台灣經濟部商業司於2006年5月進行商業會計法第64條修正，規定員工分紅之會計處理應由盈餘分配改列為費用，並於2008年1月1日正式實施。但企業強烈質疑的是，員工分紅費用化(Employee Profit-Sharing Expensing)除了會對稅後盈餘產生重大影響外，更易導致員工分紅降低，致使企業陷入員工生產力降低的惡性循環危機。綜觀國內探討員工分紅費用化對股利收益率的影響之相關研究並不多見，且過去文獻以員工分紅未費用化前的數據進行預測，認為員工分紅費用化會降低企業的財務績效和生產力，該研究結果有待查驗。因此，本研究欲以國內上市櫃公司為研究對象，研究期間為2005年至2010年，將2007年以前之資料調整為員工分紅費用化後之資料，以求衡量基準一致性，並運用追蹤資料模型(Panel Data Model)，探討員工分紅費用化對企業財務績效、股利收益率和員工生產力的影響。實證結果發現，員工分紅費用化實施後，企業財務績效、股利收益率和員工生產力並未隨之降低。當政府積極推動與國際會計準則接軌及提升產業競爭力的同時，本研究實證結果可降低各界對該制度的負面反應。希冀此研究結果能提供國內政府相關制度施行及企業決策規劃之參考例證。 The Commerce Department of Taiwan’s Ministry of Economic Affairs revised Article 64 of the Business Accounting Law which changed the accounting treatment of employee profit-sharing from earnings distribution to an expense on May 2006 and this revision was formally implemented on January 1, 2008. However, companies are deeply concerned that the employee profit-sharing expensing would not only impact the earnings per share but could also easily lead to a decrease in the profit shared by employees that would endanger companies to a downward spiral in employee productivity. Previous researches predicted that the employee profit-sharing expensing would reduce the financial performance and production efficiency of companies. However, those studies applied data before employee profit-sharing expensing was installed. Therefore, the aim of this research is to utilize the panel data model to study the effect of employee profit-sharing expensing on financial performance, dividend yield, employee productivity from data of domestic publicly listed companies during the period of 2005 to 2010. The empirical results showed that when employee profit-sharing expensing was recognized as a salary expense by companies did result in a decrease in earnings per share. However, the financial performance, dividend yield, employee productivity did not decline along with the reduction of percentage of the employee profit-sharing as earnings per share. While the government is actively promoting integration with international accounting standards and strengthening industry competitiveness, this study demonstrates that the employee profit-sharing expensing won’t affect financial performance, dividend yield and employee productivity. This should lessen the negative response to the system from various sectors. Therefore, these research findings may serve as a reference for relevant systems drafting and implementation by government agencies and business planning by corporate in Taiwan.
