The Economic Effects of Profit Sharing and Taiwan-style Employee Stock Owner Ship Plans: Evidence from Taiwan's High-tech Firms

分紅入股的經濟效果：台灣高科技公司的經驗

10.6295/TAMJ.2003.0301.01

韓志翔(Tzu-Shian Han)

員工財務參與 ； 分紅入股 ； 經濟效果 ； 台灣高科技公司 ； Employee Financial Participation ； Profit Sharing ； Employee Stock Ownership Plans ； Economic Effects

台灣管理學刊

3卷1期（2003 / 02 / 01）

1 - 22

英文

自從一九八零年代初以來，台灣高科技產業成長迅速，尤以資訊業為甚。許多人認為台灣高科技產業發展成功因素之一在於科技公司在此段高度成長時期所採用的分紅入股制度。雖然如此，目前台灣仍然缺乏系統性研究來檢證逐漸受西方學界重視的員工財務分享對績效、雇用與薪資影響的課題。本文的目的即在於彌補這個研究缺口。本研究的資料取自於台灣115家上市高科技公司的財務資料。研究結果顯示，台灣的分紅入股制度與公司績效、雇用穩定與溫和成長、以及總體薪資均存在正向關係。

Since the early 1980s, Taiwan's high-tech industries have gained substantial growth, in particular in the information technology (IT) industry. It has been often claimed that one of the major reasons for this success is due to profit sharing and employee stock ownership plans adopted by many Taiwan's high-tech firms during the period of high growth. However, there is a lack of rigorous systematic studies examining their effects on performance, employment and wages that have increasingly drawn attention from academics in Western societies. The aim of this paper is to fill up this research gap. Drawing on data from 115 high-tech firms listed in Taiwan's stock market, the empirical results show that profit sharing and Taiwan-style ESOPs are positively associated with firm performance, employment level as well as total compensation.

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