本研究為探討人力資本的重要性，對於企業進行員工分紅入股決策之影響，並以當前員工分紅入股比例較高的上市電子業為例，進行迴歸分析，樣本期間為86-92年共七年，經以八個代表人力資本的不同變數，與其他控制變數，分別以市價及帳面價值衡量的員工分紅入股佔員工分紅總數比例，進行分析。結果發現，不論以市價或帳面價值衡量的員工分紅入股佔員工分紅總數比例的衡量方式為何，人力資本的重要性對分紅入股決策是有顯著正向的影響。 The main purpose of this thesis is to find how firm human capital effects its stock-based compensation plan. We use 1997 to 2003 data from publicly traded electronic firms in Taiwan to perform regression analysis. The regression model includes eight human capital variables and other control variables. So that we can test the importance of these variables to book value or market value based compensation plan. The result indicates that human capital variables have significant effect on both book value based and market value based stock compensation plan.
