CEO持股率與研發支出和公司績效之關係

Effects of CEO ownership on R&D and Firm performance

王牧樺(MU-HUA WANG)

指導教授 ： 王健合

國立臺北大學/社會科學學院/經濟學系/碩士(2016年)

摘要

關於CEO表現和監理問題，一直都是財務經濟上重要的研究方向，其中關於給予CEO公司股份作為獎勵，使得CEO增加經營績效，為最近幾年主要的研究課題。由早期對歐美國家上市公司之研究結果可以發現，CEO持股率和公司的經營表現存在著一定的相關性，而在評斷公司績效的指標上，研發支出與公司績效方面也是有著正向的關係。但CEO的持股率和公司的經營表現是正向或負向相關性，則有著分歧的意見。且也較少對台灣上市公司CEO的持股率對研發支出的影響有所探討。
本研究分析台灣股票上市公司CEO持股率和公司研發支出間的關係，發現台灣全部上市公司的CEO持股率與公司績效是呈現正向的關係，而不是呈現非線性的關係。對於不同產業而言，電子產業的CEO持股率與研發支出強度呈現非線性的關係，但非電子產業的CEO持股率與研發支出強度呈現無任何顯著性的關係。

關鍵字

CEO持股率

並列摘要

The asymmetric information problems about CEO and ownerships are one of the important topics in financial economics. How the managerial share ownership affects firm value is an interesting research direction. From the research of European and US companies, there exists a significant relationship between the CEO holding a significant fraction of firm's share and stock market return of firms. In addition, the R&D expenditure of firms has positive relationship with firm profit. The relationship between CEO ownerships and firm performance is a contentious issue.
This thesis examine the relationship between CEO ownerships and R&D expenditure in Taiwan companies. We found that the CEO ownership and firm performance is rendered positive relationship, rather than presenting a non-linear relationship in Taiwan. Director ownership has insignificant relationship with firm performance. CEO ownership and the R&D expenditure presents nonlinear relationship in the electronics industry, but in non-electronics industry, CEO ownership and R&D expenditure presented insignificant relationship.

並列關鍵字

CEO ownerships

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