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題名 員工分紅對股價的影響-以賽局分析
作者 高 廷
Kao ,Tin
貢獻者 謝淑貞
Shieh,Shwu-Jane
高 廷
Kao ,Tin
關鍵詞 員工分紅
日期 2005
上傳時間 11-Sep-2009 17:05:53 (UTC+8)
摘要 國內企業慣以員工分紅來犒賞員工,也由於其特殊的會計入帳方式,導致在這個問題上的爭論不休。關於員工分紅的實證研究不少,但相關的理論模型卻一直缺乏。因此,本研究將透過聲譽效果理論模型的建立,推導出員工分紅確實可以作為一個分辨好壞公司的訊號,並且進而求出股價和員工分紅之間的關係。模型結論顯示,當員工分紅程度越高時,股東對於公司的評價也就越低,兩者之間存在反向的關係。
Profit sharing is an important instrument for the entrepreneurs to reward their employees. There are many disputes over this issue because of its particular accounting method. Many researchers have devoted themselves to econometric analysis of profit sharing empirically, but there is deficient in the theoretical model about this topic. In this thesis, we will build a reputation effect game theory to model profit sharing, and obtain a separating equilibrium, in which the profit sharing is a good signal to distinguish good managers and bad managers. Moreover, we reach the conclusion that stock price and profit sharing have a negative relation.
參考文獻 中文部分
劉念琪及范姜如萱, 2001,台灣電子資訊公司分紅入股措施對員工生產力之影響,台灣高科技產業人力問題研討會。
何信威,2003,分紅配股及財務績效之研究-以國內資訊電子產業上市公司為例, 交通大學科技管理所碩士論文。
徐甄璟,2003,分紅入股制度對台灣高科技公司獲利之影響: 採聯立迴歸模型分析法, 台灣大學財務金融所碩士論文。
張培真, 2003, 員工分紅入股與公司特質之關係及其對公司績效之影響,台灣大學會計學研究所碩士論文。
顏明宏, 2003, 員工分紅入股對公司股價與績效的影響, 台灣大學財務金融所碩士論文。
尹寶麟,2003, 台灣上市櫃公司員工分紅決策因子分析, 中山大學財務管理學系研究所。
藍科正、陳怡呈,1996,員工入股制度之探討,台灣銀行季刊,第47卷第1期:58∼80。
歐淑卉,2003,員工分紅配股對上市公司績效之影響,成功大學財務金融所。
英文部分
Agawal, A., and G.. N., Mandelker, 1987, Managerial Incentives and Corporate Investment and Financing Decision, The Journal of Finance 4, 823-837
Agawal, A., and C.R.Knoeber, 1996, Firm Performance and Mechanism to Control Angency Problems Between Managers and Shareholders, Journal of Financial and Quantatative Analysis 3, 377-397.
Ben-Ner, A., and D. c. Jones, 1995, Employee participation, ownership, and productivity: A theoretical framework, Industrial Relations 34(4), 532-554.
Cho, In-Koo, and David Kreps, 1987, Signalling Games and stable equilibria, Quarterly Journal of Economics 102, 179-221
David Hirshleifer and Anjan V. Thakor, 1992, Managerial Conservatism, Project Choice, and Debt, The Review of Financial Studies Volume5, 437-470
Douglas W. Diamond, 1989, Reputation Acquisition in Debt Market, Journal of Political Economy 97, 828-862.
Doucouliagos, C. 1995, Working Participation and Productivity in labor managed and participatory capitalist : a meta-analysis, Industrial and Labor-Relation Review 49(1): 58-76.
Fitzroy, F . R., and K. Kraft, 1992, Cooperation, productivity, and profit sharing, Quarterly Journal of Economic 102(1), 23-35.
George J. Mailath, Masahiro Okuno-Fujiwara and Andrew Postlewaite, 1993, Belief-Based Refinements in Signalling Games, Journal of Economic Theory 60, 241-276.
Hart, R.A. and Hubler, O., 1991, Are profit shares and wages substitute or complementary forms of compensation? Kyklos, 44(2), 221-232.
Jones, D. C. and T. Kato, 1995, The productivity effects of employee stock-ownership plans and bonuses: evidence from Japan panel data, The American Economic Review 85(3): 391-413.
Kose John and Joseph Williams,1985, Dividends, Dilution, and Taxes:A Signalling Equilibrium, The Journal of Finance Volume4, 1053-1071.
