- 學位論文
以現金持有之角度探討經理人特質對公司績效之影響 -以臺灣半導體產業為例-
To Explore the Impact of Manager Traits on Corporate Performance from the Perspective of Cash Holdings - Take Taiwan's Semiconductor Industry as an example
摘要
本文主要在研究公司現金持有與經理人特質對公司財務績效的相關性，並以半導體產業為研究對象。研究樣本將國內半導體業及非半導體業公司做區別，資料期間為2008至2015年，依據標準並排除資料不齊全的公司後，最終樣本包含6239家上市公司，11,398筆資料；本文利用相關分析及迴歸模型探討現金持有與經理人特質對公司經營績效之相關性，以及半導體公司及非半導體公司現金持有與經理人特質對公司績效是否存在差異性。 本文最後的分析結果顯示：(1)半導體業公司現金持有比率與公司績效ROE、EPS 皆呈顯著正相關，尤其以半導體業下的非家族企業，現金持有比率與公司績效關係更為顯著。 (2)經理人薪酬與公司績效關係並不顯著。(3)半導體業下非家族企業的經理人持股比例與超額報酬率呈顯著正相關。(4)在非半導體業下的家族企業，經理人持股比例與公司績效呈顯著正相關。
並列摘要
This paper mainly studies the correlation between cash holding and manager's performance and financial performance of the company, and takes the semiconductor industry as the research object. The sample will be the difference between the domestic semiconductor industry and non-semiconductor companies, the data period from 2008 to 2015, according to the standard and exclude the information is not complete the company, the final sample contains 6239 listed companies, 11,398 information; this article using the relevant analysis and The regression model explores the relevance of cash holdings and managerial traits to corporate performance, and whether there is a difference in cash performance between managers and non-semiconductor companies. The results of the final analysis of this paper show that: (1) The cash holding ratio of semiconductor companies is positively correlated with ROE and EPS, especially in non-family enterprises under the semiconductor industry, the cash holding ratio is more significant than the firm's performance. (2) The relationship between manager's pay and firm performance is not significant. (3) The proportion of managers holdings of non-family enterprises in the semiconductor industry is positively correlated with the excess return rate. (4) In the non-semiconductor industry under the family business, manager shareholding ratio and the company performance was significantly positive correlation.