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研究生:彭道賢
研究生(外文):Tao-Hsien Peng
論文名稱:中國大陸上市公司CEO薪酬之決定因素
論文名稱(外文):The Determinants of CEO Compensation in China Listed Company
指導教授:陳明麗陳明麗引用關係
指導教授(外文):Min-Lee Chan
學位類別:碩士
校院名稱:靜宜大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:中文
論文頁數:48
中文關鍵詞:CEO薪酬超額薪酬
外文關鍵詞:Excess CompensationCEO Compensation
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以往文獻認為中國上市企業績效不佳與CEO薪酬設計缺乏績效薪酬有關。
因此,本文利用中國上市企業檢視中國企業改革後,公司CEO薪酬中是否與公司績效連結,實證發現,中國企業CEO總薪酬有逐年增加趨勢且公司績效、股權結構與董事會結構皆是影響CEO薪酬多寡的重要因素,尤其公司績效與CEO薪酬的正向顯著關係,說明了績效薪酬的存在,但是,中國上市企業股權大多集中於國有控股與民營控股手中,且在股權集中情況下CEO容易有超額薪酬。所以,本文進一步探討股權集中下,CEO薪酬對公司未來績效的影響,以印證薪酬增加是因「績效薪酬」或是有「超額薪酬」情形發生,實證發現,績效以ROA表示時,民營控股的公司,其薪酬對公司未來績效有顯著負向關係,因此,本文認為民營控股CEO薪酬會存在「超額薪酬」的現象。
The previous study show that poor performances in China listed is related to the lack of incentives for Chief executive officers (CEO) in China firms. Thus, this study uses the China listed companies to examine factors in explaining CEO compensation level , and whether the performance-linked compensation scheme exists in China listed companies or not. The result shows that CEO compensation in China is significantly related to firm
is performance, ownership and board structure, and the significantly positive relationship between CEO pay and firm is performance implies the performance-linked CEO compensation scheme . This study further examines whether there exists excess pay or CEO in China listed companies. The result displays significantly higher pay of CEO in privatized firm, because poor firm performance subsequently after higher pay. Based on this, we conclude that the excess pay of CEO does exist in privatized firm .
摘要 II
Abstract III
目錄 IV
第一章、緒論 1
第一節 研究動機 1
第二節 研究目的 5
第二章、文獻回顧 6
第一節、公司及其它特性對薪酬之相關文獻探討 6
第二節、股權結構對薪酬之相關文獻探討 11
第三節、董事會結構對薪酬之相關文獻探討 14
第三章、研究方法 17
第一節、樣本與研究期間 17
第二節、假說建立 17
第三節、實證模型 23
第四章、實證結果 26
第一節、敘述統計 26
第二節、薪酬迴歸實證結果 32
第三節、超額薪酬迴歸實證結果 35
第五章、結論 37
參考文獻 38
參考文獻
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