亞洲金融風暴、網絡泡沫與2008年美國金融海嘯對S&P500公司經理人薪酬影響之研究

Asian Financial Crisis、Dot-Com Bubble and 2008 American Financial Crisis: Implications for Executive Compensation of S&P500 Companies

陳靜嫻(Jing-Xian Chen)

指導教授 ： 王淑芬

國立交通大學/管理學院/財務金融研究所/碩士(2015年)

https://doi.org/10.6842/NCTU.2015.00147

摘要

本論文主要研究亞洲金融風暴、網絡泡沫和2008年美國金融海嘯對於S&P 500公司經理人薪酬的影響。亞洲金融風暴讓亞洲市場持續低迷。在網絡泡沫期間，新技術和新的商業模式出現，但是股價的大跌也讓許多公司遭受損失。2008年的金融海嘯更是沉重地打擊了全球的金融市場和美國經濟。這三個事件都會影響公司的風險承受，進而影響公司的表現。在給予激勵薪酬的前提下，經理人薪酬也會受到影響。在這篇論文中，我們發現網絡泡沫之後，公司的風險投資有顯著的減少。並且，在2008年金融海嘯之後之後，經理人的總薪酬和固定薪酬有顯著的減少，而在亞洲金融風暴和網絡泡沫之後，經理人的薪酬都有所增加。

關鍵字

2008年美國金融海嘯 ； 網絡泡沫 ； 亞洲金融風暴 ； 經理人薪酬

並列摘要

This paper investigate whether there are any effects for the occurrences of Asian financial crisis, Dot-Com bubble and 2008 American financial crisis on CEO compensation of S&P 500 companies. Asian financial crisis caused the downturn of the Asian market. During the Dot-Com bubble, new technologies and new business model emerged. 2008 American financial crisis also hit the global economic. The three events all affected firm’s risk-taking and then affect firm performance. Based on pay for performance, executive compensation wound be affected. In this paper, we find that there were significant declines of risky investment by CEO after the occurrence of Dot-Com bubble. And executive variable executive and fixed compensation increased after the Asian financial crisis and Dot-Com bubble. But total compensation and fixed compensation decreased after the 2008 American financial crisis.

並列關鍵字

2008 American financial crisis ； Dot-Com bubble ； Asian financial crisis ； CEO compensation

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