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系統識別號 U0026-0812200911074316
論文名稱(中文) 內部人士薪酬之決定因素-公司績效或公司治理?
論文名稱(英文) What does Matter in Determining Insider Compensation? Performance or Governance?
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 92
學期 2
出版年 93
研究生(中文) 錢逸達
研究生(英文) Yi-Da Chien
學號 r1691115
學位類別 碩士
語文別 英文
論文頁數 49頁
口試委員 口試委員-王澤世
口試委員-林玲芬
指導教授-吳清在
指導教授-陳嬿如
中文關鍵字 內部人士薪酬  公司績效  公司治理 
英文關鍵字 firm performance  corporate governance  insider compensation 
學科別分類
中文摘要   國外在探討高階主管的薪酬時,董事被認為是容易被經理人員操縱或控制的。然而在台灣,董事在制定薪資時扮演很重要的角色。董事不但可以決定經理人員的薪資,也可決定自己的薪資。之前的論文還未探討董事薪酬和公司績效和公司績效的關聯性。本篇論文的目的在探討內部人士薪資的決定因素,及不同的公司治理機制如何影響不同內部人士的薪資及公司績效。
  我們首先建立1998年到2002年上市公司內部人士的薪酬資料庫。我們將內部人士分為四種:董事、專業經理人、董事兼經理人及所有內部人士。我們建立聯立方程式並分別用OLS及3SLS測試所建立的模型。
  實證結果顯示幾項發現:(1)本期公司績效受前期內部人士薪酬及前期公司績效交互作用的影響。(2)當董事持股比率較高時,公司績效較好,但付給內部人士的薪酬較少。(3)當公司有大股東存在時(持股10%以上),專業經理人的薪資較低。(4)常務董事和專業經理人之間存在替代關係,當公司常務董事比率較高時,董事薪酬較高,專業經理人薪酬較低。我們實證解果顯示,在台灣的公司,董事在經營公司及制定內部人員薪資上都扮演很重要的角色。
英文摘要   While the directors in American firms are considered more likely to be influenced by CEOs in determining executives’ compensation (e.g., Jensen, 1993; Cystal, 1991; Core et al, 1999), the directors in Taiwanese firms play an importance role in setting compensation for executives and directors themselves (e.g., Chen, 2002; Yeh and Woidtke, 2003). Prior literatures have not yet documented a relation among director compensation, corporate governance mechanism, and firm performance. This paper examines the determinants of compensation for executives and directors in Taiwanese firms, and investigates how corporate governance mechanisms affect various insider compensation and firm performance.
We first establish a database with data of insider compensation of all listed companies from 1998 to 2002, within which the compensation is further grouped based on the status of insiders: directors, professional managers, executive directors, and all insiders. A simultaneous equations system is constructed and both OLS and 3SLS are adopted regression methodologies to test the system.
The empirical test results imply some important messages. First, the current firm performance is affected by joint effect of previous firm performance and previous insiders’ compensation. Second, when director ownership is higher, the firm performs better and pays less compensation to insiders. Third, when firms have large shareholders, managers are less likely to receive higher compensation. Finally, the standing director and professional manager exists a substitutive relation. Our empirical results imply that directors in Taiwanese firms play an important role in managing firms.
論文目次 CHAPTER1. INTRODUCTIONS 1
1.1. MOTIVATIONS 1
1.2. PURPOSE OF RESEARCH 3
1.3. IMPORTANCE OF RESEARCH 4
1.4. STRUCTURE OF PAPER 4
CHAPTER 2. LITERATURE REVIEW 5
2.1. AGENCY THEORY AND EXECUTIVE COMPENSATION CONTRACT 5
2.2. DETERMINANTS OF EXECUTIVE COMPENSATION 7
2.2.1. Firm characteristics 7
2.2.2.Industry characteristics 8
2.2.3. Corporate governance mechanisms 9
2.2.4. Firm Performance 11
CHAPTER 3. DEVELOPMENT OF HYPOTHESES 11
CHAPTER 4. METHODOLOGY 16
4.1. DATA AND SAMPLE COLLECTION 16
4.2.VARIABLES DEFINITION 16
4.2.1 Performance variables 16
4.2.2 Compensation variables 17
4.2.3 Strategic variables 18
4.2.4 Corporate governance variables 18
4.2.5 Control variables 19
4.3. DESCRIPTIVE STATISTICS ANALYSIS 19
4.4. CORRELATION ANALYSIS 21
4.5. TESTING MODEL 21
CHAPTER 5. EMPIRICAL RESULT 23
5.1. RESULTS OF OLS 24
5.4. RESULTS OF 3SLS 30
5.5. SUMMARY OF EMPIRICAL RESULTS 31
CHAPTER6. CONCLUSIONS 32
REFERENCES 34

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