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系統識別號 U0026-1308201414443700
論文名稱(中文) 興櫃轉上市對經理人薪資的影響
論文名稱(英文) The Impact of Listing Change on Executive Compensation
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 102
學期 2
出版年 103
研究生(中文) 王怡絜
研究生(英文) I-CHIEH WANG
學號 R87001171
學位類別 碩士
語文別 中文
論文頁數 38頁
口試委員 指導教授-陳嬿如
口試委員-陳政芳
口試委員-林軒竹
口試委員-王澤世
中文關鍵字 興櫃轉上市  高階經理人薪酬 
英文關鍵字 emerging exchange listing  CEO compensation 
學科別分類
中文摘要 高階經理人薪酬一直以來都是很多學者想探討的問題,也很多研究在討論經理人薪酬的議題,然而多數討論的薪酬議題大多著墨於盈餘管理,或是公司治理上。而本研究將經理人薪酬設定在興櫃轉上市的公司上,分別針對公司經營績效、公司規模及公司成長率三方面來討論,看是否會因為興櫃轉上市後,經理人薪酬結構因此而改變。
本研究樣本為台灣興櫃轉上市的公司,資料時間由92年到102年共10年資料,共334家公司,樣本數共668個觀察值,本研究有以下發現:
1、高階經理人總薪酬結構部分,不會因興櫃轉上市櫃而有明顯的改變。
2、公司從興櫃轉上市後,公司經營績效對經理人薪酬結構影響正相關但不顯著。
3、公司從興櫃轉上市後,公司規模對經理人薪酬結構影響正相關但不顯著。
4、公司從興櫃轉上市後,公司成長率對總薪酬結構沒有顯著影響,但成長性高的公司其股票紅利有顯著相關成長。

關鍵詞:興櫃轉上市、高階經理人薪酬

英文摘要 The study of CEO compensation has been widely examined in the finance and accounting literatures, most of which are associated with the corporate earnings management and corporate governance studies. Different from the literature, this study examines the changes of executive compensation for the newly listed companies which were pre-listed on the emerging board. In addition, we examine the impact of operating performance , company size and growth rate on the compensation structure.
The sample covers 668 samples across 334 firms newly listed in Taiwan stock exchange, before which they were required to be pre-listed on the emerging board, from 2003 to 2013. There are some major findings. First, the executive compensation is not significantly changed after publicly listed. Second, after listing, the relation between corporate performance and executive compensation structures is positive but not significant. Third, after listing, company sizes not significantly related to executive compensation. Last, after listing, the company's growth rate has no significant effect on the total compensation, but in high growth companies, the stock bonus is significantly related to the growth rate.

Keywords: emerging exchange listing, CEO compensation.
論文目次 目錄
中文摘要…………………………………………………………………………Ⅰ
英文摘要…………………………………………………………………………Ⅱ
誌謝………………………………………………………………………………Ⅵ
目錄………………………………………………………………………………Ⅶ
表目錄……………………………………………………………………………Ⅸ
圖目錄……………………………………………………………………………Ⅹ
第一章 緒論………………………………………………………………………1
第一節 研究動機與目的……………………………………………………1
第二節 研究架構與流程……………………………………………………2
第二章 文獻探討與研究假說……………………………………………………4
第一節 興櫃公司轉上市目的探討…………………………………………4
第二節 薪酬契約與高階經理人薪酬結構的決定因素……………………7
第三章 研究方法………………………………………………………………12
第一節 樣本選取與資料來源……………………………………………12
第二節 實證模型…………………………………………………………13
第三節 變數定義…………………………………………………………13
第四章 實證結果與分析………………………………………………………15
第一節 敘述性統計及Wilcoxon test分析…………………………………15
第二節 相關係數矩陣分析………………………………………………19
第三節 迴歸分析…………………………………………………………21
第五章 結論與建議……………………………………………………………33
第一節 研究結論…………………………………………………………33
第二節 研究限制…………………………………………………………33
第三節 後續研究建議……………………………………………………34
參考文獻…………………………………………………………………………35
參考文獻 中文文獻
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英文文獻
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3.證券暨期貨法令判解查詢系統:http://www.selaw.com.tw


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