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研究生:陳廷睿
研究生(外文):CHEN, TING-RUI
論文名稱:財務長的激勵誘因與公司的融資決策的關聯性探討
論文名稱(外文):CFOs’ Incentives and Debt Financing
指導教授:周淑卿周淑卿引用關係
指導教授(外文):CHOU, SHU-CHING
口試委員:周淑卿江明珠顏子瑜
口試委員(外文):CHOU, SHU-CHINGCHIANG, MING-CHUYEN, TZE-YU
口試日期:2017-06-13
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:財務金融系
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:35
中文關鍵詞:財務長激勵誘因資本結構融資決策
外文關鍵詞:CFOincentivescapital structuredebt financing
相關次數:
  • 被引用被引用:1
  • 點閱點閱:127
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究探討財務長(CFO)的選擇權之激勵誘因效果(Delta & Vega)對公司的財務政策之關聯性,使用樣本為2006-2012年美國S&P上市公司。在實證結果發現,財務長(CFO)的選擇權之激勵誘因對公司的資本結構沒有發現顯著關聯性。但是,財務長(CFO)在低風險的激勵誘因效果時會採用較穩定的融資決策,而在高風險的激勵誘因效果時會採用較具有風險性的融資決策。
This study investigates the effect of Cheief financial officers’(CFOs’) risk-taking incentives on corporate financial policies. The sample includes S&P 500 firms over year 2006 to 2012. The results show that the risk-taking incentives of CFOs does not significantly relate to capital structure decision. However, the risk-taking incentives of CFOs significantly influence their firms’ financing policies. We find CFOs’ risk-decreasing(-increasing) incentives are associated with safer(risker) debt-maturity choices.
目錄
摘要 I
ABSTRACT II
目錄 III
表目錄 IV
第一章 緒論 1
第一節 研究背景及動機 1
第二節 研究目的 2
第二章 文獻回顧 3
第一節 執行長的特性與公司決策 3
第二節 財務長的特性與公司決策 3
第三章 研究方法 7
第一節 資料來源與樣本 7
第二節 研究模型與變數說明 7
第四章 實證結果與分析 16
第一節 樣本數據與敘述統計量 16
第二節 財務長的選擇權激勵誘因與公司資本結構迴歸分析結果 20
第三節 財務長的選擇權激勵誘因與公司的長期負債比率迴歸分析結果 22
第四節 財務長的選擇權激勵誘因與公司的長債結構迴歸分析結果 24
第五章 結論 27
參考文獻 28

表目錄
TABLE 1 CFOs’ Managerial Compensation In Different Industries 17
TABLE 2 Descriptive Statistics 18
TABLE 3 Correlations 19
TABLE 4 Leverage And CFOs’ Compensation 21
TABLE 5 Long Term Debt Ratio And CFOs’ Compensation 23
TABLE 6 Debt Maturity And CFOs’ Compensation 26
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