| 摘要: | 首先本研究以企業生命週期觀點探視員工分紅入股之政策、配發水準以及投資人對員工分紅入股之反應。本研究參考Anthony and Ramesh (1992) 的方法，使用股利支付率、銷貨成長率、資本支出率及公司成立年數作為劃分企業生命週期階段之依據，實證結果發現：(一)以企業生命週期理論將公司劃分三種階段，處於成長階段公司會傾向實施員工股票分紅來激勵員工；而衰退階段公司會傾向員工現金分紅來激勵員工。(二)在員工股票分紅金額方面，當公司處於成長期及成熟期時，公司將傾向發放較多員工股票分紅；若處於衰退期時，公司投資機會減少，公司會傾向減少發放員工股票分紅，顯示公司處於不同生命週期階段，公司決定發放員工分紅入股水準會有非線性結論。(三)投資人對於員工分紅入股反應會於董事會日期第一時間接受資訊而立即反應，並非於延後至股東會反應此資訊內涵。(四)投資人對於員工分紅給予負面評價，而對於成長期與成熟期公司相對於衰退期給於較佳評價，但其投資人對於成長期與成熟期評價並無顯著差異。
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 (1965)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具有長期正面效益，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。
The goal of this study is to investigate the connection between compensate policies, employee stock bonuses, investors’ reaction, from the viewpoint of the corporate life cycle. We divided samples into various life cycle groups based on the methods by Anthony and Ramesh (1992).We use dividend pay-out ratios, sales growth rates, capital expenditure rates, R&D expenditure rates, and firms’ ages to divide corporate life cycles. Through examining Taiwanese companies, the results show that (1) when dividing companies into three stages by the corporate life cycle. The companies decided to adopt more employee stock bonuses at growth stage. In addition, at declining stage, they decided to adopt more employee cash bonuses. (2) When the companies are at the growth stage and maturity period, they will incline to grant relatively more employee stock bonuses. On the other hand, at the declining stage when the investment opportunites of the companies decreased, thet will tend to reduce the amount of employee stock bonus. It is shown that in different corporate life cycles, the policy of granting the employee stock bonus will have non-linear relationships. (3)The investors react employee stock bonus information immediately on the board meeting date, not postponing reflecting this information on the shareholders'' meeting date. (4) Investors will negatively appreciate employee stock bonuses,but Investors will positively appreciate employee stock bonuses at the growth and maturity stages than at the declining stages. Additionally, investors will not raise a different appraisal whether the company is ar the growth and maturity stages.
Furthermore, this study explores the impact of corporate life cycle on the relationship between 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. |
