| 摘要: | 在台灣，員工紅利制度分為企業給予員工現金紅利、股票紅利、及現金紅利與股票紅利同時發放之方式等三種。在股票紅利方面，短期而言，能結合員工對組織之向心力並留住優秀人才為公司效力；長期而言，造成公司股本快速膨脹，公司每股盈餘呈現下滑。在現金紅利方面，短期而言，公司需要大量資金，因此較傾向將資金留在公司內；長期而言，企業發放現金紅利之額度有逐年增加之趨勢。但近年來，發放現金紅利之公司其發放額度卻逐年增加，且單純的配發高額股票紅利並無法為公司帶來更好的績效表現。因此，結合各項論點，同時發放現金紅利與股票紅利，是否會使公司績效表現更佳？若是，則其最佳組合比例為何？
實證結果發現，在按除權參考價衡量之員工紅利中，當股票紅利比率為100%，亦即當年度員工紅利全部以股票方式發放時，資產報酬率、股東權益報酬率及營業利益率均會呈現最佳；當股票紅利比率為0%，亦即當年度員工紅利全部以現金方式發放時，資產報酬率及營業利益率會呈現最差，當股票紅利比率為25.08%時，股東權益報酬率會呈現最差。
In Taiwan, the system of employee bonus is divided into granting cash bonus, granting stock bonus, and both granted in the meantime of way etc. At the aspect of stock bonus, for short term, it can combine employee to the centrifugal force of the or-ganization and keep the elitist to continue service the enterprise; for long term, it may cause the company capital stock inflate quickly, the company earnings per share pre-sents a fall. At the aspect of cash bonus, for short term, the company needs a great deal of funds, so tends to leave funds in the company; for long term, the amount of cash bo-nus which the enterprise grants has increased year by year. And only granting a great deal of stock bonus can’t bring a better results of performance for the company. There-fore we combine various talk points and suppose that when stock bonus and cash bonus are granted in the meantime, whether the company performance will present better. If it is true, what is the most optimal proportion which stock bonus and cash bonus should be.
The empirical evidence finds that when employee bonus is measured by ex-dividend preferred price, if the ratio of stock bonus dividing by total employee bonus value equals 100 percent, in other words, employee bonus is granted by the way of stocks, ROA, ROE, and ROI will be the maximum. If the ratio of stock bonus dividing by total employee bonus value equals 0 percent, in other words, employee bonus is granted by the way of cash, ROA and ROI will be the minimum. If the ratio of stock bonus divid-ing by total employee bonus value equals 25.08 percent, ROE will be the minimum. |
