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題名 員工流動率對公司績效之影響以及員工對分紅政策偏好
The impact of employee turnover on company performance with bonus policy
作者 陳彥伃
Chen, Yen-Yu
貢獻者 徐愛恩
陳彥伃
Chen, Yen-Yu
關鍵詞 員工流動率
公司績效
員工分紅
employee turnover
company performance
employee bonus
日期 2021
上傳時間 4-Aug-2021 14:31:36 (UTC+8)
摘要 近幾年來人力資本之議題逐漸被重視，卻因人力資本在會計上無法被入帳，導致過往對人力資本的探討僅限於使用員工薪酬等投入面來討論，而鮮少使用員工流動率作為人力資本之衡量標的。故本研究將以台灣上市上櫃電子產業作為樣本依據，並深入探討公司於不同財務狀況下之分紅政策與員工流動率對公司績效之影響。本研究實證結果顯示，當公司有破產危機時，有發放現金分紅之公司，其員工流動率越低。於灰色地帶之公司，則是不管是有發放現金分紅還是股票分紅，皆與員工流動率及公司績效呈現負向關係。但當公司無破產危機時，其不論是員工流動率本身，亦或是有無發放任何形式之分紅，皆無法對公司績效再帶來任何明顯之影響。
In recent years, human capital issue has been getting more attention, and while it is an important asset of companies, its value is difficult to be captured. As the result, the measurements used in prior studies cannot reflect the true value of human capital.
This study uses the Taiwan-listed electronic companies to further explore the impact of the company`s bonus policy and employee turnover rate on company performance. The empirical results of this study show that financially distressed and cash bonus issuing companies had lower employee turnover rate. When the financial situation of the company is relatively stable, whether cash or stock bonus are distributed, they all have a negative relationship with employee turnover and better company performance. However, when the company has no bankruptcy crisis, there is no significant impact.
參考文獻 一、中文文獻

大川修一，2013，日本經營之神松下幸之助的經營智慧，臺灣：文經閣出版社。
尹賢瑜、丁碧慧與沈淑芬，2012，最適員工分紅配股率之探討，創新與管理，第9卷第4期：65-84。
李伶珠，2008，企業與員工如何因應員工分紅費用化後時代的薪酬制度，會計研究月刊，第272期：54-64。
林文政、陳慧娟與周淑儀，2007，台灣資訊電子產業之企業人力資本、薪資與組織績效之關聯性研究：薪資中介效果之檢驗，東吳經濟商學學報，第59期：57-100。
林宛瑩、許崇源、戚務君與潘虹華，2012，穩健會計對員工分紅之影響，會計評論，第55期：37-75。
林揚舜與鍾俊文，2005，員工分紅配股與員工流動率間之關係，貨幣觀測與信用評等，第52期：88-98。
林維珩與陳如慧，2009，員工分紅制度與經營績效，會計與公司治理，第6卷第2期：31-63。
金宇祥，2016，員工薪酬與公司的經營績效和市場績效之關聯性研究，國立台灣大學財務金融學碩博士學位論文。
馬秀如與黃虹霞，2003，員工分紅入股-制度及會計處理，會計研究月刊，第207期：107-131。
高玉芬、洪維廷與羅綺雲，2013，人力資本對組織經營績效之影響，萬能商學學報，第18期：143-159。
莊奕琦與李鈞元，2003，如何衡量人力資本: 理論與台灣實證，經濟論文叢刊，第31期：51-85.
