臺灣博碩士論文加值系統

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

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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









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