以市場評價觀點檢測員工分紅入股是否增進人力資本？

Does Profit-Sharing Plan Improve Human Capital from Perspective of Market Valuation?

本文以市場評價觀點探討我國上市公司實施員工分紅入股是人力資本，亦或是權益損失？近年來，我國許多廠商以「員工分紅入（配）股」制度獎酬與激勵員工，希望增加公司經營績效，但員工分紅入股亦會造成原股東盈餘分配與財富的減少。本研究以Ohlson評價模型及Easton and Harris報酬模型為基礎，以實證分析驗證員工分紅入股是否為人力資本。實證發現，在股市多頭市場時，或是電子產業中，員工分紅入股與股價及報酬之關係呈正相關。實證結果隱含在多頭市場時，或是電子產業中，企業雖然要移轉一部分財富予員工，但投資者認為員工分紅入股所創造的利益，大於其財富移轉的損失（成本），故發放股票股利予員工，市場投資者視之為人力資本，予以正面評價。但在空頭市場時，或是非電子產業中，上述情形則不存在。 The purpose of this study is to test whether the public listed companies, whichcarry out the profit-sharing plans, can increase human capital or decrease owner’sequity with perspective of market valuation. Recently, many firms in Taiwan havebeen practicing the profit-sharing plans to compensate and motivate their employees,and to increase their operating performance. However, these plans may deduct initialshareholders’ wealth. Based on the Ohlson model and Easton and Harris model, thisstudy tries to examine whether the profit-sharing plans have incremental humancapital with empirical methods. The findings show that the relationships betweenprofit-sharing plans and stock price (and return) are significantly positive, only in bullmarket or electronics industry. The results indicate that, in bull market or electronicsindustry, the transfer payment to employees may provide incentives for them toincrease initial shareholders’ wealth, therefore the market investors regard it as humancapital and good valuation. But the phenomenon above does not exist in bear marketor non-electronics industry.