陳萱黛與李珠華，2014，以公平理論探討人力派遣員工薪酬對工作滿足之影響，全球管理與經濟，第10卷第1期：126-146。
張安，2017，員工流動對公司價值的影響─以台灣上市櫃公司為例，國立台灣大學財務金融學碩博士學位論文。
邱立凡，2010，員工分紅費用化新制度影響分析及台企因應策略，創新研發學刊，第6卷第1期：33-42。
葉靜輝、郭芬芳與袁宇熙，2014，高科技產業分紅費用化後薪酬替代措施對員工工作滿足、組織承諾及離職債向影響之研究，績效及策略研究，第11期第2期：77-101。
溫福星，2013，社會科學研究中使用迴歸分析的五個重要觀念，管理學報，第30卷第2期：169-190。
蔡文雄，2012，臺灣企業採用員工獎酬計畫之需求分析調查，會計研究月刊 ，第324期：102-108。
賴以倫，2003，高科技廠商薪資策略與離職率關係之探討，國立中央大學人力資源管理碩博士學位論文。
謝安田與蔡旻秀，2013，員工分紅與組織認同、工作投入之關係，北商學報，第23期：19-43。
蘇家貞，2019，員工流動率之影響因素：員工福利所扮演之角色，政治大學行政管理碩士學程學位論文。

二、英文文獻

Alexander, J. A., J. R. Bloom, and B. A. Nuchols. 1994. Nursing turnover and hospital efficiency: An organization‐level analysis. Industrial relations: A Journal of Economy and Society 33 (4):505-520.
Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance 23 (4):589-609.
Altman, E. I., R. G. Haldeman, and P. Narayanan. 1977. ZETATM analysis a new model to identify bankruptcy risk of corporations. Journal of Banking & Finance 1 (1):29-54.
Baber, W. R., S. N. Janakiraman, and S.-H. Kang. 1996. Investment opportunities and the structure of executive compensation. Journal of Accounting and Economics 21 (3):297-318.
Berk, J. B., R. Stanton, and J. Zechner. 2010. Human capital, bankruptcy, and capital structure. The Journal of Finance 65 (3):891-926.
Boodoo, M. U. 2018. Do highly unionized companies compensate their CEOs less in periods of financial distress? Evidence from Canada. ILR Review 71 (2):306-328.
Chen, C., Y. Y. Chen, P. H. Hsu, and E. J. Podolski. 2016. Be nice to your innovators: Employee treatment and corporate innovation performance. Journal of Corporate Finance 39:78-98.
Conte, M. A. 1992. Contingent compensation: (How) Does It Affect Company Performance? Journal of Economic Issues (Association for Evolutionary Economics) 26 (2):583.
Crockett Jr, H. J. 1962. The achievement motive and differential occupational mobility in the United States. American Sociological Review:191-204.
Dalton, D. R., and W. D. Todor. 1979. Turnover turned over: An expanded and positive perspective. Academy of Management Review 4 (2):225-235.
Darwish, T. K., S. Singh, and A. F. Mohamed. 2013. The role of strategic HR practices in organisational effectiveness: an empirical investigation in the country of Jordan. The International Journal of Human Resource Management 24 (17):3343-3362.
Edmans, A. 2011. Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial economics 101 (3):621-640.
Freeman, S. F. (2007). Effects of ESOP adoption and employee ownership: Thirty years of research and experience.
Gerhart, B., and Milkovich, G. T., 1990. Organizational differences in managerial compensation and financial performance, Academy of Managerial Journal 33 (4):663-691.
Guest, D., and N. Conway. 2011. The impact of HR practices, HR effectiveness and a ‘strong HR system’ on organisational outcomes: a stakeholder perspective. The International Journal of Human Resource Management 22 (8):1686-1702.
Guo, L., A. Jalal, and S. Khaksari. 2015. Bank executive compensation structure, risk taking and the financial crisis. Review of Quantitative Finance & Accounting 45 (3):609-639.
Huselid, M. A. 1995. The impact of human resource management practices on turnover, productivity, and corporate financial performance. Academy of Management Journal 38 (3):635-672.
Jones, D. C., and T. Kato. 1995. The productivity effects of employee stock-ownership plans and bonuses: Evidence from Japanese panel data. American Economic Review 85 (3):391-414.
Khatri, N., C. T. Fern, and P. Budhwar. 2001. Explaining employee turnover in an Asian context. Human Resource Management Journal 11 (1):54-74.
Kopelman, R. E., and P. H. Thompson. 1976. Boundary conditions for expectancy theory predictions of work motivation and job performance. Academy of Management Journal 19 (2):237-258.
