本研究的三大主旨為：(1)釐清員工分紅入股對公司績效的關係，(2)瞭解員工分紅入股對公司決策(如：研發支出)的影響，(3)探討研發支出對員工分紅入股與公司績效關係的干擾效果。
以台灣上市資訊電子業為例子，研究結果顯示員工分紅入股對公司績效與研支出皆存在正向相關。再者，研發支出會加強員工分紅入股對公司績效的影響。這些實證結果表示員工分紅入股能促使經理人與員工和公司股東的利益趨於一致。經理人在面臨決策時，會以增加股東財富為依歸，譬如進行較多的研發投資案等。員工分紅入股亦會激勵員工投入更多的心力於研發創新活動中，以及更願意自動的分享他們的專業知識與解決問題。如此，研發投資活動的風險降低，進而促進研發創新活動的成功。因為研發投資活動的成功，公司績效因而提升。

The three objectives in this paper are (1) to clarify whether employee stock bonus could enhance or hamper firm performance, (2) to examine the stock bonus effect on corporate decision regarding R&D expenditures, and (3) to investigate whether R&D expenditures strengthen or weaken the relationship between stock bonus and firm performance.
Using a sample of Taiwan listed information-technology firms over the sample period 1996-2001, the empirical results document a positive association between employee stock bonus and firm performance. Additionally, it is evident that R&D expenditures are positive and significant related to employee stock bonus. Moreover, the interaction of stock bonus and R&D expenditures is significantly positive.
The evidences are consistent with the argument that employee stock bonus is an interest-alignment mechanism for enhancing firm performance. Employee stock bonus could (1) promote managers to take risky R&D projects that may maximize shareholder wealth; and (2) motivate employees to work hard in innovative activities, and to share their private knowledge and solve problems voluntarily. As R&D risks decreases and the likelihood of R&D success increases, firms are more likely to make sizable R&D investments that further lead to enhanced firm performance.

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