虧損公司董監自肥與盈餘反應係數

The Relationship of Self-Interested Board of Directors in Loss Companies and Earnings Response Coefficient

吳欣怡(Wu-Hsin-Yi)

指導教授 ： 高儷樺

中原大學/商學院/會計研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500639

摘要

因國際金融風暴而造成許多大型企業發生財務危機，間接也影響到國內企業產能下降，而造成出口不利影響景氣衰退而導致金融危機。本文以2006年至2013年以台灣經濟新報資料庫(TEJ)及公開資訊觀測站的上市、上櫃的公司財報相關資料及公司治理的資料，探討虧損公司董監自肥與盈餘反應係數(Earnings Response Coefficient)的關聯性，研究上以最小平方法OLS迴歸分析股價報酬率，及董事會的內部監督效果可以有效降低代理衝突，此時公司會減少董事薪酬水準以避免無效率之情形；外部監控效果與董事薪酬則扮演互補的治理角色，董監事酬金若有增加的情況就會被列為有肥貓的公司，本研究預期被公告為有肥貓的公司，未來盈餘報酬率的盈餘反應係數較低。

關鍵字

盈餘反應係數 ； 董監事薪酬 ； 公司治理

並列摘要

The international financial crisis has caused not only financial crisis of many large enterprises but also indirectly affected declining capacity of the domestic enterprises result in negative impacts of exports causing the recession and the financial crisis. Based on listed and OTC companies’ relevant information of financial statements and corporate governance from 2006 to 2013 in Taiwan Economic Journal Database (TEJ) and Market Observation Post System of Taiwan Stock Exchange, the study explores the correlation between the loss of conflicting interest from companies’ board of directors and supervisors and Earnings Response Coefficient, and then adopts the least square method and OLS regression to analyze return of equity. Also internal supervision from the board of directors and supervisors can effectively reduce agency conflicts and the company will reduce the remuneration level of directors and supervisors to avoid the situation of invalid efficiency; external control effects and the remuneration of directors and supervisors will play a complementary role in corporate governance. If there is a reward increasing situation of directors and supervisors, the company will be listed as a fat cat company. This research expects the company listed as a fat cat will have a lower earnings response coefficient of future return rate of earnings.

並列關鍵字

Earnings Response Coefficient ； Remuneration of the Directors and Supervisors ； Corporate Governance

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