為了與國際接軌，我國商業會計法規定於2008年起員工分紅必須認列為費用。本研究以2005年至2008年台灣電子業上市公司為研究對象，以路徑分析法探討員工分紅費用化之後，薪酬結構、人力資本與研發投資間之關係。研究結果發現，員工分紅費用化後，高階經理人權益薪酬比例呈現下降之趨勢，而高階經理人權益薪酬比例下降會導致公司人力資本之素質與研發投資降低，而薪酬結構也會藉由人力資本進一步影響研發投資。因此，而薪酬制度的設計不僅會影響公司人力資本的素質，甚至會影響高階經理人研發投資之動機。本研究認為，薪酬結構的設計，是維持公司人力資本與創新研發的關鍵因素，進而使公司在現今多變的環境中維持競爭力。 In order to consistent with the international practice, since 2008, employee bonus must be recognized as expense in Taiwan. This study takes the publicly listed companies of electronic industry from 2005 to 2008 in Taiwan as the research objects. I use path analysis to examine the relationship among compensation structure, human capital and R&D investment after the policy of “expensing employee bonus”. The empirical result shows that after expensing employee bonus, the ratio of top executive’s equity compensation decrease, and the ratio of top executive’s equity compensation decrease will lead to the decrease of human capital quality and R&D investment. Compensation structure will affect R&D investment indirectly through human capital. Therefore, the design of the compensation system not only affects the quality of human capital, but also affects the motivation of top executive to develop R&D. This study suggests that the design of the compensation system is the key factor to maintain the company's human capital and R&D investment, so that the company can sustain competitive advantage in highly volatile environment.
