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系統識別號 U0026-1705201921334900
論文名稱(中文) 公司虧損董監自肥與財務績效之研究-以台灣上市公司為例
論文名稱(英文) Corporate Loss, Directors’ Self-Fertilization, and Financial Performance ― Evidence from Taiwan
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 107
學期 2
出版年 108
研究生(中文) 朱燕秋
研究生(英文) Chun-Yen Chiu
學號 R87051257
學位類別 碩士
語文別 中文
論文頁數 36頁
口試委員 口試委員-陳俊男
口試委員-謝喻婷
指導教授-林軒竹
中文關鍵字 公司虧損  董監自肥  財務績效  股東權益報酬率  資產報酬率 
英文關鍵字 company losses  directors and supervisors fattening their purses  finical performance  shareholders’ return on equity  return on asset 
學科別分類
中文摘要 摘要
公司治理的目的是在設計監督和制衡機制,確保公司績效,進而保障股東及利害關係人的利益。於2010年11月增訂證券交易法第十四條之六,需設置『薪資報酬委員會』,明定合理的董監事或經理人酬勞。公司嚴重虧損但董監事、經理人仍坐領高薪,上市(櫃)公司肥貓問題已存在已久,卻因為無法可罰,使金管會只能要求上市(櫃)公司將董監酬勞『攤在陽光下』,規定每年股東會,必須揭露前一年度董監酬勞,讓『社會公評』。
本研究探討公司虧損董監自肥與財務績效股東權益報酬率(roe)、資產報酬率(roa)之相關性。本研究以台灣上市公司936家為樣本,資料9,761筆,樣本期間為2006年起至2016年止,共計11年。本研究分析主要區分為三個部分,首先為樣本公司的基本資料分析,其次為相關係數分析,最後則是假說的驗證。基本分析則以敘述統計做為分析,假說驗證則採最小平方法(OLS),實證結果顯示:董監酬金增減是與公司財務績效呈顯著負相關影響。
英文摘要 The purpose of corporate governance is to design a supervision and balancing mechanism to oversee company performance and protect shareholders and stakeholders’ interests. Article 14-6 of Securities and Exchange Act requiring a “Remuneration Committee” was included in November 2010 to provision reasonable remunerations for directors, supervisors, or managers. The “FATCA” issue where companies are sustaining serious losses but directors, supervisors and managers still receive high pay has long existed for TAIEX and OTC listed companies. However, since there are no laws governing the imposition of penalties, the Financial Supervision Commission R.O.C. (Taiwan) can only request TAIEX and OTC listed companies to disclose directors and supervisors’ remunerations and provision the disclosure of remunerations for the previous year at the annual shareholders’’ meeting for a fair social judgment.
This study explores the correlations among directors and supervisors of companies sustaining losses but fatten their purses, financial performance, shareholders’ return on equity; ROE, and return on asset; ROA. 936 TAIEX listed companies in Taiwan were adopted as samples, 9761 entries. The sample period was 11 years, from 2006 to 2016. The analysis in this study is divided into three parts: An analysis of the sample company’s basic information, a correlation analysis, and a hypotheses verification. The basic analysis was carried out using descriptive statistics, and the hypotheses verification through the ordinary least squares estimator; OLS. Empirical results show a significantly negative correlation between an increase/decrease in directors and supervisors’ remunerations and company financial performance.
論文目次 摘要·······················································I
Abstract·················································II
誌謝·······················································V
目錄······················································VI
表目錄··················································VIII
圖目錄····················································IX
第壹章 緒論················································1
第一節 研究背景··············································1
第二節 研究動機··············································4
第三節 研究目的··············································5
第四節 研究架構··············································6
第貳章 文獻回顧及假·說建立····································8
第一節 董監酬勞與公司績效······································8
第二節 董監酬勞與溢領薪酬·····································10
第三節 董監酬勞與會計績效·····································11
第四節 董監酬勞與公司虧損·····································13
第五節 假說建立·············································14
第參章 研究方法············································15
第一節 樣本選本·············································15
第二節 變數定義·············································17
第三節 研究模型建立··········································21
第肆章 研究結果············································22
第一節 敘述統計分析··········································22
第二節 相關係數分析··········································26
第三節 迴歸分析·············································30
第四節 實證結果分析··········································33
第伍章 結論···············································34
參考文獻···················································35
參考文獻 論文
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期刊
【1】李明機,”近期英國薪酬制度改革與我國上市(櫃)公司薪酬規範之簡析”,證交資料574期
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