國立彰化師範大學商業教育學系助理教授; 台灣大學財務金融系教授; 中原大學財務金融系助理教授Department of Business Education, National Changhua University of Education; Department of Finance, National Taiwan University; Department of Finance, Chung Yuan Christian University張元沈中華李卿企Chang, Y.Y.ChangShen, C.H.C.H.ShenLee, C.C.C.C.Lee2017-09-082018-06-282017-09-082018-06-282011-09http://ntur.lib.ntu.edu.tw//handle/246246/282106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 Score Matching 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 (Counterfactual Sample;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。This paper fills a gap in the empirical literature which examines the impact of Employee Stock Options (ESO) on financial performance by considering and correcting for sample selection bias due to non-random sampling. Based on data from TWSE-listing hi-tech companies, we employ several propensity score matching method, developed by Rubin (1973), Rosenbaum and Rubin (1983, 1985a,b), construct samples of ESO-firms and after-matching non-ESO-firms (counterfactual samples, without adopting ESO but sharing similar characteristics with ESO-firms) and then use regression analysis to examine their performance differences during 2005--2008. Our empirical results suggest that there is little evidence that ESO-firms outperform Non-ESO-firms. On the contrary, cash bonuses exert large and significantly positive effects on most performance measures in the regression results. Thus, we conclude that adopting ESO alone cannot improve financial performance.26699228 bytesapplication/pdf員工認股選擇權(ESO), 傾向分數配對方法(Propensity Score Matching Method), 反事實樣本(Counterfactual Sample), 選擇偏誤(Selection Bias)journal articlehttp://ntur.lib.ntu.edu.tw/bitstream/246246/282106/1/3903_201109_2.pdf