舊有的員工獎酬制度隨著台灣經濟發展與法制上的改革，激勵的效果已不如以往。為了改善此狀況，我國自2012年透過公司法修訂，台灣企業可開始實施限制員工權利新股(Restricted Stock)制度，為員工激勵措施的新方法。其靈活的操作方式，給與企業更多空間，可以制訂為自己量身打造的激勵條件，預期可使企業績效提升，讓企業達到留才與成長的效果。本文以已經採用限制員工權利新股制度之87間上市公司為標的，研究期間為2010至2014年，以Han(2003)與鄭桂蕙(2005)之迴歸模型做為基礎，搭配兩種典型財務分析的比率ROE與ROA，再利用資料包絡分析法所得到之純粹技術效率值(PTE)，三項績效衡量之指標作為因變數，進行實證分析。討論是否透過限制員工權利新股制度之實施，達到提升公司績效的效果。實證結果則顯示，利用此三種任一績效衡量的指標為對象討論，對企業績效的影響是正向且顯著的。此結果說明，實行限制員工權利新股之後，對於公司績效之提升，確實有幫助。對於此制度未來的持續發展，可預期將成為我國員工激勵措施的新標的，並成為我國企業成長的新動力。 / Due to economic development and regulatory reforms, old compensation systems for employees are no longer considered effective. To improve the effectiveness, Taiwan’s Corporation Act was amended in 2012 to allow restricted stock as a new compensation scheme. The flexibility of the tailored-made restricted stocks allows corporations to attract and retain more talents, which may subsequently improve business performance. To examine the effectiveness of restricted stocks implemented among Taiwanese corporations, this thesis adopt three performance indicators, namely two typical financial analysis ratios, ROE and ROA, and a pure technical efficiency (PTE) measure obtained from the data envelopment analysis (DEA). With the regression model proposed by Han (2003) and Cheng (2005), we examine how restricted stocks have affected the performance of all 87 public firms which have adopted this new compensation system during the period from 2010 to 2014. The empirical investigation reveals that all three performance indicators are positively and significantly affected by the implementation of restricted stocks, which implies that the new compensation scheme is beneficial to business performance. It is therefore expected that the adoption restricted stocks will continue to be an important part of Taiwanese firm’s compensation system, and will certainly become a new source of corporate growth.