虧損公司董監自肥公布對企業股價報酬之影響

The Impact of Abnormal Stock Return on the Announcement of Self-Interested Board of Directors in Loss Companies

廖小琪(Hsiao-Chi Liao)

指導教授 ： 單騰笙

中原大學/商學院/會計研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500670

摘要

於現今法令規範下，在2011年間，修訂資訊揭露標準，公司出現連續2年度稅後虧損更改為最近年度稅後虧損者，就必須揭露董監事薪酬資訊。董監薪酬有增加之情形將會被列為「董監自肥名單」，且於「公開資訊觀測站」上公布此一名單，這些經營績效不佳且被公告有董監自肥現象之企業為「肥貓企業」。本研究藉由蒐集肥貓企業資料，當肥貓企業被公布對股價報酬率之影響，探討投資人在接收到肥貓企業資訊時所作之決策，是否有顯著負向的累積異常報酬。本文選取2008年肥貓公司(2010年4月1日公布)至2012年肥貓公司(2014年1月29日公布)之日資料，利用事件研究法，探討肥貓企業公布之事件日，對肥貓企業股價報酬之影響。
本研究實證結果發現，肥貓企業之公布，相較於非肥貓企業之公布，有顯著
負向的累積異常報酬，即該肥貓企業之股價受修訂資訊揭露的影響較大。修訂資
訊揭露的實施的確會影響投資人對肥貓企業類股的投資意願。至於法令制定，由
於投資人對肥貓企業公布為壞消息，非肥貓企業公布為好消息。投資人對肥貓企
業公布均有預期心理，皆有顯著的異常累積異常報酬。

關鍵字

異常董監薪酬/肥貓企業/事件研究法/高管薪酬

並列摘要

Under the current legal regulations, in 2011, the revised Disclosure of Information standards, companies with annual after-tax loss for two consecutive losses after tax were recently changed to annual remuneration of directors and supervisors must disclose information. Remuneration of directors and supervisors have increased the case will be classified as "directors, supervisors and enrich List" and published this list in the "MOPS", these poor operating performance and are showroom prison directors from fat phenomenon of enterprises "corporate fat cats. "The study by collecting fat cat corporate data, enterprises have been released when fat cat pay rate of impact on stock prices, investigate decisions made by the investor upon receipt of the fat cat corporate information, whether there are significant negative cumulative abnormal returns. This paper selects 2008 Fat Cat Inc. (April 1, 2010 announcement) to 2012 Fat Cat Inc. (January 29, 2014 announcement) date information, use event study to explore the fat cat corporate event date of publication of Fat Cat remuneration affect company stock.

The empirical results of this study found that fat cat corporate announcement, announcement enterprises compared with non-fat cat, there are significant negative cumulative abnormal returns, that is, the fat cat stock enterprises greater influence by the revised Disclosure of Information. Revision information disclosed embodiment does affect investor willingness to invest in corporate stocks on the fat cats. As for the decree to develop, as investors on corporate fat cats announced for the bad news, non-fat cat companies announced as good news. Investors are expected to announce corporate fat cat psychology, there are significant exceptions cumulative abnormal returns.

並列關鍵字

abnormal remuneration to directors and supervisors/corporate fat cats/event study/executive compensation

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