關鍵字：現金分紅、股票分紅、員工分紅費用化、僱用穩定度、薪酬彈性 ;This purpose of this essay is to explore the impact of the profit sharing on employment stability in Taiwan from 2002 to 2015 which is cross periods of pre- and post- regulation on expensing employee stock bonuses at 2008. The research divides bonus into cash bonus and stock bonus and explore respectively. Five control variables are used: firm age, ROA, number of employees, total assets and industrial classification. Employment stability is measured by growth rate of the number of employees, growth rate of the number of employees, turnover rate and downsizing. The data consisted of pooled cross-sectional and time-series firm-level data of Taiwanese publicly listed from 2002 to 2015. The sample data is collected from Taiwan Economic Journal database (TEJ), which is secondary data of all listed companies in Taiwan. The number of total firms in this study is 1634 with 20944 observations. It also combines data from firm website and annual financial reports. The results of this study point out that whether cash bonus or stock bonus, they are both able to improve employment stability. Before expensing regulation on profit-sharing, the four independent variables have significant effect on employment stability. We prove that the flexibility of the wage and the numerical flexibility exists substitution effect which support Weitzman′s profit-sharing theory. After expensing regulation, only the adoption of cash bonus adopt and stock bonus have a significant effect. We believe that the changes in the form of bonus distribution and the dramatic changes in the overall economy make the effect of the substitution effect diminish. In general, with broad-based profit-sharing mechanism can help enterprises to improve the stability of employment.
