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簡言之，實施員工分紅費用化政策之影響，不僅加深公司管理階層對於盈餘 管理動機，更會影響經理人對於其員工分紅之行為。在盈餘管理方面，採取裁決 性應計項目之操控手法，會讓公司之財務報表無法如實地呈現當年的營運狀況；
而在經理人持股方面，經理人深怕自己的員工紅利從此下降，因此經理人會不惜 犧牲股東權益而滿足自身利益，由利益收斂走向利益掠奪，而以公司治理較差之 公司尤為明顯。
第二節 研究建議
就整個員工分紅費用化之研究觀之，本研究只為初期研究，僅就費用化後一 年之樣本作為研究重心，俾期望能有助於建立國內對此一研究主題之實證結果。
以下為本研究對於後續之研究方向所提出之建議。
本研究所採取之樣本期間在假說一與假說二為 2007 年至 2008 年，而員工分 紅費用化至今實施已逾兩年，因此後續之研究建議可納入更多年度分析公司之員 工分紅費用是否跟實施前有所差異，以及公司是否仍然存在針對費用化而採取的 盈餘管理行為又或者該公司之盈餘管理方式是否會有所改變。關於經理人持股方 面，本研究建議亦可加入更多年度以增加樣本量，分析在往後費用化的年度，經 理人之行為是否仍然偏向為利益掠奪假說，抑或者轉而趨向利益收斂假說。另針 對員工分紅年度之歸屬，相對於其他國家而言，我國之分紅分派情形較為特殊，
因此若能獲得前後年估計差異部份之相關資料，則更能確切地分析員工分紅費用 化所帶來之影響。
不僅員工分紅費用化對促使公司進行盈餘管理，其他的會計政策如商譽減損、
固定資產減損等，都有可能給予管理階層進行盈餘管理的機會，使得財務報表無 法呈現實際之情況，而這些情況是當初在制定會計準則時所不願意見到的，因此 如何能夠讓財務報表更具有價值的同時又能夠抑制公司進行盈餘管理的動機，是 財務會計準則制定人所必須考量的問題。
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1. 工商時報，2006.06.16，員工分紅費用化 友達、台積電淨利降二成居冠。
2. 王萬成、高祥恒，2002，裁決性應計項目、衍生性金融商品與盈餘平穩化，
10. 范宏書、陳慶隆，2006，強制揭露員工紅利對盈餘影響資訊之政策效果評估，
會計評論，第 42 期：115-150。
11. 馬秀如，2003，員工分紅配股既是股東的成本，也是公司的費用，會計研究 月刊，第 214 期：62-70。
12. 許崇源，2002，員工分紅會計處理之探討—兼論相關之每股盈餘計算，會計 研究月刊，第 202 期：59-64。
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13. 張文瀞、周玲臺、林修葳，2003，內部人持股連續變動公司之盈餘管理行為 特性，會計評論，第 37 期：53-83。
14. 張培真，2003，員工分紅入股與公司特質之關係及其對公司績效之影響，
國立臺灣大學會計學研究所碩士論文。
15. 陳靜香，2005，公司經營績效、所有權結構與總經理酬勞間之內生性關係，
國立中山大學財務管理研究所碩士論文。
16. 陳淑華，2008，機構投資人對員工分紅政策之影響，國立中正大學會計與資 訊科技研究所碩士論文。
17. 黃科瑋，2008，員工分紅費用化對於公司價值、經營績效及盈餘管理之影響 以台灣企業為例，國立成功大學會計學系碩博士班論文。
18. 曾玉潔，2000，我國高階主管薪酬決定因素之實証研究，國立中正大學會計 學系碩士班論文。
19. 曾偉倫，2006，企業實施員工認股權制度與公司治理機制之關聯性研究，
國立政治大學會計學系碩士班論文。
20. 葉疏、王瑄，2009，員工分紅配股會計處理之價值攸關性探討，
Review of Securities and Futures Markets，第 21 期：163-194。
21. 楊禮全，2009，盈餘管理工具關聯性之研究：以交易目的衍生性金融商品與 裁決性應計項目為例，中興大學會計學研究所碩士論文。
22. 趙志浩，2007，股份基礎給付與盈餘管理之關聯性研究，國立中興大學高階 經理人碩士在職專班論文。
23. 劉嘉雯、王泰昌、方珮璇，2009，員工分紅費用化之市場效應——功能固著 假說之檢驗，中華管理評論國際學報，第 12(3)期：1-24。
24. 蔡宛蓉，2007，資產減損與營運績效及股利發放之關聯性，國立台灣大學會 計學系碩士班論文。
25. 賴倩婷，2001，高階管理人薪酬與其持股率、企業績效之關連性研究，國立
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26. 簡依萍，2009，員工分紅費用化對公司績效影響之研究，國立台北大學企業 管理學系碩士論文。
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