本研究以國內上市上櫃之電子公司為研究樣本，採用複迴歸模型分別檢定員工分紅費用化對股東權益報酬率、資產報酬率與股價報酬率之影響進行分析。本研究結果顯示：(1) 2007年與2008年薪資合計之平均數有所差異，在員工分紅費用化後，企業提高員工薪資；董監酬勞及員工紅利之標準差有明顯的擴大，最大值亦明顯減少。員工分紅費用化後，員工分紅數額的多寡直接影響企業當年的淨利，因此企業對於員工分紅有所調整。(2)員工分紅費用化後對股東權益報酬率、資產報酬率及股價報酬率會造成負面影響，股東權益報酬率、資產報酬率和股價報酬率之平均數皆呈現下降的趨勢。員工分紅費用化後，對企業經營績效有負向影響。 The purpose of the study is to examine and analyze the impact on the return on equity and assets, and stock return rates after recognizing employee bonuses as an expense. The multiple regression model is applied and the TSE listed electronic companies are used as research examples. The results are as follows. Firstly, the employees' salaries are raised significantly from 2007 to 2008. The standard deviations of director bonus and employee bonus expand significantly. Companies adjusted the bonus of employees due to its influence on the company's net income. Secondly, the average return on equity and the return on assets, and stock rate of return also dropped from 2007 to 2008. Finally, these returns are negatively associated with the expense of employee share bonuses. The average of both revealed decreases. The implementation of the recognition of employee bonuses as expenses is negatively correlated to a company's performance.
