經營績效、股價風險值與董監報酬之影響-以台灣化學產業為例

化學產業為我國經濟發展工業之基礎，所製造的產品可廣泛應用於民生日常生活用品，惟近年來國內的化學產業不但面臨經濟不景氣之威脅，更得面臨全球來自國際化學產業之全球性的競爭，故如何的提昇國內化學產業之競爭力、研擬適當及更有效之管理策略，確實有必要加以研究。本文以2010年台灣上市櫃40化學產業為研究對象，探討化學產業類股財務績效表現與董監經理人薪酬之關連性，經由財務績效、股價風險值、董監經理人均薪酬與風險值之影響，以及產業內部跨期事件之影響層面。財務績效評估模式方面，使用資料包絡分析法（Data Envelopment Analysis, DEA），計算多項投入與多項產出，求算經營相對績效。本文以財務五力分析各化學產業內財務績效、董監薪酬組成架構；藉由風險值瞭解各家化學公司股價波動情形，採用歷史模擬法、蒙地卡羅法作為分析各家化學公司股價風險值。實證結果顯示，2010年台灣上市櫃化學公司財務績效與董監經理人均薪酬分為高、中、低三種群組，藉由資料包絡分析法得知，財務績效表現在0至1之間，股價平均風險值介於1.2454~8.5920之間，表示投資不同的化學公司股票所承擔風險程度差異甚大；並採用投入導向為主以CCR模式、 BCC模型分析各公司之純技術效率（PTE）平均效率值為0.9922；規模效率（SE）平均效率值為0.9735，推究其導致無效率之原因是規模效率（SE）無效率，並運用差額變數分析提供改善的指標，低績效群組部分應增加財務五力營業成本/股本及固定資產/股本的產出達17.40%及14.79%；中績效群組13.82%及8.60%。在經營績效、風險程度與董監薪酬整合分析，董監薪酬與公司經營績效具有正向關係，就塑化劑事件的衝擊下，股價風險值介於4.8395~4.8398

關鍵字

資料包絡分析法；財務績效；董監薪經理薪酬；風險值

並列摘要

The chemical industry has been the core base for economic industrial development in our country. Such industry produces a wide variety of products and goods for our daily and livelihood necessities. Faced with the threats of domestic economic setback and global competition in recent years, the issues on how to boost the competitiveness of domestic chemical industry and strike out a more appropriate and effective management strategy to confront the challenges ahead when going international become critically imperative. This paper conducts a case study on the top 40 domestic chemical companies listed or under OTC in 2010 in ways as: explore the connection between the financial performance of chemical industry stock shares and the remuneration of director and, supervisor managers, the influences of financial performance, stock price risk values, per capita remuneration of director and supervisor managers, and the impact of international intertemporal events within the industry. In the aspect of financial performance assessment model, the study applies Data Envelopment Analysis （DEA）, which helps calculate multiple inputs and outputs via computing correlative business performance. In the paper, it uses Five Financial Forces to analyze the financial performance of chemical industry, and the composition of remuneration structure of director and supervisor managers; to understand the fluctuated stock share prices of various chemical companies via risk values; and to analyze the stock share risk values via historical simulation method and Monte Carlo analysis. The empirical results show that 2010 Taiwan listed/under OTC chemical companies in relation to the per capita remuneration of director and supervisor managers are categorized into high, medium and low groups. Via Data Envelopment Analysis, it shows that the financial performance within 0-1 indicates that the share price average risk values stand from 1.2454 to 8.5920, signifying that investment risk in the stock shares of different chemical companies varies greatly. Through input-oriented CCR and BCC models, the results indicate that the average efficiency value of Pure Technical Efficiency（PTE）is 0.9922 while the average efficiency of Scale Efficiency（SE）value is 0.9735. This deduces that the Scale Efficiency（SE）inefficiency leads to inefficiency. As a result, the paper recommends that by using value-discrepancy variable analysis, it can improve the indicators. As to the low performance group, they are recommended to increase the operating cost/equity capital and fixed assets/equity capital yields of Five Financial Forces to 17.40% and 14.79%; middle performance group 13.82% and 8.60% in yield. In the analysis of integrating business/operating performance, risk level, and remuneration of directors and supervisors, the study reveals that the remuneration of directors and supervisors proves positively relevant to corporate operating performance. Under the impact of recent plasticizer events, the stock price risk values stands at 4.8395 ~ 4.8398.