員工分紅費用化後之分紅比率：台灣高科技產業之研究

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：51

、訪客IP：18.119.111.9

姓名

吳佳靜(Jia-Jing Wu) 查詢紙本館藏

畢業系所

產業經濟研究所

論文名稱

員工分紅費用化後之分紅比率：台灣高科技產業之研究
(The Rate of Profit Sharing after Expensing: A Study on High-Tech Firms in Taiwan)

相關論文

★ GARCH對風險值測量之實證研究~以台灣加權指數期貨為例	★ 財務會計準則第39號公報公佈實施後對台灣IC設計產業股價之異常變動
★ 台灣製造業二欄位產業生產效率分析-共同生產函數之應用	★ 雙邊市場下之平台定價策略之研究
★ Linux與Windows平台競爭的經濟分析

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 ( 永不開放)

摘要(中)

我們建立兩階段賽局模型分析員工分紅比率影響廠商和員工的行為，以及員工分紅費用化前後之分紅比率對台灣高科技產業的影響。我們發現員工分紅率在費用化後會較費用化前高，然而，如果管理階層考量自身利益或者員工比較同業之間的分紅比率，則分紅比率會較費用化前低，與一般情況下的分析結果不同。我們更進一步以Cournot分析方式討論兩個相同競爭廠商的互動行為，發現兩廠商的最適分紅比率在費用化前後都會相等，且費用化後分紅比率較高。此文章可助於瞭解員工分紅費用化的本質及其影響高科技產業的情形。

摘要(英)

We construct a two-stage game to analyze how the rate of profit sharing affects behaviors of firms and employees. We explore such impact under situations that before and after new policy of expensing employees’ profit sharing in Taiwan respectively. We find that the rate of profit sharing after expensing will be higher than before. However, if management echelon takes self-interests into account or employees care about the relative profit sharing rate to those in the other firms, the rate could be lower, under some situations, contrast with common impression that the policy of expensing employee profit sharing will raise the rate of profit sharing. We further discuss two-firm competition with Cournot analysis, showing that the optimal rate of profit sharing would be the same. Also, the rate after expensing will be higher than before and still the same. This article helps addressing that the essence of profit sharing program and elaborating how the policy of ESOPs expense affects high-tech firms in Taiwan.

關鍵字(中)

★ 員工分紅配股
★ 員工分紅
★ 誘因
★ 費用化

關鍵字(英)

★ Expensing
★ Incentive
★ ESOPs
★ Profit-sharing

論文目次

TABLE OF CONTENTS
Contents I
1. Introduction 1
2. Basic Model 5
3. Model Structure: Before Expensing 5
3.1. Employee 5
3.2. Firm 7
3.3. Derivation 7
4. Model Structure: After Expensing 9
4.1. Employee 9
4.2. Firm 9
4.3. Derivation 10
5. Results 11
6. Analysis 12
6.1. Stock Price 12
6.2. Efficiency 13
6.3. Management Echelon 15
6.4. The Relative- Level of Competing Firms 17
6.5. Two-Firms Competition 20
6.6. Combine Management Echelon and the Relative- Level of Competing Firms 21
6.7. Shareholders’Profits 22
7. Conclusion 23
Appendix 26
References 36

