| Summary: | 碩士 === 國立屏東大學 === 財務金融學系碩士班 === 104 === There have been many researches about the correlation between Expensing Employee Bonus and the firm's performance; however, only few have mentioned the implementation of the Employee Restricted Stock. From 2012, many companies have adopted the Employee Restricted Stock to replace the Expensing Employee Bonus. I will discuss the financial performance and the market value of the electronic industry companies in Taiwan before and after the year 2012.
This study focuses on the electronic companies which are listed on Taiwan Stock Exchange and Over-the-Counter Market. I have collected the data from 2007 to 2015, a total of eight years. The main discussion is about the impact of the employees' bonus on the firms' performance in two ways, cash bonus and stock bonus as independent variables respectively. Company size, debt ratio, R&D expense ratio and revenue growth rate as control variable. This study uses Descriptive Statistics, Correlation Coefficient, Collinarity and Regression Analysis as Statistical analysis of data, aggregated to the study results and the interpretation.
This study use the financial performance (ROA and ROE) to value the performance of those electronic companies and we found whether before or after adopting Employee Restricted Stock, the companies' performance has positive correlation to cash bonus, but negative correlation to stock bonus. The possible reason for the result is that the electronic companies often overuse the stock bonus to impel their employees and it failed to motivate the employees. The stock bonus is often not good for the financial performance of a company, either.
If we use the market value (Tobin’s Q) to value the performance of a company, the stock bonus have positive correlation to the performance of a company.
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