經理人薪酬對公司績效之探討 --縱橫門檻平滑移轉迴歸模型之應用

Smooth Transition Analysis for the Impact of Top Executive Compensation on Firm Performance

顏肇鈞(Chao-Chun Yen)

指導教授 ： 聶建中

共同指導教授 ： 陳達新(Dar-Hsin Chen)

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2010年)

https://doi.org/10.6846/TKU.2010.00757

摘要

本研究探討我國上市上櫃公司之經理人薪酬比率與公司績效之縱橫平滑移轉效果，運用Gonza'lez,Terasvirta and Dijk （2004, 2005）之縱橫平滑移轉迴歸模型，臆測經理人薪酬比率對公司績效是否存在縱橫平滑移轉效果。並進一步對公司績效受控制變數之影響進行評估與衡量。本研究資料主要取自於台灣經濟新報社(TEJ)之資料
庫，並輔以公開資訊觀測站的資料，確保資料之準確性。本研究以
台灣證券交易所全體上市 (櫃)之非金融業產業公司為研究對象，
研究期間為西元 2005年至 2008年。依據樣本選取標準並排除資料
不齊全之公司後，最終樣本包含 881筆資料。

實證結果發現，以資產報酬率和每股盈餘代表公司績效時，經理人薪酬比率和公司績效皆存在縱橫平滑移轉現象，並產生不同門檻值。大抵上當公司淨利雖為負，但虧損幅度並不大時，增加經理人薪酬，能為公司帶來獲利，使獲利轉虧為盈，但當公司淨利虧損過多或公司已呈現叫高淨利時，增加經理人的薪酬並不能將虧損的公司轉虧為盈，或是帶領高淨利的公司再創高峰。而控制變數在不同的區間，分別對資產報酬率與每股盈餘產生不同的影響，分別在第四章節，實證結果部分詳敘。故建議公司經營者應於適當限度下，妥善應用經理人薪酬之給予，以達到公司價值有效極大化。

關鍵字

縱橫平滑移轉迴歸模型 ； 經理人薪酬 ； 公司績效 ； 資產報酬率

並列摘要

By employing panel smooth transition regression (PSTR), this research analyzes the impact of top executive compensation on firm performance. A total of 881 samples are collected from Taiwan Economic Journal and the sample period runs from 2005 to 2008.

The empirical findings show that when ROA and EPS are used to proxy for the firm performance, there exists smooth transition phenomenon for the relationship between the top executive compensation and firm performance. The evidence illustrate that increases of the top executive compensation will bring benefit to firm performance when firm is in a loss condition. On the contrary, when firm is in a comparative earning condition, increases of the top executive compensation can not bring any benefit to firm performance.

Moreover, the various effects of the control variables on the ROA and EPS are clearly illustrated in chapter 4 of this thesis. All the findings suggest that the firm’s operation should properly increase the top executive compensation to achieve the goals of maximization of firm value.

並列關鍵字

Panel smooth transition regression ； Top executive compensation ； Firm performance ； ROA ； EPS

參考文獻

Altman, E. I., 1984. “A Further Empirical Investigation of the Bankruptcy Cost Question,” The Journal of Finance, Vol. 39(4), pp 1067-1090.

Basu, S., L. Hwang, T. Mitsudome, and J. Weintrop, 2007. “Corporate governance, top executive compensation and firm performance in Japan,” Pacific-Basin Finance Journal, Vol.15, pp 56-79.

Brickley, J. A., S. Bhagat, and R. C. Lease, 1985. “The impact of long-rang managerial compensation plans on shareholder wealth,” Journal of Accounting and Economics, Vol.7, pp 115-129.

Campbell, T. L. and P. Y. Keys, 2002. “Corporate governance in South Korea: the Chaebol experience,” Journal of Corporate Finance, Vol.8, pp 373-391.

Coughlan, A. T. and R. M. Schmidt, 1985. “Executive compensation, management turnover, and firm performance: an empirical investigation,” Journal of Accounting and Economics, Vol.7, pp 43-66.