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Title: 分紅費用化與資源錯置:以台灣電子產業為例
Misallocation Caused by Non-Expensed Stock Bonus: Evidence from Taiwanese Electronics Industry
Authors: 林文正
Lin, Wen-Cheng
Contributors: 李文傑

Lee, Wen-Chieh
Chen, Wei-Cheng

Lin, Wen-Cheng
Keywords: 員工分紅
Resource misallocation
Expensing employee stock bonus
Date: 2021
Issue Date: 2021-08-04 15:57:35 (UTC+8)
Abstract: 現今台灣電子業在全球供應鏈中扮演重要角色,早期利用股票分紅獎酬制度留任科技人才奠定了台灣電子業領先地位的基礎。然而,有利於施行股票分紅的優惠會計政策亦因損害投資人權益而為人詬病,盛行二十餘年的股票分紅獎酬制度於2008年隨著員工分紅費用化制度的實施走入歷史。本研究利用2002年至2019年之所有電子業上市上櫃企業資料,計算台灣電子業內的資源錯置程度,並進一步討論2008年前後電子業內勞動市場扭曲程度的變化。
Taiwan’s advanced technology, from manufacturing to packaging and testing, plays an important role in the supply chain of the international semiconductor products industry. Taiwan’s leading role in the international supply chain of high-tech industry can be traced back to the 80s, during which stock bonuses were a critical stimulant. However, the accounting standard favorable for using for such bonuses became anachronistic after a few decades, and was amended in 2008. The current study utilizes a theoretical framework to compute the misallocation effects of labor inputs by issuing stock bonuses before the accounting standard changed. The data are retrieved from the publicly listed companies in the electronics industry traded on the Taiwanese Stock Exchange (TWSE) and Taipei Exchange (TPEx). The results show that companies with a higher share price confronted a lower labor cost before 2008, and companies with higher productivity faced lower labor costs after 2008. This implies that the subsidy to companies having a higher share price was suspended after 2008, and the labor distortion also decreased after the regulatory reform.
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