公司績效、風險與高階經理人薪酬之關聯性研究

The Relationships between CEO Compensation and Firm Performance, and Risk

黃涵青(Han-Ching Huang)

指導教授 ： 顧廣平

淡江大學/商學院/財務金融學系碩士在職專班/碩士(2012年)

https://doi.org/10.6846/TKU.2012.01169

摘要

本研究探討會計和市場績效、風險因子等變數與高階經理人薪酬間之關係，被解釋變數包括全體總薪酬、董監事總薪酬、總經理/副總薪酬等高階經理人薪酬改變量；解釋變數包含會計績效之資產報酬率改變量和股東權益報酬率改變量、市場績效之股票報酬率、以及四個風險因子：資產報酬率標準差、股東權益報酬率標準差、報酬率標準差、負債比率改變量，並在總資產週轉率改變量、淨值市價比改變量、總資產改變量等三個控制數下，分別針對全部樣本與電子產業樣本進行分析，並比較兩結果之異同。
結果顯示，不同的會計績效衡量指標對高階經理人薪酬之增加幅度有完全不同之影響方向，其中高階經理人薪酬改變量與資產報酬率改變量間呈現顯著之正向關係；反之，高階經理人薪酬改變量與股東權益報酬率改變量間呈現顯著之負向關係。不過，市場績效指標結果一致顯示當股票報酬愈佳時，則高階經理人薪酬改變量愈高。
至於，風險因子之結果顯示除了資產報酬率標準差外，其餘三個風險因子均是呈現高階經理人薪酬變動是隨著企業的風險增加而降低。以及本研究結果顯示三個控制變數均與高階經理人薪酬改變量之間存在正向關係。最後，電子產業樣本所得之結論與全部樣本之結果相同。

關鍵字

高階經理人薪酬 ； 風險因子 ； 公司績效 ； 公司治理

並列摘要

This study discusses the relationship between accounting, market performance, risk factors and other variables and the remunerations of senior managers. The explained variables include the variations in remunerations of total staff, total remunerations of directors and supervisors, total remunerations of general manager/deputy general managers and other senior managers; the explaining variables include the variations in ROA and ROE of the accounting performance, variations in return on stock of the market performance, and the variations in four risk factors: standard deviation of ROA, standard deviation of ROE, standard deviation of return rate, and debt ratio. All samples and the samples of the electronics industry will be analyzed through the three control numbers: variation in total asset turnover, variation in net market price and variation in total assets, and the results of the two will be compared to find out the differences and similarities.
The results show that different accounting performance indicators influence the increases in the remunerations of senior managers in completely different ways: it shows a significant positive relationship between the variations in remunerations of senior managers and the variation in ROA; conversely, it shows a significant negative relationship between the variations in remunerations of senior managers and the variation in ROE. However, the results of market performance indicators consistently show that the variations of the remunerations of senior managers are higher when there are better stock returns.
As for the risk factors, except for the standard deviation of the ROA, the results of other three risk factors all show that the variations in remunerations of senior managers decrease along with the increased risk of the enterprises. And the results of this study show a positive relationship between the three control variables and the variations in remunerations of senior managers. Finally, the conclusions from the samples of the electronics industry are the same with the results of all samples.

並列關鍵字

CEO Compensation ； risk factor ； Corporate Performance ； Corporate Governance

參考文獻

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