本篇文章重新檢視員工分紅入股對公司獲利能力的影響。根據過去員工分紅入股的文獻中，針對採用員工分紅入股對公司獲利能力的影響是正面抑或負面，並沒有得到一致的結論。本文的主要貢獻在於使用分量迴歸以檢視兩者之間的關係，以期能對過去文獻不一致的結果提供更好的解釋。使用分量迴歸的好處在於處理變數之間的動態關係，避免只專注在各變數機率分配的中間值。本文使用S&P 500自1998年至2007年的資料，以股東權益報酬率作為衡量公司之獲利能力，結果顯示對於公司處於成長期或衰退期(亦即處於不同的公司生命週期)，採用員工分紅入股制度對其獲利能力均有顯著的提升，但是該結果對於成熟期公司並不顯著。此外，其它會影響公司獲利能力的變數，像是公司規模與負債比率，在本文中列入考慮後，先前員工分紅入股與公司獲利能力的結果依然存在。

This paper re-investigates the effect of Employee Stock Ownership Plans (ESOP) on profitability. Given the extensive research on the topic of ESOP, this paper contributes to the literature in using the quantile regression method (QR method) to better examine the
relationship between ESOP and profitability, since prior studies of a variety of forms of employee ownership have yielded inconsistent results with regard to whether firms with these plans have better or worse performance, on average, than firms without them. The QR method has the advantage of tracking the dynamic relationship among variables, and it avoids the weakness of focusing on central behavior given the probability distribution of
variable. In this paper, the empirical results show that by using S&P 500 10-year data since 1998 and using ROE as measuring profitability, taking ESOP has a significantly positive impact on firm performance for companies which are in growth or decline stage. However, if firms already reach its mature stage, the relationship between ESOP and corporate earnings is insignificant. Factors which are likely to influence corporate performance, such as firm size and debt ratio, are taken into account in this work, and the previous results still hold.

The Website of National Center for Employee Ownership:
http://www.nceo.org/library/eo_stat.html

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