本文建立一個考慮收益分紅工資制度, 與勞動生產力及資本使用的內生成長模型。 在不具任何生產的外部性之下, 若將收益分紅視為一效率工資, 此種制度將可提高勞動生產力, 並進一步成為經濟成長的動力。 然而, 越積極的分紅工資制度並不必然能增進就業、 資本使用或經濟成長。 本研究也顯示, 資本使用與經濟成長存在一正向關係, 而就業與資本使用及經濟成長則是基於不同的衝擊, 可能呈現順循環或反循環。

This study establishes an endogenous growth model characterized by
a revenue sharing scheme and two variable factor utilizations, namely,
labor productivity and the capital utilization rate. The results indi-
cate that if revenue sharing acts as an efficiency wage, performance
pay seeking can be a driving force behind labor productivity and in
turn economic growth without any factor externalities. However, a
more intensive sharing scheme may not necessarily increase employ-
ment, capital utilization, or economic growth. The current analysis
also shows that capital utilization and economic growth always ex-
hibit a positive relationship with each other, whereas employment
may be either pro-cyclical or countercyclical in relation to capital uti-
lization and balanced growth rates, which crucially depend on differ-
ent shocks.