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研究生:梁博崴
研究生(外文):Bo-Wei Liang
論文名稱:經理人薪酬績效敏感度與現金管理之關係-企業生命週期假說之檢測
論文名稱(外文):The Relationship between Pay-Performance Sensitivity and Cash Management: A Test of the Business Life Cycle Hypothesis
指導教授:劉若蘭劉若蘭引用關係
指導教授(外文):Jo-Lan Liu
口試委員:紀信義翁慈青
口試委員(外文):Hsin-Yi CHITzu-Ching Weng
口試日期:2022-06-27
學位類別:碩士
校院名稱:國立臺中科技大學
系所名稱:會計資訊系碩士班
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:2022
畢業學年度:110
語文別:中文
論文頁數:39
中文關鍵詞:薪酬績效敏感度企業生命週期現金管理
外文關鍵詞:Pay-performance Sensitivitybusiness life cyclecash management
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本研究檢驗經理人薪酬績效敏感度在不同企業生命週期下是否會影響現金持有價值。本文以超額報酬、托賓Q衡量現金持有價值。實證結果顯示,經理人薪酬績效敏感度與現金持有價值呈正向關係。在生命週期的表現下,企業處於成長期的經理人薪酬績效敏感度與現金持有價值之正向關係相對高於成熟以及衰退期,表示處於成長期的經理人薪酬與績效報酬的關聯性愈強,會提升企業持有現金與超額報酬/托賓Q的關係,改善企業持有現金的價值。
This study examines whether the managers' pay-performance sensitivity (PPS) affects the value of cash holdings at different business life cycles. This study uses excess return and Tobin's Q to measure the value of cash holdings. The empirical results show that managers' PPS is positively related to the value of cash holdings. Furthermore, the positive relationship is higher for firms in the growth stage than that in the decline stage and maturity stage. It implies that firms in the growth stage which have higher managers' PPS can increase the relationship between cash holdings and excess return/Tobin’s Q and improves the value of cash holding.
目次
中文摘要....................................................................................................... i
英文摘要....................................................................................................... ii
目次.............................................................................................................. iii
第一章緒論....................................................................................................1
第一節研究背景及動機......................................................................................1
第二節研究目的..................................................................................................1
第三節研究貢獻...............................................................................2
第四節研究流程圖................................................................................3
第二章文獻探討與研究假說之建立................................................................4
第一節薪酬績效敏感度與現金持有價值之相關文獻 ............................................4
第二節企業生命週期、薪酬績效敏感度與現金持有價值.......................................6
第三章研究設計..............................................................................................9
第一節樣本期間與資料來源...........................................................................9
第二節實證模型之建立..................................................................................9
第三節變數定義 ...........................................................................................11
3-3-1應變數之衡量 ....................................................................................11
3-3-2自變數之衡量......................................................................................11
3-3-3控制變數之衡量...................................................................................12
第四章實證結果分析....................................................................................14
第一節敘述性統計與相關係數分析 ....................................................................14
第二節迴歸結果分析.......................................................................................15
第五章額外測試............................................................................................21
第一節以超額報酬為應變數迴歸分析................................................................21
第二節以高 PPS 及低 PPS 組別之迴歸分析.....................................................26
第六章結論與建議........................................................................................33
參考文獻.......................................................................................................34
附錄一..........................................................................................................39
中文文獻
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