員工分紅對於公司績效是正向或負向關係，學者各有其理論支持，至今仍未有定論。本研究探討2008年實施的員工分紅費用化，和促進產業升級條例落日後在2010年起股票分紅按時價計入薪資所得後，員工分紅金額對公司績效的關係，及制度實施之後是否會使分紅型態有所改變？實證結果發現，以公司當年度或次年度的每股盈餘、資產報酬率、股東權益報酬率為應變數，員工分手工費用化制度實施後公司績效與員工分紅金額呈正向顯著關係，說明員工分紅對員工具有激勵、遞延效果，進而使公司績效增加。本研究再以2006年至2010年為研究期間，探討員工分紅費用化與股票分紅按時價計入薪資所得實施後，員工分紅型態是否有改變？實證結果發現制度實施後有發放股票分紅的公司呈現顯著遞減之趨勢。新制度實施後，公司管理當局考慮員工分紅對財報之影響及員工稅負負擔，發放員工股票紅利有明顯減少之現象。

Nowadays the influence of employee bonus on company's performance is still uncertain. Employee profit sharing expensing came into effect in 2008 and stock bonus was included salary in 2010. This study investigates the relationship between employee bonus and company performance and whether the type of bonus will change after the implementation. This study covers the period from 2006 to 2010. It shows, regardless of using current or next year's earning per share, return on assets, and return on equity rate as independent variables, there is a positive relationship between employee bonus and company performance which motivate employees. After the implementation, due to regulations' change, fewer companies have willingness to distribute stock bonus.