- 學位論文
內部人持股、員工紅利及董監酬勞與公司績效：實證性研究
Insider Ownership、Employee Bonus and Director Compensation and Firm Performances：An Empirical Study
摘要
本研究探討內部人持股、員工紅利及董監酬勞與公司績效間可能存在的內生性關係，若以傳統最小平方法所估計之參數將可能產生偏誤及不一致，故設立聯立方程式並以二階段最小平方法（2SLS）處理變數間的相互影響，以便能取得較正確的估計參數。 實證結果顯示，公司績效與內部人持股比率互為內生變數，而內部人持股比率又與員工紅利及董監酬勞互為內生變數。在考量變數內生性下，隨著內部人持股比率之增加公司績效呈現先降後升，再轉為降的關係，即二者間存在非線性相關。 而員工紅利及董監酬勞對公司績效皆呈顯著的正相關，代表當公司將盈餘與員工及董監等為公司服務者分享時，可達到激勵效果，並使其與股東的利益趨於一致，降低代理成本，有助於提升公司績效。內部人持股比率對員工紅利及董監酬勞皆未發現其相關性，顯示內部人持股比率並不影響員工紅利及董監酬勞之發放。
並列摘要
The research is about endogenous relation existing between insider ownership, employee bonus and director compensation, firm performances. If we used the way of ordinary least square, parameter estimates maybe would produce biases and inconsistency. To get more correct parameter estimate, we will set up simultaneous equations, the mutual effect within variables is handled by 2SLS. The result is showed that firm performances and insider ownership ratio are relationship of endogenous variables; by the way, insider ownership ratio has the same relationship with employee bonus and director compensation. Consider variables endogenous, firm performances will first go down then up, along increasing of insider ownership ratio, finally turn into going down. We learned they are non-linear association from this result. Firm performance has significantly positive association both with employee bonus and director compensation. This result indicate corporations shared earnings with employees and directors who service in the corporation, it will have inspire effect and lower agency cost. Besides, we can’t find significant association within insider ownership ratio, employee bonus and director compensation. In other words, insider ownership ratio doesn’t have any influence with employee bonus and director compensation.