Kruse, D. 1993. Profit sharing: Does it make a difference? The productivity and stability effects of employee profit-sharing plans.
Merchant, K. A., C. Stringer, and P. Shantapriyan. 2018. Setting financial performance thresholds, targets, and maximums in bonus plans. Journal of Management Accounting Research 30 (3):55-73.
Murphy, K. J. (1985). Corporate performance and managerial remuneration: An empirical analysis. Journal of Accounting and Economics, 7(1-3), 11-42
Park, S., and M. H. Song. 1995. Employee stock ownership plans, firm performance, and monitoring by outside blockholders. The Journal of the Financial Management Association. 24(4):52-65.
Rosen, C., and M. Quarrey. 1987. How well is employee ownership working? Harvard Business Review 65 (5).
Sloan, R. G. 1993. Accounting earnings and top executive compensation. Journal of Accounting and Economics 16 (1-3):55-100.
Sparrow, P. R., and A. M. Pettigrew. 1987. Britain`s training problems: the search for a strategic human resources management approach. Human Resource Management 26 (1):109-127.
Staw, B. M. 1980. The consequences of turnover. Journal of occupational Behaviour 1(4):253-273.
Vroom, H. 1964. Work and motivation. New York: John Wiley and Sons.
Welbourne, T. M., and D. M. Cable. 1995. Group incentives and pay satisfaction: Understanding the relationship through an identity theory perspective. Human Relations 48 (6):711.
Zingales, L. 2000. In search of new foundations. The Journal of Finance 55:1623-1653.
描述 碩士
國立政治大學
會計學系
108353037
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353037
資料類型 thesis
dc.contributor.advisor 徐愛恩zh_TW
dc.contributor.author (Authors) 陳彥伃zh_TW
dc.contributor.author (Authors) Chen, Yen-Yuen_US
dc.creator (作者) 陳彥伃zh_TW
dc.creator (作者) Chen, Yen-Yuen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 14:31:36 (UTC+8)-
dc.date.available 4-Aug-2021 14:31:36 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 14:31:36 (UTC+8)-
dc.identifier (Other Identifiers) G0108353037en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136303-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 108353037zh_TW
dc.description.abstract (摘要) 近幾年來人力資本之議題逐漸被重視，卻因人力資本在會計上無法被入帳，導致過往對人力資本的探討僅限於使用員工薪酬等投入面來討論，而鮮少使用員工流動率作為人力資本之衡量標的。故本研究將以台灣上市上櫃電子產業作為樣本依據，並深入探討公司於不同財務狀況下之分紅政策與員工流動率對公司績效之影響。本研究實證結果顯示，當公司有破產危機時，有發放現金分紅之公司，其員工流動率越低。於灰色地帶之公司，則是不管是有發放現金分紅還是股票分紅，皆與員工流動率及公司績效呈現負向關係。但當公司無破產危機時，其不論是員工流動率本身，亦或是有無發放任何形式之分紅，皆無法對公司績效再帶來任何明顯之影響。zh_TW
dc.description.abstract (摘要) In recent years, human capital issue has been getting more attention, and while it is an important asset of companies, its value is difficult to be captured. As the result, the measurements used in prior studies cannot reflect the true value of human capital.
