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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/83285
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/83285


    Title: 台灣企業員工激勵制度之探討-引進利潤分享計畫及股票選擇權
    Authors: 范欽舜
    Contributors: 劉玉珍
    范欽舜
    Keywords: 股票選擇權
    獲利分享計畫
    激勵計畫
    年齡權重利潤分享計畫
    公司決定機制
    stock option
    profit sharing
    incentive planning
    age-weight plan benefit
    new-comparability
    401k
    Date: 2000
    Issue Date: 2016-03-31 15:33:09 (UTC+8)
    Abstract: 近年來常常聽到有所謂的電子新貴或是網路新貴族,年紀輕輕工作個3∼5年就擁有千萬甚至億元身價,羡煞了工作十幾二十年卻還在與房子貸款奮鬥的勞工朋友,或許他們也有出來創業的念頭,但卻往往承受不了這麼大的風險而作罷,也可能想要跳槽卻提不起勇氣,怕自己的專業已不符時代潮流甚至會淹沒在電子浪潮下,因此常常聽到父執輩朋友談起工作上的不順遂及提不起勁,工作了一輩子皆是為別人賺錢的怨言。因此如何平衡傳統產業及高科技產業之間員工不滿及差距,並能持續維持公司創新及開發的動力,如何設計一套能提高員工向心力、員工工作參與感並增加工作效率的機制就顯得相當重要。
    但在討論激勵制度的時候並不能將所有重點皆著墨於股票的發放上,因為台灣分紅制度的實施雖然使得台灣科技快速成長,但也造成股本快速膨脹,如果公司不屬於高成長性的產業,如傳統產業,則分紅制度可能反使公司因盈餘未能趕上股本膨脹的速度而導致產業衰退,國內大部份傳統產業的股票並不能如高科技產業一樣維持在高價位上,且觀察國內傳統產業近幾年來股價的表現中亦發現股價大多數呈現下降的走勢,因此以股票來獎勵員工並不能有效的達到吸引員工及留住公司優秀人才的目的,所以台灣一般傳統產業並不適合以股票為基礎的激勵措施,所以除了以股票做為吸引員工之外,亦可以考慮以現金做為員工的激勵措施。
    另外由於國內企業基於全球發展策略的需要,常需於海外設立分據點,所以我們必須了解外國實施已久的股票選擇權制度優劣及執行的機制,才能有效達到激勵員工及創造公司價值,達成公司及員工兩造之間雙贏的局面。由於國內目前並無股票選擇權制度,而股票選擇權制度的優點又能適時彌補現行國內分紅入股制度所產生的缺朱,並能配合國內未來全球發展策略,因此值得我們詳細深入探討分析。
    首先本論文藉由瞭解國內相關高科技的激勵制度,對其做深入的探討並分析可能產生的問題,進而引進外國相關的激勵制度,包括利潤分享計畫(profit shaing)及股票選擇權制度(stock option),其中利潤分享計畫是以現金發放為主,而股票選擇權則是以股票發放為主。本篇論文主要探討各激勵制度使用上的優缺點並於一章節中做模擬試算,文中整理利潤分享計畫共包括六項,如現金利潤分享計畫(cash profit shaing plan)、簡單計畫(Simple plan)、簡化員工退休計畫(Simplifed employee pension plan,SEP)、遞延利潤分享計畫(deferred profit shaing plan)、現金購買計畫(Money-purchaseplan)及40lk,而股票選擇擇權則是以廣泛基礎的股票選擇權為主,另外還介紹以股票為主的員工持股信託(ESOP)、目標利潤計畫(target-benefit plan)及股票紅利計畫(Stock-bonus plan)。
    而在可預期的未來國內將會實施股票選擇權制度,因此本論文另以一章節探討股票選擇權並對股票選擇權所產生的問題做分析,例如當員工執行股票選擇權時所產生盈餘及投票權稀釋的問題,公司應如何有效解決;當公司發生合併時股票選擇權應如何調整;當股市下跌股票選擇權發生價外時公司應如何解決。本論文對上述問題提出有效的解決替代方案,並對各問題做一詳細的探討分析,並於最後附錄的部份納入公司執行激勵制度時所應考量的事項。最後希望未來相關激勵制度推行時,本論文能提供相關資訊使得員工及公司能有所助益。
    Reference: 英文部份:
    1. Alan Johnson, "Should Options Reward Absolute or Relative Shareholder Returns? ", Compensation & Benefits Review, Jan/Feb 1999
    2. Alfred Rappaport, "New thinking on How to Link Executive Pay with Performance", Harvard Business Review, March/April 1999, p91-101
    3. Bonnie R. Rabin, "Total Compensation: A Risk/Return Approach", Benefit Quarterly, First Quarter 1995, p6-17
    4. Chelius, James; Smith, Robert S, "Profit Sharing and Employment Stability", Industrial & Labor Relations Review (ILR), vol 43, Feb1990, p256-273
    5. Cynthia J. Campbell, Charles E. Wasley, "Stock-based incentive contracts and managerial performance: the case of Ralston Purina Company", Journal of Financial Economics 51(1999), p195-217
    6. Dean Crawford, "Computing Employee Stock Option Values with a Spreadsheet", Management Accounting, July 1997, p44-48
    7. Frederic W. Cook, "Do Stock Options Dilute Shareholder’s Interests? ", ACA Journal, Spring 1998, p67-72
    8. George B. Paulin, "Executive Compensation and Changes in Control: A Search for Fairness", Compensation & Benefits Review, March/April 1997, p30-40
    9. Jay Dial, Kevin J. Murphy, "Incentives, downsizing, and value creation at General Dynamics", Journal of Financial Economics 37(1995), p261-314
    10. Jeff Staiman and Kerry Tompson, "Designing and Implementing a Broad-Based Stock Option Plan", Compensation & Benefits Review, Jul/Aug 1998,p24-39
    11. Jerry M. Newman and Melissa Waite, "Do Broad-Based Stock Options Create Value? ", Compensation & Benefits Review, Jul/Aug 1998
