台灣上市公司董事薪酬的過度或不足

Discussion for Board Over or Undercompensated on Taiwan Listed Company

王秋翔(Chiu-Hsiang Wang)

指導教授 ： 段昌文

淡江大學/商管學院/財務金融學系碩士班/碩士(2018年)

https://doi.org/10.6846/TKU.2018.00113

摘要

本研究以2010年至2016年的台灣上市公司作為主要樣本，以複迴歸為實證方法，以財務因素、公司治理因素、其他因素來探討與董事薪酬、董事現金薪酬、董事股票股利之間的相關性，以及探討台灣上市公司董事薪酬是過度還是不足。
由迴歸分析結果發現，在財務因素方面，Tobin’s Q值、流動比率、營業收入、ROA、現金流量比率對董事薪酬與董事現金薪酬之係數為正向。研究發展費、負債比率、固定資產、資本支出、波動性對董事薪酬及董事現金薪酬之係數為負向。在公司治理因素方面，公司規模、董事會會議次數、董事會規模、總經理薪酬對董事薪酬與董事現金薪酬之係數為正向，部門數量、內部化比率、總經理持股比例、董事長替換率、雙元性、董事長性別對董事薪酬及董事現金薪酬之係數為負向。在其他因素方面，審計委員會、產業類別對董事薪酬與董事現金薪酬之係數為正向。
研究發現將樣本依產業別分類，在台灣的產業裡，橡膠工業給的超額薪酬是最多的，觀光給的超額薪酬是最少的。整體而言，過度超額薪酬的產業數大於不足超額薪酬的產業數，且依年度分類的超額薪酬也逐年增加，表示在台灣的上市公司董事薪酬、董事現金薪酬大多是有過度的情況，而董事股票股利因為大部分的公司都將股票股利轉為現金股利發放，所以在台灣的上市公司董事股票股利是不足的情況。

關鍵字

董事薪酬 ； 董事現金薪酬 ； 董事股票股利 ； 超額薪酬 ； 公司治理

並列摘要

This study use Taiwan listed companies from 2010 to 2016 as the main sample, use the multiple regression as an empirical method, and use financial factors, corporate governance factors, and other factors to explore the correlation between director’s compensation, director’s cash compensation, and director’s stock dividends, and to explore whether directors of listed companies in Taiwan are over or undercompensated.
As a result of the regression analysis, it is find that in terms of financial factors, Tobin's Q, liquidity, sales, ROA, and cash flow ratio are positive for the coefficient of director’s compensation and director’s cash compensation. The research and development fees, debt ratios, fixed assets, capital expenditures, and volatility are negative for the director’s compensation and the director’s cash compensation. In terms of corporate governance factors, the size of the company, the number of board meetings, the size of the board, and the compensation of CEO are positive for the coefficient of the director’s compensation and the director’s cash compensation. The number of departments, the internalization ratio, the proportion of CEO, the replacement ratio of the chairman, duality, the gender of the chairman are negative for the director’s compensation and the director’s cash compensation. As for other factors, the audit committee and industry category have a positive coefficient on the director’s compensation and the director’s cash compensation.
This study find that the sample is classify according to the industry in Taiwan’s industry, the rubber industry give the most excess compensation, and the excess compensation for tourism industry is the least. In general, the number of industries with excessive excess compensation is greater than the number of industries without excess compensation, and the excess compensation base on the annual classification also increases year by year. This indicates that the compensation of directors of listed companies in Taiwan and the majority of director’s cash compensation are excessive, while directors stock dividends since most companies convert their stock dividends into cash dividends, the stock dividends of directors of listed companies in Taiwan are insufficient.

並列關鍵字

Director’s Compensation ； Director’s Cash Compensation ； Director’s Stock Dividends ； Excess Compensation ； Corporate Governance

參考文獻

中文文獻

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