Kruse, D. L., 1993, Profit Sharing: Does it make a difference: the productivity and stability effects of employees profit sharing plans, MI: Upjohn Institute for Employment Research.
Milkovich, G. T., and J. M. Newman, 1999, Compensation, N.J.: McGraw-Hill
Weitzman, M. L., and D. L. Kruse, 1990, Profit sharing and Productivity Paying for Productivity: A look at the evidence, Alan S. Blinder ed. Washington, DC: Brooking institution, 95-142.
Wadhwani S. B. and Wall, M, 1991, A Direct Test of the Efficiency Wage Model using UK Micro-Data, Oxford Economic Papers, 43, 529-548.
Yao, S, 1997, Profit sharing: bonus payment and productivity: A case study of Chinese state-owned enterprises, Journal of Comparative Economics 24: 281-296
描述 碩士
國立政治大學
國際經營與貿易研究所
92351033
94
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0092351033
資料類型 thesis
dc.contributor.advisor 謝淑貞zh_TW
dc.contributor.advisor Shieh,Shwu-Janeen_US
dc.contributor.author (Authors) 高 廷zh_TW
dc.contributor.author (Authors) Kao ,Tinen_US
dc.creator (作者) 高 廷zh_TW
dc.creator (作者) Kao ,Tinen_US
dc.date (日期) 2005en_US
dc.date.accessioned 11-Sep-2009 17:05:53 (UTC+8)-
dc.date.available 11-Sep-2009 17:05:53 (UTC+8)-
dc.date.issued (上傳時間) 11-Sep-2009 17:05:53 (UTC+8)-
dc.identifier (Other Identifiers) G0092351033en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/30031-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易研究所zh_TW
dc.description (描述) 92351033zh_TW
dc.description (描述) 94zh_TW
dc.description.abstract (摘要) 國內企業慣以員工分紅來犒賞員工,也由於其特殊的會計入帳方式,導致在這個問題上的爭論不休。關於員工分紅的實證研究不少,但相關的理論模型卻一直缺乏。因此,本研究將透過聲譽效果理論模型的建立,推導出員工分紅確實可以作為一個分辨好壞公司的訊號,並且進而求出股價和員工分紅之間的關係。模型結論顯示,當員工分紅程度越高時,股東對於公司的評價也就越低,兩者之間存在反向的關係。zh_TW
dc.description.abstract (摘要) Profit sharing is an important instrument for the entrepreneurs to reward their employees. There are many disputes over this issue because of its particular accounting method. Many researchers have devoted themselves to econometric analysis of profit sharing empirically, but there is deficient in the theoretical model about this topic. In this thesis, we will build a reputation effect game theory to model profit sharing, and obtain a separating equilibrium, in which the profit sharing is a good signal to distinguish good managers and bad managers. Moreover, we reach the conclusion that stock price and profit sharing have a negative relation.en_US
dc.description.tableofcontents 第一章.緒論....................................................1
     第一節.歷史沿革................................................1
     第二節.研究動機................................................2
     第二章. 員工分紅介紹...........................................4
     第一節. 國內員工分紅制度的簡介.................................4
     第二節. 國內員工分紅入股實施現況...............................7
     第三章. 文獻探討..............................................11
     第一節. 員工分紅入股制度......................................11
     第二節. 聲譽效果賽局模型......................................16
     第四章. 員工分紅聲譽效果模型..................................22
     第一節.模型簡介...............................................22
     第二節.員工分紅模型...........................................24
     第五章. 模型均衡..............................................34
     第一節.單期均衡...............................................34
     第二節.兩期均衡...............................................39
     第六章. 結論..................................................44
     參考文獻 .....................................................45
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0092351033en_US
dc.subject (關鍵詞) 員工分紅zh_TW
dc.title (題名) 員工分紅對股價的影響-以賽局分析zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分zh_TW
dc.relation.reference (參考文獻) 劉念琪及范姜如萱, 2001,台灣電子資訊公司分紅入股措施對員工生產力之影響,台灣高科技產業人力問題研討會。zh_TW