    12. John D. Bloedorn and Paul L.Gilles, William M., "Should Companies Reprice Stock Options to Retain Employees? ", ACA NEWS, February 1999, p17-19
    13. Joseph F. Warren, Jr., "Age-Weighted Profit-Sharing Plans May Benefit Small Companies", The Tax Adviser, May 1995, p277-278
    14. Kent Callahan, "New Way to Boost Retirement Benefits", Nation Underwriter, June 1999, p10, 20, 26
    15. Kruse, Douglas L., "Profit Sharing and Productivity: Microeconomic Evidence from the United States", Economic Journal (ECJ), vol 102, Jan 1992, p 24-36
    16. Kruse, Douglas L., "Profit-Sharing and Employment Variability: Microeconomic Evidence on the Weitzman Theory", Industrial & Labor Relations Review (ILR), vol 44, April 1991, p437-453
    17. Linda C. Rodenbach and Bruce A. Leauby, "Age-Weighted Profit-Sharing Plans: A New Solution to an Age-Old Problem", The OHIO CPA Journal, p18-22
    18. Miller, Edward M., "A Comparison of Large and Small Firm Productivity, Labor Compensation, and Investment Rates", Review of Business & Economic Research (MVJ), vol 23, Fall 1987, p26-37
    19. Milton Zall, "Establishing a Retirement Plan for Your Company", Business Management, p4-8
    20. Philip A. Peterson, "Performance-Based Nonqualified Retirement Plans: Creating Value in Mergers and Acquisitions", Benefits Quarterly, Third Quarter 1998, p59-68
    21. Raquel Herreros, "The Network Discusses: Improving Visibility of Profit Sharing Plans", Compensation & Benefits Review, p1-2
    22. Reid Linney, "Stock Option Repricing: What Now? ", Compensation & Benefits Review, November/December 1999
    23. Roger Thompson, "New-Comparability Plans Target Employer’s 401(k) Contributions", HRMagazine, October 1998, p73-82
    24. Shawn M. Forbes, Ken P. Johnston, and John J. Hatem, "An IRR Analysis of Defined Benefit Versus Defined Contribution Retirement Plans", Financial Practice And Education-Spring/Summer 1999, p111-115
    25. Steven Huddart, Mark Lang, "Employee stock exercises: An empirical analysis", Journal of Accounting & Economics (21), 1996, p5-43
    26. Weitzman, Martin L., "The Case for a Share Economy", Challenge (CHL), vol27, Nov/Dec 1984, p34-40
    中文資料:
    1. 余致力&黃東益,"有效激勵績優人力之策略:為我國績效待遇制度催生",人事月刊第29卷第2期,頁32-37
    2. 王文宇,"「員工認股選擇權」配套制度與相關法規設計芻議",會計研究月刊第153期,頁14-22
    3. 湯明輝,"美國的員工分紅入股制度",美國月刊第六卷第五期,頁116-125
    4. 王健安,"高科技產業員工分紅入股制度的影響與設計",產業金融第一○○期,頁89-99
    5. 藍科正&陳怡呈,"員工入股制度之探討",台灣銀行季刊第四十七卷第一期,頁58-79
    6. 張書源,"我國全權委託契約業務規範體系之研究",政治大學國際貿易研究所碩士論文,中華民國87年6月
    7. 黃美嘉,"信託課稅之研究暨對我國相關稅法修訂之建議",台灣大學會計學研究所碩士論文,中華民國85年6月
    8. 連怡杰,"退撫新制下公務人員擇領方式模擬評估之研究",輔仁大學應用統計研究所碩士論文,中華民國88年6月
    9. 游宏智,"利潤分享制度對員工工作態度影響之研究",中原大學企業管理研究所碩士論文,中華民國86年6月
    網站資料:
    1.401(k) Tools http://401kcenter.com/tools.htm
    2.Financial Communication & Education Program Measuring Results Worksheet http://www.psca.org/
    3.Helping Americans to Help Themselves:The role of profit-sharing/401(k) plans in the retirement-income security framework, Profit Sharing/401(k) Council of America, April 1998 http://www.psca.org/
    4.Online Account Information Lookup http://www.alliedco.com
    5.Retirement Planning Worksheet http://www.schwab.com/retire/retirement-form.html
    6.Retirement Planning Worksheet http://www.troweprice.com/retirement/retire.html
    7.Starting a Profit Sharing or 401(k) Plan http://www.psca.org/
    8.Summary Plan Description http://www.pensionconsultant/guide.html
    Description: 碩士
    國立政治大學
    財務管理研究所
    87357010
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2002002088
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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