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研究生:葉文豪
研究生(外文):Ye Wen-Hao
論文名稱:策略性支出與高階主管薪酬關聯性之研究
論文名稱(外文):A Study of the Relationship between Strategic Expenditures and Top Executive Compensation
指導教授:蔡柳卿蔡柳卿引用關係
指導教授(外文):Tsai Liu-Ching
學位類別:碩士
校院名稱:國立嘉義大學
系所名稱:企業管理學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
畢業學年度:96
語文別:中文
論文頁數:79
中文關鍵詞:研發支出廣告支出高階主管薪酬公司治理
外文關鍵詞:research and development expenditureadvertising expenditurestop executive compensationcorporate governance
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策略性支出(如:研究發展與行銷廣告)對企業價值影響重大,此類無形資產支出在一般公認會計原則(GAAP)下被視為費用項,高階主管(Top Executive)在考量自身利益前提下,是否會&;#29234;求取公司短期績效而裁減策略性支出,造成公司長期利益之損害?公司董事會是否會藉由調整高階主管之薪酬誘因設計,以防止此類策略性支出被不當地裁減?同時進一步檢測,研發費用與廣告費用此兩種策略性支出在薪酬誘因制定過程中的調整程度是否有所不同?最後,本研究欲探討是否台灣上市公司治理內部機制之董事會結構設計越有效者,企業高階主管薪酬設計對策略性支出之誘因強度將越高。關於高階主管,本研究鎖定國內總經理進行探討。

本研究以民國86年至95年間國內上市公司為研究對象,研究結果發現:(1) 台灣上市公司決定高階主管薪酬時,確實會對一般公認會計原則下之會計盈餘進行調整,以保護高階主管之薪酬免於受到策略性支出造成盈餘下降的懲罰效果。(2) 公司董事會針對研發費用與廣告費用此兩類策略性支出確實都有保護效果,然而,公司董事會對廣告費用之保護效果更勝於研發費用。(3) 公司整體董事會有效性較高時,其針對策略性支出之保護效果將顯著大於董事會有效性較低之公司。

Strategic expenditures such as research and development (R&;D) expenditures and advertising expenditures affect business value significantly. These intangible expenditures are recorded as expenses when incurred under generally accepted accounting principles(GAAP). The purpose of this thesis is to investigate whether the board of directors shield top executive from income-decreasing effects of strategic expenditures. In addition, given the different value effects of R&;D and advertising expenditures on a firm, the thesis examines whether the level of shielding is higher for R&;D expenditures than for advertising expenditures. Finally, the role of corporate governance in the CEO compensation design is introduced in this thesis. I further examine whether firms with more effective governance mechanisms are likely to shield top executive from income-decreasing effects of strategic expenditures. In view of the comparability with prior similar studies and the data availability in Taiwan, chief executive officer(CEO)compensation is the focus in this study.
These samples consist of all public companies listed on the Taiwan Stock Exchange Corporate during 1997-2006. Our main findings include(1)When determining the top executive compensation, the firms on the Taiwan Stock Exchange Corporate are like to shield CEOs from the effects of strategic expenditures by adjusting the GAAP earnings.(2)The level of shielding for advertising expenditures is higher than for research and development expenditures, which is inconsistent with the US evidence.(3)The overall evidence seems to indicate that the shielding effect for firms with stronger governance mechanisms is significantly higher than firms with weaker governance mechanisms.

目 錄

第一章 緒&;#63809;……………………………………………………………1
第一節 研究背景與動機………………………………………………1
第二節 研究目的………………………………………………………4
第二章 文獻回顧………………………………………………………6
第一節 高階主管薪酬與績效之關係…………………………………6
第二節 研發之效&;#64023;、研發支出與企業價值之關&;#63895;性………………8
第三節 廣告之效&;#64023;、廣告支出與企業價值之關&;#63895;性………………11
第四節 管&;#63972;者刪減策&;#63862;性支出的誘因………………………………13
第五節 公司治&;#63972;(強調董事會)與CEO薪酬 ………………………14
第三章 研究方法………………………………………………………21
第一節 研究觀&;#63907;性架構………………………………………………21
第二節 假&;#63855;發展………………………………………………………22
第三節 實證模式與變&;#63849;衡&;#63870;…………………………………………25
第四節 研究期間、樣本選取與資&;#63934;蒐集……………………………36
第四章 實證結果分析…………………………………………………38
第一節 敘述性統計分析………………………………………………38
第二節 相關性分析……………………………………………………43
第三節 迴歸結果分析…………………………………………………45
第四節 敏感性分析……………………………………………………56
第五章 結&;#63809;與建議……………………………………………………67
第一節 研究結&;#63809;………………………………………………………67
第二節 研究限制………………………………………………………68
第三節 研究建議………………………………………………………70
&;#63851;考文獻 ………………………………………………………………72

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