dc.relation.reference (參考文獻) 何信威,2003,分紅配股及財務績效之研究-以國內資訊電子產業上市公司為例, 交通大學科技管理所碩士論文。zh_TW
dc.relation.reference (參考文獻) 徐甄璟,2003,分紅入股制度對台灣高科技公司獲利之影響: 採聯立迴歸模型分析法, 台灣大學財務金融所碩士論文。zh_TW
dc.relation.reference (參考文獻) 張培真, 2003, 員工分紅入股與公司特質之關係及其對公司績效之影響,台灣大學會計學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 顏明宏, 2003, 員工分紅入股對公司股價與績效的影響, 台灣大學財務金融所碩士論文。zh_TW
dc.relation.reference (參考文獻) 尹寶麟,2003, 台灣上市櫃公司員工分紅決策因子分析, 中山大學財務管理學系研究所。zh_TW
dc.relation.reference (參考文獻) 藍科正、陳怡呈,1996,員工入股制度之探討,台灣銀行季刊,第47卷第1期:58∼80。zh_TW
dc.relation.reference (參考文獻) 歐淑卉,2003,員工分紅配股對上市公司績效之影響,成功大學財務金融所。zh_TW
dc.relation.reference (參考文獻) 英文部分zh_TW
dc.relation.reference (參考文獻) Agawal, A., and G.. N., Mandelker, 1987, Managerial Incentives and Corporate Investment and Financing Decision, The Journal of Finance 4, 823-837zh_TW
dc.relation.reference (參考文獻) Agawal, A., and C.R.Knoeber, 1996, Firm Performance and Mechanism to Control Angency Problems Between Managers and Shareholders, Journal of Financial and Quantatative Analysis 3, 377-397.zh_TW
dc.relation.reference (參考文獻) Ben-Ner, A., and D. c. Jones, 1995, Employee participation, ownership, and productivity: A theoretical framework, Industrial Relations 34(4), 532-554.zh_TW
dc.relation.reference (參考文獻) Cho, In-Koo, and David Kreps, 1987, Signalling Games and stable equilibria, Quarterly Journal of Economics 102, 179-221zh_TW
dc.relation.reference (參考文獻) David Hirshleifer and Anjan V. Thakor, 1992, Managerial Conservatism, Project Choice, and Debt, The Review of Financial Studies Volume5, 437-470zh_TW
dc.relation.reference (參考文獻) Douglas W. Diamond, 1989, Reputation Acquisition in Debt Market, Journal of Political Economy 97, 828-862.zh_TW
dc.relation.reference (參考文獻) Doucouliagos, C. 1995, Working Participation and Productivity in labor managed and participatory capitalist : a meta-analysis, Industrial and Labor-Relation Review 49(1): 58-76.zh_TW
dc.relation.reference (參考文獻) Fitzroy, F . R., and K. Kraft, 1992, Cooperation, productivity, and profit sharing, Quarterly Journal of Economic 102(1), 23-35.zh_TW
dc.relation.reference (參考文獻) George J. Mailath, Masahiro Okuno-Fujiwara and Andrew Postlewaite, 1993, Belief-Based Refinements in Signalling Games, Journal of Economic Theory 60, 241-276.zh_TW
dc.relation.reference (參考文獻) Hart, R.A. and Hubler, O., 1991, Are profit shares and wages substitute or complementary forms of compensation? Kyklos, 44(2), 221-232.zh_TW
dc.relation.reference (參考文獻) Jones, D. C. and T. Kato, 1995, The productivity effects of employee stock-ownership plans and bonuses: evidence from Japan panel data, The American Economic Review 85(3): 391-413.zh_TW
dc.relation.reference (參考文獻) Kose John and Joseph Williams,1985, Dividends, Dilution, and Taxes:A Signalling Equilibrium, The Journal of Finance Volume4, 1053-1071.zh_TW
dc.relation.reference (參考文獻) Kruse, D. L., 1993, Profit Sharing: Does it make a difference: the productivity and stability effects of employees profit sharing plans, MI: Upjohn Institute for Employment Research.zh_TW
dc.relation.reference (參考文獻) Milkovich, G. T., and J. M. Newman, 1999, Compensation, N.J.: McGraw-Hillzh_TW
dc.relation.reference (參考文獻) Weitzman, M. L., and D. L. Kruse, 1990, Profit sharing and Productivity Paying for Productivity: A look at the evidence, Alan S. Blinder ed. Washington, DC: Brooking institution, 95-142.zh_TW
dc.relation.reference (參考文獻) Wadhwani S. B. and Wall, M, 1991, A Direct Test of the Efficiency Wage Model using UK Micro-Data, Oxford Economic Papers, 43, 529-548.zh_TW
dc.relation.reference (參考文獻) Yao, S, 1997, Profit sharing: bonus payment and productivity: A case study of Chinese state-owned enterprises, Journal of Comparative Economics 24: 281-296zh_TW