實施員工認股權制度的目的在於透過激勵員工，以提升公司績效，進而吸引投資者，提升市場績效。為了探討我國企業實施員工認股權制度的成效，本研究以2008年至2017年上市、上櫃公司為研究對象，檢測發放員工認股權憑證對公司市場績效之影響。實證結果顯示，公司發放員工認股權憑證給主要經理人，無論是同期模式及遞延一年期模式，Tobin’s Q均優於未發放公司。公司發放員工認股權憑證給董事，在同期模式，Tobin’s Q劣於未發放公司。公司發放員工認股權憑證給主要經理人及董事，無論是同期模式及遞延一年期模式，Tobin’s Q均劣於未發放公司。顯示市場投資者較青睞公司發放員工認股權憑證給主要經理人。
The purpose of motivate employees to improve company performance by Em-ployee Stock Option or attract investors through the system to improve market per-formance. To probe into the relationship between Employee Stock Option and market performance, this paper provides a test for the effect of Employee Stock Option on market performance. Date from publicly traded listed in the Taiwan Stock Exchange during the period 2008-2017. The empirical results are as follows. It is strong evi-dence the firm with Employee Stock Option for Chief Executive Officer and Execu-tive Vice President have Tobin’s Q(the same period、lag one-year model) higher than without Employee Stock Option. It is strong evidence the firm with Employee Stock Option for Director have Tobin’s Q(the same period) lower than without Employee Stock Option. It is strong evidence the firm with Employee Stock Option for Director, Chief Executive Officer and Executive Vice President have Tobin’s Q(the same peri-od、lag one-year model) lower than without Employee Stock Option. Market investors prefer the firm with Employee Stock Option for Chief Executive Officer and Execu-tive Vice President.
