高階經理人薪酬與研發支出—企業生命週期之調節效果

Top-Management Compensation and R&D Expenditures－the Moderating Effect of Business Life Cycle

劉欣怡(Hsin-Yi Liu)

指導教授 ： 張淑清

中原大學/商學院/會計研究所/碩士(2017年)

https://doi.org/10.6840/cycu201700744

摘要

本研究以我國上市電子業公司為對象，主要探討企業在不同生命週期下，高階經理人面臨小額虧損或小幅度盈餘衰退問題時，研發支出變動對於高階經理人薪酬變動之影響。首先，探討研發支出變動對於高階經理人薪酬變動之影響。再者，進一步探討高階經理人面臨小額虧損或小幅度盈餘衰退問題時，研發支出變動對於高階經理人薪酬變動之影響。最後，考慮企業在不同生命週期，高階經理人面臨小額虧損或小幅度盈餘衰退問題時，研發支出變動對於高階經理人薪酬變動之影響。
實證結果顯示，研發支出變動對於高階經理人薪酬變動呈顯著負相關。再者，高階經理人面臨小額虧損或小幅度盈餘衰退時，研發支出變動與高階經理人薪酬變動無顯著相關。因此，本研究進一步驗證各生命週期下，高階經理人面臨小額虧損或小幅度盈餘衰退時，研發支出變動對於高階經理人薪酬變動之影響。結果顯示當公司面臨成長期且高階經理人面臨小額虧損或小幅度盈餘衰退時，研發支出變動與高階經理人薪酬變動呈顯著正相關，此表示在成長期時，公司會透過薪酬制定之方式，以抑制高階經理人投機行為。

關鍵字

企業生命週期 ； 公司控制 ； 研發支出 ； 高階經理人薪酬

並列摘要

This study uses the sample of firms listed in Taiwan Electrics Industry. The purpose of this study is mainly to examine the impact of changes in R&D expenditures on changes in top management’s compensation when the firm faces a small earnings decline or a small loss in different life cycles. At first, this study expects that changes in R&D spending are more strongly negatively associated with changes in top management’s compensation. Furthermore, this study expects that changes in R&D spending are more strongly positively associated with changes in top management’s compensation when the firm faces a small earnings decline or a small loss. Finally, the relationship between changes in R&D spending and changes in top management’s compensation is considered when the firm faces a small earnings decline or a small loss in different life cycles.
The empirical results show that changes in R&D spending are more strongly negatively associated with changes in top management’s compensation. Moreover, there is no significant relationship between changes in R&D spending and changes in top management’s compensation when the firm faces a small earnings decline or a small loss. Therefore, this study further tests the relationship between changes in R&D spending and changes in top management’s compensation when the firm faces a small earnings decline or a small loss in different life cycles. The result finds that there is a significant positive relationship between changes in R&D spending and changes in top management’s compensation when the firm faces a small earnings decline or a small loss in the growth stage. This implies that the firm will strengthen the behavior of the compensation to prevent top managers’ speculation in the growth stage.

並列關鍵字

business life cycle ； corporate control ； R&D expenditures ； top management’s compensation

參考文獻

王曉雯、王泰昌與吳明政 (2008)，企業經營型態與研發活動績效，管理學報，第25卷第2期，頁173-193。

王曉雯、陳欣妤與吳佩珊 (2013)，研發支出與總經理薪酬－公司控制與成長機會對抑止管理性投機之影響，管理評論，第32卷，頁39-62。

江家瑜、簡凌慧與薛敏正 (2014)，公司特質對應計與實質盈餘管理選擇的影響，中華會計學刊，第10卷第1期，頁1-32。

林美倫 (2007)，研發支出對經營績效及股權評價影響之研究，臺南科大學報，第26卷第1期，頁115-133。

林美鳳、吳琮璠與吳青松 (2008)，資訊科技投資與企業績效之關係—從企業生命週期論析，資訊管理學報，第15卷，頁155-183。