| 摘要: | 企業在面對全球競爭的環境下，為了留住高階人才及降低代理成本的問題，常以員工認股權作為激勵制度，一方面可控制直接金流支出，另一方面也讓員工成為公司股東，增加公司凝聚力。近年來台灣也有越來越多企業採取員工認股權的制度，尤其是科技業及新創公司較為常見。因高階主管為負責公司重大決策的關鍵人物，對企業經營績效有重大影響，若公司績效越好，則表示公司之股票價值越高，能產生更高的個人股票獲利，因此也較能激勵高階主管提高公司的經營績效。而根據過去的文獻中，較少特別針對高階主管認股權的激勵對企業經營績效之影響進行研究，因此本研究主要探討企業的高階主管認股權是否影響公司經營績效？並以2015年至2019年間有發行高管認股權之台灣上市(櫃)公司為研究對象，進行實證分析，因金融產業性質特殊，且財務結構與一般產業不同，故樣本中不包括金融保險業、證券業與投資信託等金融產業公司。本文根據文獻探討推論出之研究假說為，授與高管認股權對公司經營績效有顯著且正向關係。用線性迴歸分析，以Tobin’s Q、資產報酬率(ROA)及股東權益報酬率(ROE)作為公司績效指標，實證結果指出，授與高階主管認股權對公司績效的影響皆為正向且顯著關係，驗證本研究之假說。
In the face of global competition, in order to retain corporate executives’ talents and reduce agency costs, companies often use employee stock options as an incentive system. On one hand, it can control the directly cash flow expenditure, and the other hand, it also allows employees to become the company's shareholders, increasing the company's cohesion. In recent years, more and more enterprises in Taiwan have adopted the system of employee stock options, especially in the technology industry and startup companies are more common. Because the corporate executives are key figures of responsible for major company decisions. they have a significant impact on the business performance of the company. If the company's performance is better, it means that the company's stock value is higher, and it can generate higher personal stock profits.
Therefore, it can also incentives for corporate executives to improve the company's operating performance. However, according to the previous studies, there are few studies on the impact of granting executives’ stock options incentives for business performance. Therefore, this study mainly the impact of granting executives’ stock options incentives for business performance? And Sample firms are selected from listed (OTC) companies in Taiwan granting stock options during the period of 2015 to 2019 and conduct empirical analysis, Due to the special nature of the financial industry and its financial structure is different from that of general industries, the sample does not include financial industry companies such as financial insurance, securities industry, and investment trusts. This study hypothesis deduced in this study based on the literature review is as follows: granting executives stock options to has a significant and positive relationship with the company's operating performance. Used the linear regression analysis, the Tobin's Q, Return on Assets (ROA) and Return on Equity (ROE) as company performance indicators. The empirical results show that the impact of granting executives stock options to company performance is positive and significant, which verifies the hypothesis of this study. |
