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研究生:陳晏儀
研究生(外文):CHEN, YAN-YI
論文名稱:CEO權力、員工分紅與公司績效
論文名稱(外文):CEO Power, Employee Bonus, and Firm Performance
指導教授:盧正壽盧正壽引用關係
指導教授(外文):LU, CHENG-SHOU
口試委員:陳安琳高蘭芬盧正壽
口試委員(外文):CHEN, AN-LINKAO LAN-FENGLU, CHENG-SHOU
口試日期:2017-05-27
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:財富與稅務管理系
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:2017
畢業學年度:105
語文別:中文
論文頁數:51
中文關鍵詞:CEO權力員工分紅員工分紅費用化公司績效
外文關鍵詞:CEO PowerEmployee BonusExpensing Employee BonusFirm Performance
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本研究以1996年至2015年國內上市櫃公司為研究對象,主要探討CEO權力與員工分紅政策之間關係,並研究分紅費用化新制是否影響有權力CEO的員工分紅,最後則釐清CEO權力如何影響公司績效與員工分紅之間關係。實證結果發現,當公司CEO權力愈大,員工分紅水準愈高,顯示有權力的CEO可能基於私利動機而傾向發放高額的分紅。另外員工分紅費用化新制確實能夠降低公司的員工分紅水準,然而有權力CEO的員工分紅政策卻未受到分紅費用化新制實施的影響,證實當公司CEO權力愈大,控制權愈高時,愈難受到外在制度的約束。此外員工分紅能夠提升公司的未來績效,說明員工分紅是項有效的激勵制度。反觀CEO權力則會減損公司績效與員工分紅之間的正向連結,顯示當CEO權力愈高,愈可能過度發放分紅,而浪費內部資源,並降低公司績效。最後本文也發現,員工分紅費用化新制確實能夠強化公司績效與員工分紅之間的正向關係,說明分紅費用化新制一般能夠約束公司的員工分紅政策,使其愈加有效率。
This paper contains listed firms in Taiwan from 1996 to 2015 to investigate the relationship between CEO power and employee bonus policy, and explore whether the expensing employee bonus policy has effects on the employee bonus decision of powerful CEO. Finally this paper demonstrates how CEO power influences the relationship between firm performance and employee bonus. The empirical results indicate that the more power the CEO, the higher bonus the employee, showing that the powerful CEOs tend to pay higher employee bonus based on private incentives. Furthermore, the implementation of expensing employee bonus policy can really reduce the level of employee bonus and enhance the firm's future performance, however, it has no effects on powerful CEO's employee bonus decision indicating that powerful CEO are difficult to be monitor by the external system as his entrenchment controlling position. On the other hand, CEO power diminish the positive relationship between firm performance and employee bonus, indicating the more powerful CEOs tend to overpay employee bonus resulting in internal resources inefficiency and poor firm performance. Finally, the results also found that expensing employee bonus policy can really enhance the positive relationship between firm performance and employee bonus policy, showing that it can improve the efficiency of firm's employee bonus decision.
中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 v
一、 緒論 1
1.1 研究背景及動機 1
1.2 研究目的 2
二、 文獻探討與假說發展 3
2.1 CEO權力 3
2.2 員工分紅 4
2.3 員工分紅費用化 5
2.4 假說發展 6
三、 研究設計 7
3.1 樣本選取與資料來源 7
3.2 變數定義與衡量 10
3.3 實證模型 14
3.4 描述性分析 16
3.4.1 敘述性統計量 16
3.4.2 Pearson相關分析 18
3.4.3 根據CEO權力分組之樣本敘述統計量 23
3.4.4 根據員工分紅費用新制度分組下之敘述性統計量 25
四、 實證結果與分析 27
4.1 CEO權力、員工分紅費用化新制與員工分紅政策 27
4.2 分紅新制有辦法影響有權力CEO的員工分紅政策嗎? 30
4.3 員工分紅政策能否改善公司的未來績效? 35
4.4 CEO權力如何影響員工分紅與公司未來績效之間關係? 38
4.5 員工分紅費用化如何影響員工分紅與公司未來績效之間關係? 42
五、 結論與建議 46
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