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研究生:呂志偉
研究生(外文):chih-wei liu
論文名稱:剩餘價值為基礎之薪酬制度與資本支出增額資訊內涵關連性之研究
論文名稱(外文):Residual Income-based Compensation and The Incremental Information Content of Capital Expenditures
指導教授:林亭亭林亭亭引用關係
指導教授(外文):Ting-Ting Lin
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:51
中文關鍵詞:資本支出增額資訊內涵薪酬制度剩餘價值
外文關鍵詞:Compensation planCapital expenditureIncremental information contentResidual income
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本研究旨在探討採行剩餘價值(Residual Income)作為薪酬制度基礎,是否可使公司的資本支出決策較為適當?不同於以往文獻檢驗其對公司內部經理人的投資決策之影響,本研究係以資本市場的角度進行分析。研究樣本來自關鍵字搜尋的美國169家採用剩餘價值作為薪酬制度基礎的上市公司,同時選取與其同產業但未採用剩餘價值的公司樣本以作比較。根據Kerstein and Kim(1995)所建立的實證模型作為基礎進行分析。實證結果指出,相較於採用前,公司在採用剩餘價值作為薪酬制度基礎當年度,市場較傾向於相信其未預期資本支出所發出的訊號而反應在較大的累積異常報酬上,雖然此效應僅達微弱的統計顯著性。最後根據實證結果與所整理的文獻,本研究建議公司在建構薪酬制度時可以考慮採行以剩餘價值為基礎的衡量方式,尤其是資本支出比重較重的公司,如此可引導經理人員制訂較為適當的投資水準。
This research aims at exploring whether the adoption of residual income (RI) in the compensation plan would lead to a more optimal investment decision. Instead of following the prior literature to directly assess the impact of RI adoption on managerial decision in investment, a capital market approach is utilized. The research sample consists of 169 US public companies which were identified by a key word search as adopting RI in their compensation plan. Also, a control sample was constructed by selecting the non-adopting companies in the same industries in which the RI companies are operating. The regression models specified by Kerstein and Kim (1995) were utilized to analyze whether the capital expenditure response coefficient is larger after RI adoption. The empirical results indicate that the market seems to trust more the signal of the unexpected capital expenditure of RI-adopting firms after RI adoption, which results in a more favorable abnormal return comparing to prior to RI adoption. However, the effect reaches only marginal statistical significance. Based on the empirical results and the assessment of the literature, adopting RI in the compensation plan helps to remedy the investment problem and is particularly vital for firms with high degree of capital expenditure
中文摘要………………………………………………………………………………… I
英文摘要………………………………………………………………………………… II
目錄………………………………………………………………………………………III
表目錄…………………………………………………………………………………… V
圖目錄…………………………………………………………………………………… VI
第壹章 緒論 1
1.1研究背景和動機 1
1.2研究目的與預期研究貢獻 4
1.2.1研究目的與問題 4
1.2.2預期研究貢獻 4
1.3研究架構 5
1.4論文架構 6
第二章 文獻探討 7
2.1剩餘價值(Residual Income) 7
2.1.1剩餘價值的定義 7
2.1.2 剩餘價值發展歷史 8
2.1.3採用剩餘價值對於投資的影響 10
2.2資本支出及其增額資訊內涵相關文獻 14
2.2.1 增額資訊內涵(Incremental Information Content) 14
2.2.2資本支出研究發展 16
2.3研究假說推導 19
第三章 研究方法 20
3.1研究架構 20
3.2研究期間、樣本和資料 21
3.2.1資料蒐集來源 21
3.2.2研究期間和資料 22
3.3實證模型與變數定義 24
3.3.1回歸模型 24
3.3.2 假說檢定和預期結果 26
3.3.3 變數定義 28
3.4資料分析方法 31
第四章 實證結果與分析 33
4.1 敘述性統計分析 33
4.1.1 樣本資料彙總 33
4.1.2 基本敘述統計量表 34
4.1.3 相關性分析 36
4.2 迴歸分析結果 38
4.2.1 迴歸分析結果 38
第五章 研究結論、限制和建議 43
5.1 實證結果彙總與結論 43
5.1.1採用剩餘價值為績效指標前後對資本支出與報酬的關連性 44
5.1.2採用剩餘價值公司與未採用剩餘價值公司之資本反應係數比較 44
5.2 研究限制 45
5.2.1 樣本選取 45
5.2.2 累積異常報酬的衡量 45
5.2.3 變數定義 45
5.2.4 適當投資水準的考量 45
5.3 研究建議 46
5.3.1 對實務界的建議 46
5.3.2 對後續研究的建議 46
參考文獻 47
中文參考文獻 47
英文參考文獻 48
附錄:變數定義 51










表目錄

表2-1 剩餘價值重要發展歷史整理…………………………………………… 09
表2-2 剩餘價值文獻探討整理………………………………………………… 13
表2-3 增額資訊內涵文獻探討整理…………………………………………… 15
表2-4 資本支出文獻探討整理………………………………………………… 18
表3-1 第一次採用年度………………………………………………………… 23
表3-2 假說預期結果一………………………………………………………… 27
表3-3 假說預期結果二………………………………………………………… 27
表4-1 樣本篩選過程彙總表…………………………………………………… 34
表4-2 各變數的基本統計量…………………………………………………… 35
表4-3 相關性分析……………………………………………………………… 37
表4-4 採用剩餘價值為績效指標前後對資本反應係數關連性實證結果 40
表4-5 是否採用剩餘價值為薪酬衡量基礎對資本反應係數關連性實證結果 42












