從2006年起根據法令規定,國內上市、上櫃公司編製財務年報須揭露支付董監事酬金情形。在2011年之前,公司出現最近二年度連續有虧損且董監酬金增加,而在2011年後最近一年度為稅後虧損,但董監酬金卻增加之情況發生,即被揭露為「肥貓企業」,而對公司本身而言,企業價值將因此受影響,本研究以2010年至2011年上市櫃公司為研究對象,以探討在公司被列為自肥名單後與其股價之關聯性。 本研究利用Ohlson模型,透過帳面價值、異常盈餘及其他資訊等要素並納入相關因子來衡量公司在股票權益市場之價值。實證結果指出,公司被公布為自肥名單後,其企業價值會降低。此外,在後績的敏感性分析也都支持本文假說,顯示相較於其他企業,肥貓企業之價值會下降。
Taiwan’s listed companies, according to the regulations, should disclose their status of the payment to the directors and supervisors within the preparation of their annual financial reports from the year of 2006 on. By 2011, both of the enterprise’s taxed earnings were losses in the last two years, but the directors’ and supervisors’ remuneration increased, and afterwards, if their remuneration also rose, there was a loss after tax just within the recent year from 2011, they will be exposed as the “Fatcat companies”, the enterprise’s value, for the company itself, would be affected by it. Therefore, we take the sample of firms listed in Taiwan from 2010 to 2011, aiming to understand the implementation of Fatcat companies and their business valuation. Mainly based on Ohlson’s (1995) valuation model, this study takes the book value, abnormal earnings, other information and other factors into consideration to measure the market value of the equities. The empirical results reveal that after disclosure of Fatcat companies, with the lower business-valuation. Then the evidences of the sensitivity analysis also support the hypothesis of this study, as the disclosure of Fatcat companies are proven implementation, compared to other enterprises, with the lower business-valuation.