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研究生:蔡書青
研究生(外文):TSAI, SHU-CHING
論文名稱:公司治理、公司績效與CEO薪酬之關聯性研究
論文名稱(外文):The Relationships of Corporate Governance, Firm Performance and CEO Compensation
指導教授:鄭國枝鄭國枝引用關係
指導教授(外文):ZHENG, GUO-ZHI
學位類別:碩士
校院名稱:國立彰化師範大學
系所名稱:會計學系企業高階管理
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:2011
畢業學年度:99
語文別:中文
論文頁數:41
中文關鍵詞:公司治理公司績效CEO薪酬
外文關鍵詞:Corporate GovernanceFirm PerformanceCEO Compensation
相關次數:
  • 被引用被引用:1
  • 點閱點閱:542
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:2
對台灣上市公司而言,公司治理完善與否對公司績效相關,故公司治理在台灣上司公司是重要議題。本研究主要目的即在探討健全的公司治理機制可使公司績效提高,進而使得管理當局薪酬提昇。
本研究以2005至2009年上市公司為研究對象,研究樣本為8837個,扣除不合本研究目的之樣本,有效樣本共計5609個。此外,本研究研究方法採用多元迴歸與路徑分析進行本研究目的分析,檢測完善的公司治理機制結構是否與公司績效及CEO薪酬之關係性。
研究結果顯示本文假說大部分成立,部分不成立。其中股權結構對CEO薪酬無直接相關,但對公司績效相關,或透過CEO公司績效(ROA)影響薪酬,而呈顯著負相關;但股權結構對EPS與ROE則無影響。經由研究結果,此意味著上市公司CEO持股愈高,雖然CEO在乎是與自身關係較高之公司使用資產績效,並非CEO薪酬,但並無法顯現在EPS與ROE之績效。
關鍵詞:公司治理、公司績效、CEO薪酬

To listed companies in Taiwan, corporate governance is key mechanism of enhancing profitability. Corporate governance on the current Taiwan's listed companies is important issues. This study examines the effects of firm performance enhanced and CEO compensation increased under good corporate governance.
This paper use literature review and questionnaire survey to analyze the research purposes. Using Eastern Asian data from Taiwanese firms during a period from 2005-2009, we survey 8837 samples, with 5609 valid samples. The research of analysis is carried out by means of a multiple regression analysis and path analysis. It is provides part support for these predictions, and used path analysis to test our hypotheses. This article aims to explore the relationships among corporate governance, firm performance and CEO compensation.
The results indicate most of our hypothesis of this study expected to be supported. Although the results showed that corporate governances could not influence CEO compensation, EPS and ROE, but corporate governances will through firm performance directly decrease their CEO compensation, but. Our implications also indicated that executive director increasing to hold ownership shares, the higher relationship with their cash flow right benefit. Although executive director of listed companies do not care his compensation, will enable increases business performance (ROA), but cloud not enhance EPS and ROE. Finally, we identify key research issues for future study and the implication in management practices and suggests for Taiwanese business organizations.

Keywords: Corporate Governance, Firm Performance, CEO Compensation.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 5

第二章 文獻探討 7
第一節 股權結構、董事會組成與公司績效之關聯性 10
第二節 公司績效與CEO薪酬之關聯性 12
第三節 股權結構、董事會組成與CEO薪酬之關聯性 13

第三章 研究設計 14
第一節 研究假說 14
第二節 樣本選取與資料來源 17
第三節 研究變數操作性定義 18
第四節 資料分析方法 20

第四章 實證結果與分析 23
第一節 衡量變數的敘述統計量 23
第二節 衡量變數間的相關矩陣 24
第三節 因果關係模型 25
第四節 假設檢定 26

第五章 結論與建議 31
第一節 結論 31
第二節 管理意涵 32
第三節 貢獻 32
第四節 建議 33

表目錄
表3-1 樣本資料分佈 17
表4-1 敘述統計分 23
表4-3a 公司治理、ROA與CEO薪酬之路徑分析結果 28
表4-3b 公司治理、ROA與CEO薪酬之路徑分析結果 28
表4-4a 公司治理、EPS與CEO薪酬之路徑分析結果 28
表4-4b 公司治理、EPS與CEO薪酬之路徑分析結果 28
表4-5a 公司治理、ROE與CEO薪酬之路徑分析結果 29
表4-5b 公司治理、ROE與CEO薪酬之路徑分析結果 29
表4-7 假說彙總表 30

圖目錄
圖1-1研究流程圖 6
圖3-1路徑圖 21
圖4-1 本研究路徑係數彙總圖(ROA) 25
圖4-2 本研究路徑係數彙總圖(EPS) 25
圖4-3 本研究路徑係數彙總圖(ROE) 25

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