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相對績效評估與高階經理人薪酬:論企業生命週期之影響

Relative Performance Evaluation and Top Managers' Compensation: The Effect of the Firm Life Cycle

Abstracts


本研究檢驗高階經理人薪酬合約是否採用相對績效評估(Relative Performance Evaluation,簡稱RPE)及企業生命週期階段是否影響相對績效評估之採用。先前關於高階經理人薪酬合約是否採用RPE的文獻相當分歧,本研究以更精確的子產業分類重新檢驗高階經理人薪酬是否存在採用RPE的現象,以及RPE之採用是否受到企業生命週期之影響。本研究發現高階經理人總薪酬可能未採用RPE,但紅利薪酬則有,推論為紅利薪酬於期末決定,會進行同業比較,而同業績效已於期初影響高階經理人薪酬之設定,故本期高階經理人總薪酬與本期同業績效較無相關性。此外,也發現當企業生命週期於成長期或衰退期時,高階經理人現金紅利採用RPE情況並不顯著,但於成熟期時,因為市場競爭因素導致現金紅利有採用RPE情形。

Parallel abstracts


This study examines the use of relative performance evaluation (RPE) and whether firm life cycle stages affect the use of RPE. Prior empirical research still offers mixed evidence on the use of RPE in top managers' compensation because of rough industrial classification. Accordingly, we re-test the RPE argument by more precise industrial classification. We find that top managers' total compensation exhibits little use of RPE. However, RPE is more prevalent for top managers' profit sharing schemes. The explanation is that firms can incorporate peer performance to decide top managers' bonus at the end of the period and past peer performance have influenced top managers' fixed salary set at the beginning of the year. In addition, we find that firm In growth and decline stages, there is little evidence concerning the use of RPE in cash bonus. Conversely, RPE is used in determining top managers' cash bonus for firms in maturity stage because of more industrial competition.

References


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洪玉舜、王泰昌(2005)。績效衡量指標在高階主管現金薪酬契約中之相對重要性。證券市場發展季刊。17(2),35-100。
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金成隆、林修葳、紀信義(2004)。專利權的價值攸關性:從企業生命週期論析。管理學報。21(2),175-197。

Cited by


張雅淇、謝佑承(2021)。不同生命週期下核心代理問題對高階經理團隊薪酬之影響會計評論(73),133-188。https://doi.org/10.6552/JOAR.202107_(73).0004
潘虹華、廖懿屏、鍾旻純(2019)。薪酬委員會之專業性與高階經理人薪酬相對績效評估會計評論(68),119-159。https://doi.org/10.6552/JOAR.201901_(68).0004

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