實施員工分紅可以留住優秀人才，並激勵員工士氣，使公司整體經營績效提升，但將立即且直接的使股東的權益減少，本研究試著從員工分紅比例的高低來探討，企業是否可藉由員工分紅的政策來激勵員工、提升公司整體經營績效，進而彌補因為員工分紅對股東所造成財富上的損失。 一、員工分紅與組織績效之關連性 無論因變數採用會計績效(ROE)或是市埸績效(TOBIN’s Q) 來衡量，無論每股員工分紅是按照面值或是市價來計算，皆能得到顯著正相關的結果，顯示組織的績效確實能透過員工分紅的激勵效果而提高。 二、員工分紅與投資人報酬之關連性 員工分紅可以增加企業生產力，則藉由生產力的增加來提升組織績效及獲利能力，亦即員工分紅存在著激勵效果，但員工分紅又存在著稀釋效果來降低投資人報酬，本研究即在探討投資人報酬受激勵效果和稀釋效果之混合效果為何。 組織的績效確實能透過員工分紅的激勵效果而提高，但隨著發放員工分紅金額的提高，稀釋效果也不斷地往上增加，投資人的報酬也不斷地受激勵效果及稀釋效果而變化。 由實證結果來看，投資人的報酬並沒有因為前一期員工分紅的增加而提高，反而呈現負相關，顯示員工分紅的激勵效果小於員工分紅的稀釋效果。 實證結果為投資人報酬和員工分紅呈現顯著負相關，可能的原因為，我國資訊電子產業的員工分紅比率太高了，導致員工分紅的激勵效果小於稀釋效果。員工分紅對組織績效的激勵效果並非呈現一線性的關係，隨著員工分紅的提高，其激勵效果對組織績效的邊際效果影響力呈現一先增後持平或是先增後減的趨勢，但另一方面，隨著員工分紅的提高，其稀釋效果對投資人報酬的邊際影響力卻是呈現一負向的直線關係，故本研究推測我國資訊電子產業的員工分紅比率大於最適員工分紅比率。 / The employee bonus policy can keep the eminent staff and be an incentive to cause the employee work hard to raise the performance of the whole organization. But this policy was caused the direct damage to the equity of the stockholder. The purpose of thesis is to investigate encourage effect by employee bonus ,and to understand whether this policy make up the damage of the stockholder that was created by the system of the employee bonus. 1.The relationship between employees bonus and organization performance: To estimate the result at independent variables- ROE or Tobin’s Q and dependent variables-employees bonus at par value or market value shows a significant positive relationship. It means the employees bonus system can raise the organization performance. 2.The relationship between employees bonus and the reward of the investor: Employees bonus system make the increase of capacity and raise the organization performance. So the employees bonus system encourage the employee. On the other side, the employee bonus system has the dilute effect on the reward of the investor. The study investigates the investor return to be affected with the effects that mix encouragement effect and dilute effect. The organization performance raises by the encourage effect of the employees bonus system. But the raise of the employees bonus increase the effect of the dilution. The investors return will be affected by the effect of encourage and dilution. The empirical result shows the reward of the investor did not increase with the raising amount of the previously employees bonus. On the contrary, they are a negative relationship. That means the effect of the encourage of the employee bonus was lower than the effect of the dilution of the employee bonus. The empirical result shows the significant negative relationship between the employee bonus and reward of the investor. Probably, the electric industry has so high bonus ratio that lead the effect of the encouragement to be lower than the effect of the dilution. Employees bonus cause the encourage effect of the organization performance was not a linear relationship. The encourage effect of the organization performance of the marginal effect shows an increase first then decrease, or increase first then fixed tendency followed the raising amount of the employee bonus. On the other hand, the effect of the dilution to the marginal effect of the investor return shows a negative linear relationship followed the raising amount of the employee bonus. The inference of this study the bonus ratio of the employees’ bonus was higher than the optimal bonus ratio in the electric industry in Taiwan.

勞資關係中雙方存在合作與對立的態勢，主要的原因在於雙方利益具有衝突與一致之可能性。如何避免勞資間的衝突對立、強化勞資合作，是極為重要的課題。而另一方面，勞工意識抬頭，各種強調勞工權益之社會運動蓬勃發展，促成勞動者力量之提升，企業─私人之經濟體，已不再是僅由資方專制之組織。故，在企業內，勞工參與制度已獲得相當之重視與實施，不僅在決策方面、經營方面有參與之權利外，在企業經營報酬與成果方面，更應讓全體勞工加以分享─亦即經濟民主之概念。 因此，本文乃以經濟民主之概念出發，探討勞工財務參與制度之本質與內涵。蓋勞工財務參與制度早在歐美等先進國家實施已久，其功能、類型、目的、法令規範等等之間，皆因各國之社會、歷史、文化、勞資關係等影響因素下出現相當分歧之現象，頗值得進一步研究與了解。故，本文主要分析英、法、德、美等四國之勞工財務參與制度，包含現況、類型、法令、勞資立場、功能等方面，並將四國之情況作一比較分析，以獲知該制度之演變與目前實務上之運作情形。此外，將國內之勞工財務參與計畫(包含年終獎金、現金分紅、員工分紅配股等)與先進國家作一比較後，可以發現目前我國在法令上缺乏完善之規範外，普遍對於勞工財務參與概念尚停留在員工分紅配股之層級上，並用來作為圖利特定人員之工具。因此，我國如要解決現行制度之缺失，並達成財務參與制度之潛在功能，需從下列三點著手：一、法令規定排除高階經理人員(包含董監事)領取員工分紅配股權利，並限制不合理之領取條件(如差別待遇、不得賣出持有股份期限過長等)；二、加強企業內之勞工參與；三、制定完善之儲蓄投資薪資理財管道，讓勞工可依照本身情況，將薪資或分紅作為長期儲蓄投資之用，以促進勞動者財產形成與經濟生活保障。