This study uses the Taiwan-listed electronic companies to further explore the impact of the company`s bonus policy and employee turnover rate on company performance. The empirical results of this study show that financially distressed and cash bonus issuing companies had lower employee turnover rate. When the financial situation of the company is relatively stable, whether cash or stock bonus are distributed, they all have a negative relationship with employee turnover and better company performance. However, when the company has no bankruptcy crisis, there is no significant impact.		en_US
dc.description.tableofcontents 目錄
謝辭i
摘要ii
Abstract iii
目錄iv
表目錄 v
圖目錄vi
壹 緒論 1
一、研究動機與目的 1
二、研究問題 2
三、研究架構 2
貳、文獻探討 5
一、員工薪酬 5
二、員工分紅費用化 6
三、員工分紅對總薪酬之影響 7
四、員工分紅對員工流動影響 8
五、員工流動對公司績效影響 10
六、員工分紅對公司績效 11
七、公司財務狀況對分紅政策的影響 13
參、實證模型設定 15
一、研究假說 15
(一) 變數 17
(二)平均數中心化(Mean-centering) 22
二、模型設定 22
三、樣本 25
肆、研究結果與分析 32
一、 員工流動對公司績效的影響 32
二、 公司財務狀況與員工流動率與公司績效關聯性影響 36
三、公司財務狀況與員工分紅對員工流動率與公司績效影響 40
伍、結論與建議 49
一、結論 49
二、未來研究建議 50
陸、參考文獻 51		zh_TW
dc.format.extent 2057704 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353037en_US
dc.subject (關鍵詞) 員工流動率zh_TW
dc.subject (關鍵詞) 公司績效zh_TW
dc.subject (關鍵詞) 員工分紅zh_TW
dc.subject (關鍵詞) employee turnoveren_US
dc.subject (關鍵詞) company performanceen_US
dc.subject (關鍵詞) employee bonusen_US
dc.title (題名) 員工流動率對公司績效之影響以及員工對分紅政策偏好zh_TW
dc.title (題名) The impact of employee turnover on company performance with bonus policyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻

大川修一，2013，日本經營之神松下幸之助的經營智慧，臺灣：文經閣出版社。
尹賢瑜、丁碧慧與沈淑芬，2012，最適員工分紅配股率之探討，創新與管理，第9卷第4期：65-84。
李伶珠，2008，企業與員工如何因應員工分紅費用化後時代的薪酬制度，會計研究月刊，第272期：54-64。
林文政、陳慧娟與周淑儀，2007，台灣資訊電子產業之企業人力資本、薪資與組織績效之關聯性研究：薪資中介效果之檢驗，東吳經濟商學學報，第59期：57-100。
林宛瑩、許崇源、戚務君與潘虹華，2012，穩健會計對員工分紅之影響，會計評論，第55期：37-75。
林揚舜與鍾俊文，2005，員工分紅配股與員工流動率間之關係，貨幣觀測與信用評等，第52期：88-98。
林維珩與陳如慧，2009，員工分紅制度與經營績效，會計與公司治理，第6卷第2期：31-63。
金宇祥，2016，員工薪酬與公司的經營績效和市場績效之關聯性研究，國立台灣大學財務金融學碩博士學位論文。
馬秀如與黃虹霞，2003，員工分紅入股-制度及會計處理，會計研究月刊，第207期：107-131。
高玉芬、洪維廷與羅綺雲，2013，人力資本對組織經營績效之影響，萬能商學學報，第18期：143-159。
莊奕琦與李鈞元，2003，如何衡量人力資本: 理論與台灣實證，經濟論文叢刊，第31期：51-85.
陳萱黛與李珠華，2014，以公平理論探討人力派遣員工薪酬對工作滿足之影響，全球管理與經濟，第10卷第1期：126-146。
張安，2017，員工流動對公司價值的影響─以台灣上市櫃公司為例，國立台灣大學財務金融學碩博士學位論文。
邱立凡，2010，員工分紅費用化新制度影響分析及台企因應策略，創新研發學刊，第6卷第1期：33-42。
葉靜輝、郭芬芳與袁宇熙，2014，高科技產業分紅費用化後薪酬替代措施對員工工作滿足、組織承諾及離職債向影響之研究，績效及策略研究，第11期第2期：77-101。
溫福星，2013，社會科學研究中使用迴歸分析的五個重要觀念，管理學報，第30卷第2期：169-190。
蔡文雄，2012，臺灣企業採用員工獎酬計畫之需求分析調查，會計研究月刊 ，第324期：102-108。
賴以倫，2003，高科技廠商薪資策略與離職率關係之探討，國立中央大學人力資源管理碩博士學位論文。
謝安田與蔡旻秀，2013，員工分紅與組織認同、工作投入之關係，北商學報，第23期：19-43。
蘇家貞，2019，員工流動率之影響因素：員工福利所扮演之角色，政治大學行政管理碩士學程學位論文。

二、英文文獻

Alexander, J. A., J. R. Bloom, and B. A. Nuchols. 1994. Nursing turnover and hospital efficiency: An organization‐level analysis. Industrial relations: A Journal of Economy and Society 33 (4):505-520.
Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance 23 (4):589-609.
Altman, E. I., R. G. Haldeman, and P. Narayanan. 1977. ZETATM analysis a new model to identify bankruptcy risk of corporations. Journal of Banking & Finance 1 (1):29-54.
Baber, W. R., S. N. Janakiraman, and S.-H. Kang. 1996. Investment opportunities and the structure of executive compensation. Journal of Accounting and Economics 21 (3):297-318.
Berk, J. B., R. Stanton, and J. Zechner. 2010. Human capital, bankruptcy, and capital structure. The Journal of Finance 65 (3):891-926.
Boodoo, M. U. 2018. Do highly unionized companies compensate their CEOs less in periods of financial distress? Evidence from Canada. ILR Review 71 (2):306-328.
Chen, C., Y. Y. Chen, P. H. Hsu, and E. J. Podolski. 2016. Be nice to your innovators: Employee treatment and corporate innovation performance. Journal of Corporate Finance 39:78-98.
Conte, M. A. 1992. Contingent compensation: (How) Does It Affect Company Performance? Journal of Economic Issues (Association for Evolutionary Economics) 26 (2):583.
Crockett Jr, H. J. 1962. The achievement motive and differential occupational mobility in the United States. American Sociological Review:191-204.
Dalton, D. R., and W. D. Todor. 1979. Turnover turned over: An expanded and positive perspective. Academy of Management Review 4 (2):225-235.
Darwish, T. K., S. Singh, and A. F. Mohamed. 2013. The role of strategic HR practices in organisational effectiveness: an empirical investigation in the country of Jordan. The International Journal of Human Resource Management 24 (17):3343-3362.
Edmans, A. 2011. Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial economics 101 (3):621-640.
Freeman, S. F. (2007). Effects of ESOP adoption and employee ownership: Thirty years of research and experience.
Gerhart, B., and Milkovich, G. T., 1990. Organizational differences in managerial compensation and financial performance, Academy of Managerial Journal 33 (4):663-691.
Guest, D., and N. Conway. 2011. The impact of HR practices, HR effectiveness and a ‘strong HR system’ on organisational outcomes: a stakeholder perspective. The International Journal of Human Resource Management 22 (8):1686-1702.
Guo, L., A. Jalal, and S. Khaksari. 2015. Bank executive compensation structure, risk taking and the financial crisis. Review of Quantitative Finance & Accounting 45 (3):609-639.
Huselid, M. A. 1995. The impact of human resource management practices on turnover, productivity, and corporate financial performance. Academy of Management Journal 38 (3):635-672.
Jones, D. C., and T. Kato. 1995. The productivity effects of employee stock-ownership plans and bonuses: Evidence from Japanese panel data. American Economic Review 85 (3):391-414.
Khatri, N., C. T. Fern, and P. Budhwar. 2001. Explaining employee turnover in an Asian context. Human Resource Management Journal 11 (1):54-74.
Kopelman, R. E., and P. H. Thompson. 1976. Boundary conditions for expectancy theory predictions of work motivation and job performance. Academy of Management Journal 19 (2):237-258.
Kruse, D. 1993. Profit sharing: Does it make a difference? The productivity and stability effects of employee profit-sharing plans.
Merchant, K. A., C. Stringer, and P. Shantapriyan. 2018. Setting financial performance thresholds, targets, and maximums in bonus plans. Journal of Management Accounting Research 30 (3):55-73.
Murphy, K. J. (1985). Corporate performance and managerial remuneration: An empirical analysis. Journal of Accounting and Economics, 7(1-3), 11-42
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dc.identifier.doi (DOI) 10.6814/NCCU202100644en_US