企業為因應瞬息萬變的經營環境以及全球化下之國際競爭環境，以併購作為提升競爭力手段已蔚為風潮。我國政府為鼓勵企業併購，因應加入世界貿易組織後之全球競爭，陸續修改相關法規，更制定「企業併購法」，提供企業多元併購機制，簡化了企業組織重整與結構調整程序。 企業併購伴隨而來之所有權、經營權之變動，將連帶使勞動關係產生變化，本研究針對企業併購勞動關係之處理，透過整理併購相關文獻、探討國外企業併購員工權益保障機制，並對勞動基準法及企業併購法等法規範做一整體之檢視，分析企業併購勞動關係處理方式，以及併購後組織型態變更所產生之勞動問題，最後藉由個案研究方式，瞭解企業實際作法及面臨的問題，從企業經營面及法令面分析我國企業併購員工權益保障不足和待改進之處。 整體而言，我國企業併購相關法制給人相當紊亂的感覺，且對於員工保護政策與先進國家概括承受法理相背，由於企業併購涉及層面甚廣，且型態多樣化，僅以勞動基準法第二十條、企業併購法第十五、十六、十七條規範個別勞動關係，不足以涵蓋各種併購型態對員工造成之影響，且企業併購集體勞動關係之處理相關規範亦欠缺完整性，本研究認為政府有必要就企業併購對員工、工會造成之實質影響，在權衡勞雇雙方利益下，重新檢討相關法令，明文規範企業併購新舊雇主相關權利義務，制定合宜法令以保障員工權益。 / Under the fast changing operation environment and international competition of the globalization, more and more enterprises use mergers and acquisitions（M&A）as a way of enhancing business competitiveness. Due to the trend of M&A and the stress of global competition after join the WTO, the government has amended the relevant regulations successively, and made the Merger and Acquisition Law, providing enterprises multiple choice of M&A and simplifying business reorganization and structural adjustment procedure. However, following the change of ownership and management rights, M&A often leads to change of labor relations. This article will focus on the effects of labor rights consequence of M&A by reviewing the existing literature and research, introducing foreign employment protection law regarding M&A, providing an overview of the Labor Standard Law and the Merger and Acquisition Law, discussing the labor issues outcomes of reorganization after M&A, and using case study to understand more about the actual effects of labor rights. As a whole, relevant regulations of M&A in Taiwan are quite messy, and the policies of labor protection are different from developed countries. Owing to M&A involves in a lot of aspects and has a wide variety of types, only Article 20 of the Labor Standard Law and Article 15, 16, 17 of the Merger and Acquisition Law are not enough to contain various kinds of merger type and protect employee’s rights, this study suggests that it is necessary for the government to reconsider relevant regulations and make proper regulations to safeguard the rights of employees by balancing labor’s rights and business’s profits.

台灣近幾十年歷經民主化洗禮，社會大幅轉型；政府面對國際競爭壓力及國內政經環境的急速變遷，為順應社會變革與民眾期待，並冀望對行政組織做全面性、系統性的檢討，爰依據2001年「經濟發展諮詢委員會議」的共識和「總統府政府改造委員會」的決議成立組織改造推動委員會，同時從政府核心職能角度深入思考，規劃組織總體檢及新時代國家樣貌，俾為全民打造一個具有國際競爭力的環境。 政府改造係以「具全球競爭力的活力政府」為願景，並訂定1.興利創新的服務機制；2.彈性精簡的行政組織；3.專業績效的人事制度；4.分權合作的政府架構；5.順應民意的國會改造等五大目標，同時將行政院組織改造列為第一要務。因行政院組織改造後之工作環境、業務範疇、定位方式等皆攸關員工權益與福祉，故員工對政府改造工程之支持與認同，及各項修法工作、研議內容對員工之影響層面，員工對組織改造之不確定性認知與組織承諾之關係、對組織承諾程度上之差異等等，均為本研究探討之範疇，又研究結果所提出之建議可供作政府未來政策之參考。 本研究以行政院院本部400餘位員工為研究對象，並就不同職級職等、主管或非主管人員及職工（駕駛、工友）選取訪談對象。另為增加廣博性，研究過程亦徵詢曾參與規劃之相關權責單位如研考會、人事行政局、政府改造委員會成員之意見，俾更了解組織改造之背景因素與進程目標。本研究共設計八個訪談題目，其內容略以：1.行政院組織改造近期能否定案？最大瓶頸為何？2.員工是否關心行政院組織改造長期演變？未來能否落實「小而美、小而能的高效率政府」？3.行政院組織改造是否影響個人權益？宣導與規劃措施是否完善？影響何種職務員工權益最鉅？4.機關組織變革對個人有何心理或實質層面影響？5.行政院組織改造是否造成員工疑慮與壓力？6.員工以何種態度面對機關組織變革？採何因應策略？7.員工於組織變革之際是否考慮退休？與原來生涯規劃有無落差？主要因素為何？8.對行政院組織改造有無其他意見或建議？ 本研究發現，行政院組織改造停滯不前之關鍵，在於複雜的政治環境與立院生態使相關法案受到杯葛；受訪者一致認為組織改造會影響員工權益，且對組織變革充滿不確定性與不安全感，業務整併或移撥將使部分員工由主管變非主管，或轉換工作環境，甚至選擇退休；而舊有習慣的改變，對變革缺乏信賴所產生的誤解，以及個人利益受到威脅等等，均導致員工對未來充滿疑惑與恐懼；又受訪者多認為政府宣導與規劃措施不足，並主張應再加強雙向溝通與宣導。受訪者平均年資約20年，部分符合退休條件者表示組織變革之際可能選擇退休，顯示政府已成功設計了優退的誘因，並能充分掌握人員編制減併的預期目標，另中高階層因主管職務變動所產生的衝擊，亦可能帶動提前退休之風潮；惟此所衍生之業務斷層、人力不足等問題是否會影響行政效能？又退休人數集中勢必造成政府嚴重的財政負擔，而提早退休者在失業率攀高的年代，似難再覓得第二春的工作機會，退休年齡提前亦將使社會閒置人力趨向年輕化，這些併同人口老化、平均壽命延長所引發的退休安養規劃不足的問題，都可能使社會經濟結構產生新的變化，在社會福利制度未臻健全之前，建議政府應預為防範。 行政院組織改造後一旦裁撤各業務組，必將改變幕僚作業機制並影響院長裁處決策，故建議未來應籌設完備、多元的政策幕僚機關，以強化院長政務領導與政策統合。又為使員工了解組織變革之原因與過程，減少誤解與疑慮，建議政府應加強宣導及建立溝通管道，並可考慮以任務編組方式成立「組織調整發展小組」，採問卷調查、座談會、個案處理等多種方式運作；而員工面對環境改變時，亦應積極調適、主動學習多元業務與技能，藉以認識組織之核心價值，了解內部優勢與外部競爭環境，以加強對組織之認同與承諾。