參考文獻

Baker, P. G., Jensen, C. M., Murphy, J. K. (1998). ‘Compensation and Incentives: Practice
vs. Theory’, Journal of Finance, vol. 63 (3), pp. 593-616.
Ben-Ner, A., Jones, C. D. (1995). ‘Employee Participation, Ownership, and Productivity: A
Theoretical Framework’, Industrial Relations, vol. 34 (4), pp. 532-554.
Blasi, J., M. Conte and D. Kruse. (1996). ‘Employee stock ownership and corporate
performance among public companies’, Industrial and Labor Relations Review, vol. 50(1),
pp. 60-79.
Bresnahan, F. T. (1981). ‘Duopoly Models with Consistent Conjectures’, The American
Economic Review, vol. 71 (5), pp. 934-945.
Chang, S. (1990). ‘Employee Stock Ownership Plans and Shareholder Wealth: An Empirical
Investigation’, Financial Management, vol. 19 (1), pp. 48-58.
Chen, M. (2007). ‘Incentive and Dilution Effects of Employee Stock Bonuses and Stock
Options: Evidence from Taiwan’, Journal of Chinese Economic and Business Studies, vol.
5 (1), pp. 65-73.
Estrin, S., Grout, P., Wadhwani, S., Nickell, S. J., King, M. (1987). ‘Profit-Sharing and
Employee Share Ownership’, Economic Policy, vol. 2 (4), pp. 13-62.
Fama, F. E. (1991). ‘Time, Salary, and Incentive Payoffs in Labor Contracts’, Journal of
Labor Economics, vol. 9 (1), pp. 25-44.
Friedman, J. W. (1968). ‘Reaction Functions and the Theory of Duopoly’, The Review of
Economic Studies, vol. 35 (3), pp. 257-272.
Han, T. (2003). ‘The Economic Effects of Profit Shar ing and Taiwan-style Employee Stock Owner ship Plans: Evidence from Taiwan’s High-tech Firms’, Taiwan Academy of Management Journal, vol. 3 (1), pp. 1-22.
Holmstrom, B., Milgrom, P. (1994). ‘The Firm as an Incentive System’, The American
Economic Review, vol. 84 (4), pp. 972-991.
Kim, S. (1998). ‘Does Profit Sharing Increase Firms’ Profits?’, Journal of Labor Research, vol. 19 (2), pp. 351-370.
Kruse, D. L. (1991). ‘Profit-Sharing and Employment Variability: Microeconomic Evidence
on the Weitzman Theory’, Industrial and Labor Relations Review, vol. 44 (3), pp. 437-453.
Kruse, D. L. (1992). ‘Profit Sharing and Productivity: Microeconomic Evidence from the United States’, The Economic Journal, vol. 102 (410), pp. 24-36.
Kruse, D. L. (1996). ‘Why Do Firms Adopt Profit-Sharing and Employee Ownership Plans?’,
British Journal of Industrial Relations, vol. 34 (4), pp. 515-38.
Kraizberg, E., Tziner, A., Weisberg. J. (2002). ‘Employee Stock Options: Are They Indeed
Superior to Other Incentive Compensation Schemes?’, Journal of Business and Psychology
, vol. 16 (3), pp. 383-390.
Kraft, K. (1991). ‘The Incentive Effects of Dismissals, Efficiency Wages, Piece-Rates and
Profit-Sharing’, The Review of Economics and Statistics, vol. 73 (3), pp. 451-459.
Lee, Y. (2003). ‘The Impact of the Employee Stock Ownership Plan on the Productivity of
Enterprises in Taiwan — Using Cross Sectional Method to Analyze Electronic Industry’,
Chinese Management Review, vol. 6 (3), pp. 49-62.
Maskin, E., Tirole, J. (1987). ‘A theory of dynamic oligopoly III Cournot competition’,
European Economic Review, vol. 31 (4), pp. 947-968.
Pendleton, A. (2006). ‘Incentives, Monitoring, and Employee Stock Ownership Plans: New Evidence and Interpretations’, Industrial Relations, vol. 45 (4), pp. 753-777.
Singh, N., Vives, X. (1984). ‘Price and Quantity Competition in a Differentiated Duopoly’,
The RAND Journal of Economics, vol. 15 (4), pp. 546-554.
Singh, N., Wittman, D. (2001). ‘Contests where there is variation in the marginal productivity
of efforts’, Economic Theory, vol. 18 (3), pp. 711-744.
Tsao, H. C. (1999). ‘On the Competitiveness of Taiwan’s IC Industry, Taipei, Taiwan: The UMC Group’. in Chinese.
Wadhwani, S., Wall, M. (1990). ‘The Effects of Profit-Sharing on Employment, Wages,
Stock Returns and Productivity: Evidence from UK Micro-Data’, The Economic Journal,
vol. 100 (399), pp. 1-17.
Weitzman, M. L. (1985). ‘The Simple Macroeconomics of Profit Sharing’, The American
Economic Review, vol. 75 (5), pp. 937-953.
Weitzman, M. L. (1987). ‘Steady State Unemployment Under Profit Sharing’, The Economic
Journal, vol. 97 (385), pp. 86-105.
Wu, C. (2007). ‘The Fable of the distorted high-tech upstarts’, Wealth Magazine, vol. 302. in
Chinese.

指導教授

葉俊顯、莊委桐
(Chun-Hsien Yeh、Wei-Torng Juang)

審核日期

2008-7-16

推文