員工認股選擇權與公司績效--反事實分析架構之應用__臺灣人文及社會科學引文索引資料庫

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題名：	員工認股選擇權與公司績效--反事實分析架構之應用
書刊名：	經濟論文叢刊
作者：	張元／沈中華／李卿企
作者(外文)：	Chang, Yuan／Shen, Chung-hua／Lee, Chin-chi
出版日期：	2011
卷期：	39:3
頁次：	頁325-372
主題關鍵詞：	員工認股選擇權；傾向分數配對方法；反事實樣本；選擇偏誤；ESO；Propensity score matching method；Counterfactual sample；Selection bias
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:0 點閱:50

公司實施誘因報酬制度, 例如員工分紅入股制度或是員工認股選擇權制度, 是否能提升企業經營績效, 在既有理論與實證研究中一直沒有一致性的結論。本文應用傾向分數配對方法(Propensity ScoreMatching method), 根據企業特性變數是否相近為依據進行樣本配對, 分析實施員工認股選擇權制度的公司與其反事實樣本(CounterfactualSample; 特性變數與實施員工認股選擇權公司極為近似,但未實施該制度之公司)的績效差異,趨近「其他條件不變」的要求,降低文獻中的樣本選擇偏誤。根據台灣部分上市電子公司2004年至2008年的資料我們發現, 實施員工認股權制度的公司績效並未顯著相對較佳, 以配對後的樣本進行分析亦未出現相反的證據, 採取員工認股權制度無法改善公司績效。

以文找文

This paper fills a gap in the empirical literature which examines the impactof Employee Stock Options (ESO) on financial performance by consideringand correcting for sample selection bias due to non-random sampling. Basedon data from TWSE-listing hi-tech companies, we employ several propensityscore matching method, developed by Rubin (1973), Rosenbaum andRubin (1983, 1985a,b), construct samples of ESO-firms and after-matchingnon-ESO-firms (counterfactual samples, without adopting ESO but sharing similar characteristics with ESO-firms) and then use regression analysis toexamine their performance differences during 2005–2008. Our empiricalresults suggest that there is little evidence that ESO-firms outperform Non-ESO-firms. On the contrary, cash bonuses exert large and significantly positiveeffects on most performance measures in the regression results. Thus, weconclude that adopting ESO alone cannot improve financial performance.

