本研究之目的在暸解員工分紅配股之激勵效果與稀釋效果對股東投資報酬之綜合影響，研究方法採用事件研究法，以市場模式建構股價預期報酬牢，探討員工分紅配股是否引起異常報酬，以作為對股東財富影響之指標。實證結果如下:一、員工分紅配股宣告對股東財富之影響，整體而言無法證實會造成負的異常報酬。二、在漲勢市場下，員工分紅配股產生顯著之正異常報酬；而在跌勢市場下，則具有負的異常報酬，但不顯著。三、小額之分紅配股樣本無論在上漲行情或下跌行情市場下，大多呈現正的平均異常報酬及累計平均異常報酬，且多達到顯著水準。反之，大額之分紅配股樣本，則多呈現負平均異常報酬及負累計平均異常報酬，不過未達顯著水準，且在股市為上漲行情峙，仍可產生正向的累計平均異常報酬。

The purpose of this study is to examine the inf1uence of the motivating effect and dilution effect of employee stock bonus on the shareholder’s wealth. We use the event study methodology to test the existence of abnormal returns of the stock after the announcement of the stock bonus plan. Furthermore, regression analysis is adopted to examine the relationship between the employee stock bonus and the abnormal return. The empirical results show that the negative abnormal returns after the announcement of the employee stock bonus plan are not significant in general. However, positive abnormal returns are observed in the bull market, while negative abnormal returns in the bear market. Further analysis suggests that high percentage of employee stock bonus is not welcomed in the bear market since the dilution effect is large, but low percentage of employee stock bonus still has its motivating effect.