董監酬勞與公司治理及經營績效之研究

The Study for Compensation of Directors on Corporate Governance and Operating Performance

羅元輔(Yuan-Fu Lo)

指導教授 ： 楊清溪

國立臺北大學/商學院/會計學系/碩士(2010年)

摘要

論文提要內容：
隨著全球化經濟的影響，以及金融產品多樣化的產生，帶動了全球經濟脈絡，但也造成許多危機影響全球經濟，加重大家對公司管理高層的薪酬與經營績效和公司治理關係的探討與重視；本研究針對董監酬勞與公司經營績效、連續兩年虧損之公司、淨值低於10元且連續三年虧損之公司以及公司借款、公司業外收入等資料來進行相關之研究，藉以探討董監酬勞與公司治理及經營績效之關聯性，作為公司在訂定董監酬勞時參考之用。本研究實證結果發現：
一、公司經營績效以資產報酬率為主時，假說一之公司經營績效對董監酬勞影響為正相關是成立的，亦即董監酬勞隨著公司績效好而增加，隨著公司績效較差而下降。
二、假說二之公司連續兩年度稅後虧損與董監酬勞會呈負相關獲得成立，即發生稅後虧損公司之董監酬勞，比正常公司董監酬勞減少。
三、假說三之公司最近期財務報告每股淨值低於10元，且上市後最近連續三年度虧損者，與董監酬勞呈負相關，結果不成立。
四、假說四之公司借款與董監酬勞之影響呈負相關不成立。顯示借款依存度與董監總酬勞間關係不顯著。
五、假說五之公司業外收入與董監酬勞之影響呈正相關成立，亦即業外收入越高，董監總酬勞發放越高。

關鍵字

董監酬勞 ； 經營績效 ； 稅後虧損 ； 借款依存度 ； 營業外收入

並列摘要

The influence of globalized economy and various financial products stimulated the global economy, but created several crises that impacted the global economy as well, which brought the issue of compensation of directors on corporate governance and operating performance to people’s attention. This study focused on the data regarding compensation of directors and corporate operating performance, companies that have deficit two years in a row, net value lower than ten dollars and have deficit three years in a row, loans, and non-operating income to conduct the correlations between the compensation of directors, corporate governance, and operating performance to serve as references for deciding the compensation for directors. The empirical results discovered the followings:
1. When the company’s operating performance focused on return on assets, the first hypothesis that operating performance had positive effects on compensation for directors existed. That is, the compensation for directors increased with better performance and decreased with poor performance.
2. The second hypothesis that companies had after-tax deficit two years in a row has negative correlation existed. That is the compensation for directors in the companies having after-tax deficit was less than those in the companies with Norman financial growth.
3. The third hypothesis that companies that had stock value lower than ten dollars per stock and had deficit three years in a row had negative correlation with compensation for directors did not exist.
4. The fourth hypothesis that company loans had negative correlation with compensation for directors did not exist, indicating that dept/equity did not have significant relation with compensation for directors.
5. The fifth hypothesis that non-operating income had positive correlation with compensation for directors existed. That is compensation increased with higher non-operating income.

並列關鍵字

Compensation of directors ； Operating performance ； After-tax deficit ； Dept/Equity ； Non-operating income

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