Effects of Employee Stock Bonuses on Technical Efficiency: Evidence from Taiwan's Electronic Industry

員工分紅配股對生產效率的影響：以台灣電子產業為例

本文採用資料包絡分析法(DEA)，計算出國內電子產業廠商的生產效率指標，並利用企業分紅配股金額資料，探討員工分紅配股制度對電子業廠商生產效率的影響。本文的實證結果顯示在國內電子業廠商中實施員工分紅配股公司的效率值較未實施公司的效率值為高，且國內大部分電子業公司規模效率上的表現較純技術效率的表現為佳。另外，在控制其他變數對生產效率值的影響之後，本文發現國內電子業廠商實施員工分紅配股制度，對其生產效率有進一步提昇的作用。 

This paper examines the role of employee stock bonuses on the technical efficiency of Taiwan's electronic manufacturers. Using data envelopment analysis (DEA), we show that the majority of Taiwan's electronic manufacturers have better performance in their scale efficiency than pure technical efficiency, and their efficiency scores are higher for firms that distribute bonus to their employees. Moreover, we use Tobit regression analysis to determine what characteristics influence the efficiency measures obtained. Our results show that higher levels of employee stock bonuses are positively related to efficiency scores, which suggests that employee stock bonuses improve the performance of Taiwan's electronic firms.