員工分紅入股與組織績效之關連性：智慧資本之中介效果 李岳蓉、莊智薰
E-mail: 9607743@mail.dyu.edu.tw
摘 要
員工分紅入股制度(employee stock bonus)在國內已行之有年。一般認為員工分紅入股可提升組織績效(firm performance)。然 而，「何以員工分紅入股會影響組織績效?」卻顯少為學者探討。員工分紅入股之所以對於組織績效有正向的影響，或許 因為這樣的制度能夠促進智慧資本(intellectual capital)的蓄積，而智慧資本有助於財務績效。本研究假設，智慧資本在員工 分紅入股與組織績效的關係中扮演重要的中介角色。 本研究選取國內各產業(金融業除外)上市(櫃)公司1994-2005年之資料 為樣本，透過智慧資本附加價值係數(VAICTM)衡量智慧資本運用效率，並以資產報酬率(ROA)、淨值報酬率(ROE)、每股 盈餘(EPS)、市場價值與帳面價值比(M/B ratio)及Tobin’s q為績效指標，檢視員工分紅入股、智慧資本及組織績效三者間 的關聯性。 研究結果顯示員工分紅入股與組織績效、智慧資本與組織績效、員工分紅入股與智慧資本皆呈現顯著正相關，
且員工分紅入股與組織績效之關聯性中，智慧資本具中介效果。本研究認為，員工分紅入股制度是激勵員工學習成長的管 理作法，而企業在制定管理決策時，不應忽視智慧資本。
關鍵詞 : 員工分紅入股 ; 智慧資本 ; 組織績效
目錄
內容目錄 中文摘要 ．．．．．．．．．．．．．．．．．．．． iii 英文摘要 ．．．．．．．．．．．．．．．．．．．
． iv 誌謝辭 ．．．．．．．．．．．．．．．．．．．．． v 內容目錄 ．．．．．．．．．．．．．．．．．．．． vi 表目錄 ．．．．．．．．．．．．．．．．．．．．． viii 圖目錄 ．．．．．．．．．．．．．．．．．．．．． ix 第 一章 緒論．．．．．．．．．．．．．．．．．．． 1 第一節 研究背景及動機．．．．．．．．．．．．．． 1 第二節 研究目的．．．．．．．．．．．．．．．．． 2 第三節 研究流程．．．．．．．．．．．．．．．．． 3 第二章 文獻 探討．．．．．．．．．．．．．．．．． 6 第一節 員工分紅入股．．．．．．．．．．．．．．． 6 第二節 智慧資本
．．．．．．．．．．．．．．．．． 9 第三節 員工分紅入股、智慧資本與組織績效之關聯 性．．．．．．．．．．．
．．．．．．．．． 20 第三章 研究方法．．．．．．．．．．．．．．．．． 26 第一節 研究架構．．．．．．．．．
．．．．．．．． 26 第二節 研究樣本．．．．．．．．．．．．．．．．． 26 第三節 研究設計．．．．．．．．．．
．．．．．．． 28 第四章 實證結果．．．．．．．．．．．．．．．．． 37 第一節 敘述性統計．．．．．．．．．．
．．．．．． 37 第二節 相關性檢定．．．．．．．．．．．．．．．． 37 第三節 迴歸分析．．．．．．．．．．．．
．．．．． 40 第五章 討論與建議．．．．．．．．．．．．．．．． 58 第一節 討論．．．．．．．．．．．．．．．
．．．． 58 第二節 管理意涵．．．．．．．．．．．．．．．．． 62 第三節 研究限制與建議．．．．．．．．．．．
．．． 64 參考文獻 ．．．．．．．．．．．．．．．．．．．． 65 參考文獻
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