效影響較有持續性長期顯著效益，而衰退期公司配發員工分紅僅在短期內對公司績效產生影響。 Furthermore, this study explores the impact of corporate life cycle on the relationship betweeri employee bonuses and firm's subsequent performance. Specifically, we would like to investigate that from the viewpoint of corporate life cycle, whether different systems of employee bonuses would bring about different corporate performances. This study uses Almon (1965) distributed lag model and finds that employee stock bonuses, on average, have better and longer impact on corporate performance than employee cash bonuses until subsequent second period. However, after subsequent third period, employee stock bonuses might bring about negative impact on subsequent firm performance. In addition, for firms with the growth stage of the corporate life cycle, employee bonuses would induce long-term subsequent performance, but for firms with the declining stage of the corporate life cycle, employee bonuses would not.