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自2001年以來，美國爆發安隆、世界通訊等一連串的弊案後，國際性投資機構法人不斷對財務會計報表是否能真實、允當的表達一家公司經營的面貌產生未有的質疑，其中包括國內實施多年的員工分紅配股制度，在此期間，國內主管機關、產業界及學術界針對此制度所衍伸的問題有相當多的討論與交換意見。 本研究觀察2004~2006年國內員工分紅配股現況；探討員工分紅配股屬盈餘分配情況下，在目前會計處理所衍伸的公司治理及會計原則適用問題；並參考馬秀如教授於會計研究月刊所舉的例子，加以延伸，加入更多參數及假設條件，探討員工分紅配股依面額或依市價計算、股價高或股價低、盈餘是否全數轉增資、除權後是否填權情況下，對股東權益產生何種不同程度的影響；再針對目前產業界，針對員工分紅費用化後，員工產生的實質所得減少，所回應的因應配套措施，探討其各項配套措施對員工權益、股東權益甚至產業界長久以往的影響。 經本研究觀察及探討，有以下發現，提供主管機關、投資人、企業及員工做為參考： 一、2006年員工分紅配股稀釋股東權益仍極嚴重，且2004年至2006年員工分紅配股稀釋股東權益情況並無往改善方向進行。 二、現行員工紅利屬盈餘分配的會計處理，無法真實反應公司盈餘、有違公司治理精神且無法與國際會計準則接軌。 三、在相關的簡化假設條件下，員工分紅配股對股東權益造成下列之影響： 1. 高股價、員工分紅配股依面額計算、盈餘全數轉增資情況下，填權與否不影響期末股權稀釋比率。 2. 低股價、員工分紅配股依面額計算、盈餘全數轉增資情況下，填權與否仍不影響期末股權稀釋比率。 3.員工分紅配股依面額計算、盈餘不全數轉增資情況下，不論股價高低、填權與否，均可使期末股權稀釋比率大幅降低。 4. 高股價、員工分紅配股依市價計算、盈餘全數轉增資、填權情況下，期末股權稀釋比率大幅降低。 5. 低股價、員工分紅配股依市價計算、盈餘全數轉增資、填權情況下，期末股權稀釋比率較高股價高。 四、現行員工紅利屬盈餘分配的會計處理下，大多數的公司選擇員工分紅配股的員工激勵制度。 五、員工分紅費用化後，使股東權益稀釋程度鎖住一固定比率、盈餘真實性提高、公司間可在同一基礎上相互比較、財務透明度提高並與國際接軌。 六、員工分紅費用化後，企業因應的員工激勵制度配套措施將呈現多樣化。 七、員工分紅費用化，對員工實質所得有相當大的影響；對股東為鎖住一固定比率的稀釋程度；對公司而言，可用的員工激勵措施資源減少；對產業，將形成好公司更好，壞公司更壞的循環。 / Following the outbreak of a series of scandals, such as Enron and WorldCom, in the U.S. as from 2001, international institutional investors have been suspicious about whether financial statements can truly and adequately represent a company’s operating status, including the employee stock bonus system that had been carried out domestically for many years. As a matter or fact, while applying the system, local competent authorities, industries and academic circles have had a lot of concerns about the resulting problems, which triggers plenty of discussions and opinion exchanges. By observing the domestic employee stock bonus distribution for 2004 through 2006, this study aimed to investigate the issues of corporate governance and accounting principle applicability derived from current accounting process under the circumstance where employee stock bonuses fall in retained earnings. Also, by referring to examples given by Professor Sheree S. Ma in Accounting Research Monthly, the study added more parameters and hypothetic assumptions to explore the degree of the influence of employee stock bonus calculation (according to the face value or market price), the stock price (high or low), earnings recapitalization and price recovery status subsequent to the ex-right date on shareholders’ equity, followed by investigating the influence of the countermeasures taken in the industry to cope with the reduction of employee’s real income caused by treating employee stock bonuses as expenses on shareholders’ equity, employees’ real income, and even the industry for a long run. The following findings of the study hope to serve as a reference for competent authorities, investors, enterprises and employees: 1. Given that the dilution status of shareholders’ equity from 2004 to 2006 had not improved, the distribution of employee stock bonuses in 2006 was still severely diluting shareholders’ equity. 