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研究生:張千惠
研究生(外文):Chien-Hui Chang
論文名稱:董事薪資與公司績效之關聯
論文名稱(外文):The relationship between director compensation and firm performance
指導教授:夏侯欣榮夏侯欣榮引用關係
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融學系
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:2009
畢業學年度:97
語文別:英文
論文頁數:31
中文關鍵詞:董事酬勞公司績效
外文關鍵詞:director compensationfirm performance
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本文旨在探討董事薪資與公司績效之關係,樣本包含2002年至2005年Standard & Poor 500公司;在董事薪資結構的設計上,若公司給予較多的股票或選擇權,對公司未來績效較有幫助;在董事薪資水準上,發現當現金酬勞越高時,對公司績效有害無益,而就董事總薪資來看,當總薪資越高時,公司未來績效也會越好。
This study investigates director compensation structure and director compensation level effect on future performance. The sample consists of Standard & Poor 500 (S&P 500) from 2002 to 2006. I find that option grant ratio and stock grant ratio are positive related to future performance. Beside, the option grant ratio has stronger impact on future performance than stock grant ratio. The cash compensation has negative effect on future performance. But when aggregating the compensation, there is a significant positive effect.
Content
Ⅰ. Introduction 1
Ⅱ. Literature review 3
A. Agency Theory 3
B. Director Compensation 4
Ⅲ.Hypotheses 7
Ⅳ. Data and variables 9
A. Sample selection 9
B. Variables 10
C. Data description 13
Ⅴ. Methodology 15
Ⅵ. Result 16
Ⅶ. Conclusion 19
Reference 20



Table Content
Table 1 Sample selection 22
Table 2 Performance variables 23
Table 3 Board characteristics, firm characteristics, CEO characteristics and other control variables 24
Table 4 Summary statistics 26
Table 5 Correlations among the variables 27
Table 6 the effect of compensation structure on performance 28
Table 7 the effect of cash, stock and option compensation structure on performance 29
Table 8 the effect of total compensation level on performance 30
Table 9 the effect of cash, stock and option compensation level on performance 31

Figure Content
Figure 1 corporate governance framework 22
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