本國主要股票基礎的報酬（分紅入股）容易對企業的評價造成失真，故本研究利用誘因強度與相對比例等兩個指標來評估企業與股票基礎報酬的關連性。結果顯示在2002到2004年間，534家上市（櫃）公司股東權益的市場價值（總市值）每變動$ 1,000下，員工分紅入股的金額為$ 17.1834；且股票基礎與現金基礎報酬的比例為0.6594。企業發放分紅入股做為獎酬的數量越多，往往與企業的績效（盈餘）呈現正相關，尤其在電子產業更明顯。上市樣本的員工其股票基礎的報酬佔整個工作報酬的比重，會高於上櫃樣本的員工。

It is easy to evaluate unfairly on performance of companies with stock-based rewards in Taiwan, so we use Incentive-Intensity and Mix to evaluate relationship between companies and stock-based rewards. Results documents that employees of 534 companies issuing on TSE and OTC can get NT$ 17.1834 per NT$ 1,000 change in market value of equity over 2002-04 period, and the average ratio of profit sharing and stock ownership rewards to cash compensation is 0.6594. We suggest that the more stocks companies grant, the better performance companies have, especially for electronics industry. The ratio of stock-based rewards to total compensation of employees of companies issuing on TSE is higher than employees of companies issuing on OTC.

論文提要 ........................................I
謝詞 ........................................II
摘要 ........................................III
第一章 緒論.....................................1
第一節 研究動機與背景...........................1
第二節 研究目的.................................3
第三節 研究大綱.................................5
第二章 文獻探討.................................8
第一節 股票基礎之報償的代理焦點.................8
第二節 股票基礎的CEO報酬模式....................15
第三節 股票基礎之報酬間制度比較.................21
第三章 研究設計.................................37
第一節 研究假設之建立...........................37
第二節 變數定義與衡量...........................44
第三節 統計方法與樣本收集及其敘述性統計.........50
第四章 實證結果分析.............................52
第一節 誘因強度與相對比例的表現.................52
第二節 電子類股誘因強度與相對比例的表現.........64
第三節 影響誘因強度與相對比例的相關變數.........78
第五章 結論與建議...............................93
第一節 結論.....................................93
第二節 建議.....................................97
參考文獻.........................................99

中文部分

王仁暉，2003，分紅配股與公司、員工間激勵效果之關聯性研究， 國立高雄第一科技大學財務管理研究所碩士論文。
李雅婷，2003，員工分紅入股制度之闡析及其與生產力之關聯研究，國立交通大學經營管理研究所碩士論文。
林冥芬，2003，台灣證券業分紅入股制度對員工生產力之影響探討，國立中山大學人力資源管理研究所碩士論文。
趙曉玲，2002，員工分紅入股制度對組織績效的影響，國立中央大學人力資源管理研究所碩士論文。

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