圖目錄

圖1-1 研究架構圖………………………………………………………………………6
圖2-1a 投資分析圖a……………………………………………………………………12
圖2-1b 投資分析圖b……………………………………………………………………12
圖3-1 研究架構圖…………………………………………………………………… 20
圖3-2 期間說明圖……………………………………………………………………29
中文參考文獻

王泰昌 劉嘉雯 2000「經濟附加價值(EVA®)的意義與價值」 Nov 2000, 中華管理評論 Vol.3, No.4, P15~31

林玟汎 2004「應計項目、現金流量與公司價值」碩士論文 國立中山大學

曹壽民 1998「我國上市公司資本支出增額資訊內涵之研究」博士論文 國立政治大學

陳柏錩 1998「上市公司資本支出、成長機會與股東財富之關係」碩士論文 國立中正大學

楊奇玲 1996 「資本支出增額資訊內涵之研究」碩士論文 國立政治大學

管玉儷 2003「經濟附加價值、異常盈餘和異常現金流量與公司權益價值之關聯性研究」碩士論文 私立中原大學

潘世奇 2003「影響企業價值波動之關鍵因素探討」碩士論文 國立中山大學









英文參考文獻

Anthony, R., 1973. Accounting for the cost of equity. Harvard Business Review (51) P88.

Ali, A., Hwang, L. S., and Trombley, M. A., 2003. Residual Income-Based Valuation Predicts Futhre Stock Return : Evidence on Mispricing VS Risk Explanations., The Accounting Review (78) P377.

Balachandran S. V., 2003. How Does Residual Income Affect Investment? The Role of Prior Performance Measures. Working paper. Columbia University.

Ball R. and Brown P., 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research (6) P159.

Barth M. E., William H. B., John R. M. H. and Landsman W. R., 1999. Accruals, cash flows, and equity values. Stanford University

Beaver R. C., and Wright W., 1979. The association between unsystematic security
returns and the magnitude of the earnings forecast error. Journal of Accounting Research (17) P316

Beaver W. H., Lambert R. and Morse D., 1980. The information content of security prices. Journal of Accounting and Economics (2) P3

Biddle G. C., Bowen R. M. and Wallace J. S., 1997. Does EVA® Beat Earning?. Journal of Accounting and Ecomoic, (24) P301.

Brief R. P., 1967. A Late Nineteenth Century Contribution to the Theory of Depreciation. Journal of Accounting Review, (43) P367

Cho J. Y.,and Jung K., 1991 Earnings response coefficients:A synthesis Jounal of Accounting and Economic (10) P143

Christensen P. O., Feltham G. A. and Wu M. G. M.,2002. Cost of Capital in Residual Income for Performance Evaluation The Accounting Review (77) P1


Chul W. P. and Pincus M., 2003 A Reexamination Of Incremental Information Content of Capital Expenditures Journal of Accounting, Auditing and Finance (18) P281

Collins D. W.and Kothari S. P., 1989. Variation in earnings response coefficients .Journal of Accounting and Economic (11) P143.

Friedl Gunther,2005 Incentive Properties of Residual Income when There Is An Option To Wait Schmalenbach Business Review (57) P3

Goetzmann W. N. and Garstka S. J., 1999 The Development of Corporate Performance Measures: Benchmarks Before EVA. Working paper. Yale School of Management

Hilton R. W., Mather M. W. and Selto F. H., 2000 Cost Management:Strategies for Business Decision New York: McGraw-Hill/Irwin.

Keef S. and Roush M., 2001 Residual Income : A Review Essay Accounting Review (11) P8

Kerstein, J. and Kim S., 1995. The incremental information content of capital expenditure The Accounting Review (70) P513

Lev B., 1989. On the Usefulness of Earnings and Earnings Research :Lessons and Directions from Two Decades of Empirical Research, Journal of Accounting Research (27) P153

Lin T., 2004 Residual Income-based Compensation: Investment Activities and Discontinuation Decision Boston University, Boston, , USA

Livnat J. and Zarowin P., 1990. The incremental information content of cash-flow components. Journal of Accounting and Economics (12) P25.

McConnell J. and Muscarella C., 1985. Corporate capital expenditure decisions and the market value of the firm . Journal of Financial Economics (3) P399

Reichelstein S., 1997 Investment decisions and managerial performance evaluation Review of Accounting Studies (2) P157

Rogerson W. P., 1997 Intermporal Cost Allocation and Managerial Investment Incentives: A Theory Explaining the Use of Economic Value Added as a Performance Messsure The Journal of Political Economy (105) P770.

Stewart III. G., 1991 The Quest for Value, Harper Business, New York

Solomons D., 1965, Divisional Performance: Measurement and Control, Irwin. Homewood,Illinois.

Trueman B., 1986. The relationship between the level of capital expenditures and firm value Journal of Financial and Quantitative Analysis P115.

Wallace J. S., 1996 Adopting Residual Income-based Compensation Plans: Do You Get What You Pay For?. Journal of Accounting and Economics (24) P375
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