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  • 學位論文

金融控股公司之公司治理、經營績效與高階管理階層薪酬關聯性研究

A Study on the Relationships among Corporate Governance, Firm Performance and Top Management Compensation of Financial Holding Companies in Taiwan

指導教授 : 陳達新
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摘要


自1998年起我國主管機關開始宣導公司治理之重要性,賡續推動獨立董事、審計委員會制度,並制訂上市(櫃)公司治理等相關實務守則措施,希望公司能建立公司治理文化並落實該制度。2005年起更修訂公司法及證券交易法,將公司治理原則法治化,2013年行政院也核定通過「強化我國公司治理藍圖」,主要朝向公司治理文化、促進股東行動主義、提升董事會職能、揭露重要公司治理資訊及強化法制作業5個構面來進行,確立公司治理架構,完善我國公司治理制度。當金融控股公司落實公司治理制度,穩健追求企業永續經營,藉由與經營績效連結之薪酬制度,減少資訊不對稱的代理問題,使股東與高階管理階層利益更一致性。 本研究以臺灣上市(櫃)金融控股公司為研究對象,研究期間為2009年1月1日至2013年12月31日為止,排除2011年成立的合庫金控,從公司治理及經營績效角度出發,分別探討對高階管理階層薪酬關聯性研究。 公司治理分為股權結構及董事會特性兩部分,運用多元迴歸進行分析,實證結果發現公司治理有關股權結構之董事會持股比率與高階管理階層薪酬有顯著負相關,而金融控股公司經營績效與高階管理階層薪酬有顯著正相關。

並列摘要


Since 1998 Taiwan authority began promoting the importance of corporate governance, pushed through systems of independent board members and audit committee steadily, and formulated governance of listing companies as well as some related measures, in the hope of all companies can establish corpoate governance culture and carry out related system.The Company Act was amended in 2005 and Securites Exchange Act in 2006, which legalizes principles of corporate governance.In 2013 the Executive Yuan of Taiwan has approved the “Corporate Governance Roadmap 2013” to achieve the following five goals: cultivating corporate governance culture, promoting shareholder activism, enhancing board functions, disclosing material corporate governance information and improving regulatory practices. This radicates the framework of corporate governance and consummates the corporate governance system in Taiwan. Once the financial holding companies carry out corporate governance system and seek sustainable operation via salary and reward system linked with operating performance and lessened agency problem arising from information assymetry, interests of share holders and higher-ordered management will tend to converge. The subjects in the study are listed financial holding companies in Taiwan with a time period from 2009 to 2013, exclusive of the Taiwan Cooperative Financial Holding Co., Ltd. established in 2011. This study examines the relationships among corporate governance, firm performance and top management compensation in Taiwan financial holding companies. The corporate governance contains stock holding structure and board meeting features. With multiple regression analysis, the empirical result shows that that the share-holding rate of boards of directors has a negative and significant relatioship with top management compensation,and firm performance has a positive and significant relationship with top management compensation.

參考文獻


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