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系統識別號 U0026-2806201419535400
論文名稱(中文) 高階經理人薪酬績效敏感性與盈餘品質
論文名稱(英文) Pay-Performance Sensitivity and Earnings Quality
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 102
學期 2
出版年 103
研究生(中文) 朱鏡樺
研究生(英文) Ching-Hua Chu
學號 R16014054
學位類別 碩士
語文別 中文
論文頁數 63頁
口試委員 口試委員-余士迪
口試委員-陳俊男
口試委員-黎明淵
指導教授-郭啟賢
中文關鍵字 薪酬績效敏感性  裁決性應計項目  盈餘管理  盈餘品質  盈餘反應係數 
英文關鍵字 Pay-performance sensitivity  Discretionary accruals  Earnings management  Earnings quality  Earnings response coefficients 
學科別分類
中文摘要 不論是2004年12月台灣修正公開發行公司年報應行記載事項準則第10條,強制要求公開發行公司應在年報中採彙總配合級距揭露姓名方式,或個別揭露姓名及酬金方式,提供最近年度支付總經理及副總經理等酬金資料,抑或是於2010年11月增訂證券交易法第14條之6,強制證券交易所上市(櫃)以及興櫃公司應設置薪酬委員會,皆可察覺出財務報表使用者對於企業薪酬計畫與內部監理機制的重視程度日益漸增。故本研究主要在探討與會計績效相連結的薪酬契約,是否會誘發高階經理人從事盈餘管理,而扼殺了設置薪酬計畫之美意,並進一步對該盈餘資訊所包含的價值攸關程度作分析討論。
本研究以2007至2012年之台灣上市(櫃)公司為樣本,研究結果發現高階經理人薪酬績效敏感性與裁決性應計項目呈顯著正相關,表示具有高薪酬績效敏感性時,高階經理人從事盈餘管理的程度愈高,在此情況下,本研究並進一步實證發現,不論以平均累積異常報酬抑或是除權息調整年報酬率作為異常報酬指標時,高薪酬績效敏感性之公司皆有較低之盈餘反應係數,顯示較高的裁決性應計數並未包含額外的股價攸關資訊,進而產生較差的盈餘品質。此外,本研究亦發現,若改用股東權益報酬率作為會計績效衡量基礎,來判斷高階經理人薪酬績效敏感性的高低時,實證分析薪酬績效敏感性、盈餘管理與盈餘品質三者間的關聯性,亦會得到相同之研究結論。
英文摘要 In 2004, the modified "Regulations Governing Information to be Published in Annual Reports of Public Companies"of Taiwan requires public companies to disclose the interval of CEO compensation in annual reports. Further the amended "Securities and Exchange Act" requires that companies whose stock listed in the Taiwan Stock Exchange (TWSE) or Over-the-counter (OTC) markets to set up the compensation committee. The purpose of these newly announced regulations is to improve the efficiency of CEO compensation. The main objective of this study is to investigate whether higher CEO pay-performance sensitivities (PPS) may provide CEO’s stronger incentive to manage earnings, and how the earnings management motivated by PPS affects the value-relevance of accounting information.
I collect the listed firms from 2007 to 2012. The empirical results show that the association between PPS and discretionary accruals is positive significantly. The findings suggests that the higher the correlations between CEO compensation and reported income, the more likely for CEO to manage earnings. Further, I find that companies with high PPS have lower earnings response coefficients than those with low PPS. This result suggests that higher discretionary accruals do not significantly enhance the value relevance of earnings.
論文目次 第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究貢獻 3
第三節 研究架構 4
第四節 研究流程 5
第二章 文獻探討 6
第一節 高階經理人薪酬契約相關文獻探討 6
第二節 盈餘管理之基本觀念 10
第三節 薪酬制度與盈餘管理之關聯 16
第四節 盈餘管理與盈餘品質之關聯性 18
第三章 研究假說與方法 23
第一節 建立研究假說 23
第二節 研究模型與變數定義 25
第三節 研究期間與資料來源 35
第四章 實證研究結果 38
第一節 樣本敘述性統計 38
第二節 實證分析 42
第三節 增額測試 48
第五章 結論與建議 53
第一節 研究結論 53
第二節 研究限制與建議 55
參考文獻 56
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