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| Title: | 股權結構與董事會特性對董監酬勞與績效關聯性影響之探討 |
| Authors: | 蔡雅媛 |
| Contributors: | 林宛瑩
蔡雅媛 |
| Keywords: | 董監酬勞
薪酬與績效關聯性
compensation of board of director
pay-performance sensitivity |
| Date: | 2006 |
| Issue Date: | 2009-09-11 17:25:54 (UTC+8) |
| Abstract: | 本研究主要針對影響董監酬勞與會計(市場)績效關聯性之因素進行探討。在現代公司之經營管理架構中，係由股東在股東大會選出代表進入董事會，由董事會成員選出主要執行業務經營之人，並代理所有投資人監督及管理經營層。換言之，相對於經理人，董事會成員為股東最為直接之代理人。因此，本研究認為董事會成員為外部股東最直接之代理人，故以董監酬勞為分析對象，從公司治理之角度，以股權結構(如是屬於家族控制企業、董監持股、外部大股東持股等)及董事會特性(獨立董監席次比率、董事是否兼任經理人、董事長是否兼任總經理)等相關變數，探討其對於董監酬勞與會計、市場績效間關聯性之影響。
實證結果顯示，家族企業與公司經理人兼任董事會職位時，會提升董監酬勞與績效間之關聯性；董監持股比例愈高、外部大股東持股比例愈高、獨立董監席次比例越高及董事長兼任總經理時，會降低董監酬勞與績效間之關聯性。
This study argues that members of corporate boards are the most direct delegate of external shareholders. Agency problem may exist between board members and external shareholders. Using a sample of firms listed in Taiwan Securities Exchange Corporation and Gre Tai Securities Market over 1996-2005, this study empirically examines the effect of ownership and board structures on the compensation of board members. This study expects that the pay-performance sensitivity of board compensation is weakened when a strong monitoring mechanism is in place. Using return on assets as the measures for performance, the primary empirical results show that family-controlled firms and firms with representation of executive directors illustrate higher pay-performance sensitivity. On the contrary, firms with higher shareholdings by board members and by outside block holders, and firms with representation of independent board members demonstrate lower pay-performance sensitivity. |
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| Description: | 碩士
國立政治大學
會計研究所
94353010
95 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0094353010 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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