벤처기업 스톡옵션제도에 대한 연구

Abstract

최근 수년간 우리나라 벤처기업들 사이에서 스톡옵션제도에 대한 관심과 운용이 확산되고 있다. 이에 본 연구는 최근의 확산된 관심을 인식하고 기존의 스톡옵션제도에 관한 연구들의 한계점을 지적하면서 벤처기업의 스톡옵션제도 현황을 파악하고 스톡옵션 보상기대와 구성원의 직무태도간의 관계를 조사하였다. 관계에 관한 조사연구는 스톡옵션제도가 구성원 태도에 이르는 과정에서 다양한 변수들에 의해 직접 그리고/혹은 간접적 영향을 받을 가능성이 높기에 속성상 탐색적이다. 2000년 8월 현재, 522개 벤처기업들이 스톡옵션을 부여하고 있는 것으로 나타났다. 스톡옵션 보상기대와 직무태도간의 관계를 조사하기 위해 실증적 조사연구가 설계되고 실행되었다. 실증적 연구를 수행하기 위하여 68개 벤처기업들로부터 68개 설문응답을 수집하였다. 조직몰입, 직무만족, 그리고 이직의도 등의 세 가지 직무태도들에 초점을 두었다. 상관관계분석이 관계검증을 위하여 사용되었다. 연구결과, 스톡옵션 보상기대는 조직몰입과 직무만족과는 정(+)적인 상관관계를 가지지만 이직의도와는 유의한 관계를 가지지 않았다. 마지막으로 몇 가지 시사점들이 이론가들과 실무가들을 위하여 제공되었고, 본 연구의 한계점을 논의하면서 미래연구를 위한 방향을 제안하였다.

During the past few years there has been an increase in the rate by which Korean venture firms have adopted stock option plan. Recognizing the recent widely spread interest in the plan and the limitations of the previous researches on the stock option plan, this study was performed to investigate the profile of stock option plan of Korean venture firms and examine the relationship between the expectancy of stock option compensation and employee's attitudinal responses. The second part of the study is exploratory in nature because there are very likely to be complex relationships of various factors that the study has failed to identify. As of August 2000, 522 venture firms offered stock options to employees. For examining the relationship between stock option expectancy and job attitudes, the empirical study was peformed. For peforming the empirical study, data was collected from 68 respondents from 68 Korean venture firms. Three job attitudes were focused on: organizational commitment, job satisfaction, and quit intention. Correlation analysis was employed to test the relationship. The results show that the stock option expectancy is positively related to organizational commitment and job satisfaction, but not to quit intention. Finally, several implications were offered for theorists and managers. The limitations of the study were discussed and several implications were suggested for the future research.

During the past few years there has been an increase in the rate by which Korean venture firms have adopted stock option plan. Recognizing the recent widely spread interest in the plan and the limitations of the previous researches on the stock option plan, this study was performed to investigate the profile of stock option plan of Korean venture firms and examine the relationship between the expectancy of stock option compensation and employee's attitudinal responses. The second part of the study is exploratory in nature because there are very likely to be complex relationships of various factors that the study has failed to identify. As of August 2000, 522 venture firms offered stock options to employees. For examining the relationship between stock option expectancy and job attitudes, the empirical study was peformed. For peforming the empirical study, data was collected from 68 respondents from 68 Korean venture firms. Three job attitudes were focused on: organizational commitment, job satisfaction, and quit intention. Correlation analysis was employed to test the relationship. The results show that the stock option expectancy is positively related to organizational commitment and job satisfaction, but not to quit intention. Finally, several implications were offered for theorists and managers. The limitations of the study were discussed and several implications were suggested for the future research.