以文找文

期刊論文
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6.	Vega, Marco、Winkelried, Diego(2005)。Inflation targeting and inflation behavior: A successful story?。International Journal of Central Banking，1，153-175。
7.	Rubin, Donald B.(1973)。Matching to Remove Bias in Observational Studies。Biometrics，29(1)，159-183。
8.	Heckman, James J.、Robb, Richard Jr.(1985)。Alternative Methods for Evaluating the Impact of Interventions: An Overview。Journal of Econometrics，30(1/2)，239-267。
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10.	Jones, D. C.、Svejnar, J.(1985)。Participation, Profit Sharing, Worker Ownership and Efficiency in Italian Producer Cooperatives。Economica，52，449-465。
11.	Doucouliagos, Chris(1995)。Worker Participation and Productivity in Labor-Managed and Participatory Capitalist Firms: A Meta-Analysis。Industrial and Labor Relations Review，49(1)，58-77。
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13.	Bizjak, J. M.、Brickley, J. A.、Coles, J. L.(1993)。Stock-Based Incentive Compensation, Asymmetric Information and Investment Behavior。Journal of Accounting and Economics，16，349-372。
14.	Dehejia, Rajeev H.、Wahba, Sadek(2002)。Propensity Score-Matching Methods for Nonexperimental Causal Studies。The Review of Economics and Statistics，84(1)，151-161。
15.	Heckman, J.、Ichimura, H.、Smith, J.、Todd, P.(1998)。Characterizing Selection Bias Using Experimental Data。Econometrica，66(5)，1017-1098。
16.	Yao, S.(1997)。Profit sharing, bonus payment, and productivity: a case study of Chinese state-owned enterprises。Journal of Comparative Economics，24(3)，281-296。
17.	Oyer, P.(2004)。Why Do Firms Use Incentives That Have No Incentive Effects?。Journal of Finance，59(4)，1619-1649。
18.	Ittner, Christopher D.、Lambert, Richard A.、Larcker, David F.(2003)。The Structure and Performance Consequences of Equity Grants to Employees of New Economy Firms。Journal of Accounting and Economics，34(1-3)，89-127。
19.	Mehran, Hamid(1995)。Executive compensation structure, ownership, and firm performance。Journal of Financial Economics，38(2)，163-184。
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21.	Rosenbaum, Paul R.、Rubin, Donald B.(1983)。The Central Role of the Propensity Score in Observational Studies for Causal Effects。Biometrika，70(1)，41-55。
22.	Heckman, James Joseph(1979)。Sample Selection Bias as a Specification Error。Econometrica: Journal of the Econometric Society，47(1)，153-162。
23.	Rosenbaum, Paul R.、Rubin, Donald B.(1985)。The Bias Due to Incomplete Matching。Biometrics，41(1)，103-116。
24.	Shen, Chung-Hua、Chang, Yuan(2009)。Ambition versus conscience, does corporate social responsibility pay off? The application of matching methods。Journal of Business Ethics，88(Suppl. 1)，133-153。
25.	Jensen, Michael C.、Murphy, Kevin J.(1990)。Performance Pay and Top-Management Incentives。Journal of Political Economy，98(2)，225-264。
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27.	李雅婷(2003)。臺灣地區員工分紅入股制度對企業生產力的影響--以橫斷面法分析電子產業。中華管理評論，6(3)，49-62。延伸查詢
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33.	Hall, B. J.(2000)。What you need to know about stock options。Harvard Business Review，78，121-131。
34.	Frye, M.(2004)。Equity-based compensation of employees: Firm performance and determinants。Journal of Financial Research，24(1)，31-54。
35.	Conte, M. A.(1992)。Contingent compensation: Does it affect company performance。Journal of Economic Issues，26(2)，583-592。
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37.	Heckman, J.、Ichimura, H.、Todd, P.(1997)。Matching as an econometric evaluation estimator: Evidence from evaluating a job training program。Review of Economic Studies，64(2)，605-654。
38.	Core, J.、Guay, W.(2001)。Stock option plans for non-executive employees。Journal of Financial Economics，61(2)，253-287。
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研究報告
1.	Hutchison, M. M.(2004)。Selection Bias and the Output Cost of IMF Programs。Santa Cruz, CA：University of California。
2.	Crowe, C.(2007)。Testing the transparency benefits of inflation targeting: Evidence from private sector forecasters, IMF。
3.	Ham, J.、Li, X.、Reagan, P.(2006)。Propensity score matching: A distance-based measure of migration and the wage growth of young men。
4.	Kedia, S.、Mozumdar, A.(2002)。Performance impact of employee stock option。

圖書
1.	Kruse, Douglas L.(1993)。Profit sharing: Does it make a difference? The productivity and stability effects of employee profit-sharing plans。Kalamazoo, MI：W. E. Upjohn Institute for Employment Research。

其他
1.	Hofler, Richard，Elston, Julie，Lee, Junsoo(2004)。Dividend policy and institutional ownership: empirical evidence using a propensity score matching estimator，Max Planck Institute of Economics。

圖書論文
1.	Heckman, James J.、Robb, Richard(1986)。Alternative Methods for Solving the Problem of Selection Bias in Evaluating the Impact of Treatments on Outcomes。Drawing Inferences from Self-Selected Samples。New York：Springer-Verlag。
2.	Weitzman, M. L.、Kruse, D. L.(1990)。Profit-sharing and productivity。Paying for Productivity: A Look at the Evidence。Washington, DC：The Brookings Institution。
3.	Murphy, K. J.(1999)。Executive compensation。Handbook of Labor Economics。Elsevier。

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