獎酬公平性與員工外部機會對分割決策之影響

The Impacts of Compensation Fairness and Employees' Outside Opportunities on Firms' Spinoff Decisions

顏誠廷(Cheng-Tyng Yen)

指導教授 ： 陳業寧

國立臺灣大學/管理學院/財務金融學研究所/碩士(2012年)

https://doi.org/10.6342/NTU.2012.01630

摘要

本文建立一理論模型，探討公平問題與員工外部機會如何影響公司之分割決策。使用不同的薪酬來滿足不同部門的相異誘因問題時，可能會使不同部門間的薪酬看起來不公平。亦即那些為公司提供多數當期獲利的部門之員工，其薪酬相較於前景光明的部門之員工可能偏低。這類的公平問題可能使員工的誘因問題進一步惡化。此外，當不同部門的員工其外部機會不同時，公平問題的影響將更為嚴重。本研究顯示公平問題和員工外部機會是影響公司分割決策的重要因素。當不同部門的未來生產力歧異越大，公平問題造成影響就越大，將使得公司進行分割的機會提高。

關鍵字

公平性 ； 外部機會 ； 分割決策

並列摘要

This essay establishes a theoretical model to investigate how the fairness issue and the employees’ outside opportunities affect firms’ spinoff decisions. Since different divisions may have different incentive problems and the compensation contract is used to deal with these problems, the compensation packages in different divisions may look unfair. That is, the compensation received by employees in divisions contributing high current earnings to the firm may seem low when it is compared to that of employees in divisions with bright future. This fairness issue will worsen the employees’ incentive problems. Moreover, this problem becomes more serious if employees in different divisions have different outside opportunities. This essay shows that the fairness issue and the employees’ outside opportunities are important factors behind the firms’ spinoff decisions. When the divergence of productivity prospect of different divisions is large, the fairness issue is more serious, and the probability of spinoffs increases.

並列關鍵字

fairness ； outside opportunity ； spinoff decision

參考文獻

Ahn, S. and D. J. Denis (2004). "Internal capital markets and investment policy: evidence from corporate spinoffs." Journal of Financial Economics 71(3): 489-516.

Ahn, S. and M. Walker (2007). "Corporate governance and the spinoff decision☆." Journal of Corporate Finance 13(1): 76-93.

Campa, J. M. and S. Kedia (2002). "Explaining the Diversification Discount." THE JOURNAL OF FINANCE 57(4): 1731-1762.

Colak, G. and T. M. Whited (2007). "Spin-offs, Divestitures, and Conglomerate Investment." Review of Financial Studies 20(3): 557-595.

Hart, O. and B. Holmstrom (2010). "A Theory of Firm Scope." The Quarterly Journal of Economics 125(2): 483-513.