美國限制性股票之研究

Study on American Restricted Stock

為吸引及鼓勵國內外優秀人才加入經營，以及留任優秀員工，目前我國企業界所採用之員工獎酬制度，計有員工新股認購權、員工分紅、員工分紅入股、員工認股選擇權，以及員工持股信託等激勵制度，其中尤以員工分入股制度為企業所最常採用。然隨著美國安隆案的爆發、股票市場持續低迷，以及長期以來員工分紅入股制度所造成的稅負不公、財務報表失真、每股盈餘稀釋、董事兼經理人參與員工分紅是否允當等爭議問題，促使吾人重新審視現行員工獎酬制度之合理性與正當性。在學者主張員工分紅應費用化，以及主管機關也認為相關法令應予適度修正之際，企業界也建議引進美國限制性股票，以改善現存制度的缺失。
本文主要為探討就我國現存之員工獎酬制度以外，是否有必要再引進美國員工限制性股票制度？若有必要引進此一新制度，則現行法令之限制為何？又新制度的引進，是否確實可以改善目前員工獎酬制度之缺失？以及相關法令應如何配合修正等問題。經過一年多的的研究，本文認為，員工獎酬制度原屬公司經營管理的問題，基於公司自治之法理，政府站在監督管理的立場，自應提供業者多元化的選擇。因此，為排除現行法令（公司法第163條第1項本文）禁止公司限制股東移轉股票之規定，本文建議增訂公司法第167條之3（限制性股票），以及修訂其他相關法令，允許公司與員工間，透過契約的約定，公司可限制員工於取得獎酬性股票後，不得立即移轉之規定，以符合世界潮流及強化企業之國際競爭力。

Employer normally offers employee compensation awards not only to attract more qualified candidates joining the company, but also to retain excellent staffs. Currently, there are five employee compensation awards adopted in our country: employee stock preemptive right, employee profit sharing, employee stock profit sharing, employee stock option, and employee stock ownership trust. Employers in our country adopt employee stock profit sharing award the most. However, after the Enron chaos, people have being questioned the fairness of taxation, the clearness of financial statement, the dilution of shareholder’s equity, and the interference of board members in employee profit sharing plan. These problems motivate us to study carefully the fairness and completeness of current employee compensation awards again. Expert in finance recommend that the payment of employee profit sharing compensation award should be expensed, the authorized staffs suggest that related enactments need to be improved, and the enterprises eagerly expect that the U.S. employee restricted stock plan to be adopted.
The primary purpose of this study is to discuss if we need to adopt the U.S. employee restricted stock plan in addition to current employee compensation options granted in our country. Would the current rules be affected? Could the new plan compensate any deficiencies in the present employee awards? And what laws to comply with appropriately?
We recommend the government to provide a high-quality investment environment, to offer a preferential, coherent and reasonable tax institution, and to add a new Article 167-3 of Company Law（Restricted Stock）where the restriction on stock transfer in the Article 163 I of Company Law can be excluded.