2. The current accounting process of combing employee stock bonuses in retained earnings cannot truly reflect a company’s earnings, which is not only against the spirit of corporate governance, but has also deviated from international accounting standards. 3. Under simplified hypothetical assumptions, the employee stock bonus distribution has generated the following influences on shareholders’ equity: (1). Under circumstance where the stock price is high, employee stock bonuses are calculated according to the face value, and earnings are all recapitalized as increased capital, the status of price recovery subsequent to the ex-right date will not dilute the final equity ratio. (2.) Under circumstance where the stock price is low, employee stock bonuses are calculated according to the face value, and earnings are all recapitalized as increased capital, the status of price recovery subsequent to the ex-right date will not dilute the final equity ratio. (3). Under circumstance where employee stock bonuses are calculated according to the face value, and earnings are not all recapitalized as increased capital, final equity dilution ratio will be substantially reduced no matter how high or low of the stock price, or if the stock price can be recovered subsequent to the ex-right date. (4). Under circumstance where the stock price is high, employee bonuses are calculated according to the face value, earnings are partially recapitalized as increased capital, and the stock price is recovered subsequent to the ex-right date, final equity dilution ratio will be substantially reduced. (5). Under circumstance where the stock price is low, employee bonuses are calculated according to the face value, earnings are all recapitalized as increased capital, and the stock price is recovered subsequent to the ex-right date, final equity dilution ratio will be higher than that with high stock price. 4. Before 2008, the existing employee stock bonuses are processed as retained earnings distribution in accounting, a majority of companies choose employee stock ownership as an incentive to motivate their employees. 5. After employee stock bonuses are being treated as expenses, the dilution degree of shareholders’ equity is locked at a fixed ratio. As a result, the veracity of company earnings is higher, so different companies may compare with each other on a same basis, financial transparency can be strengthened, and in the end, these companies operating performance can link up with the world. 6. With employee stock bonuses being treated as expenses, the countermeasures taken by enterprises to motivate their employees show versatility. 7. By treating employee stock bonuses as expenses, employee’s real income will be considerably affected, the dilution degree of shareholders’ equity will be locked at a fixed rate, company’s available resources for motivating its employees will be reduced, and the whole industry will fall prey to the cycle that good companies get better while bad companies get worse.