政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/50853

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 109952/140887 (78%)
Visitors : 46306001 Online Users : 1209

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Scope

please add "double quotation mark" for query phrases to get precise results

please goto advance search for comprehansive author search

Adv. Search

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

Goto mobile version

政大機構典藏 > 商學院 > 金融學系 > 學位論文 > Item 140.119/50853

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/50853

Title:	二篇與公司財務相關之論文：資本結構與經理人薪酬 Two essays on corporate finance: capital structure and executive compensation
Authors:	林家帆
Contributors:	陳威光康榮寶林家帆
Keywords:	經理人薪酬激勵性薪酬總體經濟條件最適資本結構產品市場競爭 Executive compensation Incentive pay Macroeconomic conditions Optimal capital structure Product market competition
Date:	2010
Issue Date:	2011-09-29 16:50:40 (UTC+8)
Abstract:	本論文包含二篇與公司財務相關之文章，第一篇文章嘗試在考量總體經濟條件和公司生產力衝擊下，建構一個簡單結構式模型以探討公司之資本結構決策。特別的是，由該模型可得到公司最適負債比率與總體經濟條件衝擊之報酬波動性呈反向關係，惟公司最適負債比率與公司生產力衝擊之報酬波動性呈正向關係。第二篇文章係利用對稱寡占產業均衡模型，以探討產業內經理人薪酬決策之異質性。即使產業內所有公司皆為同質，在模型均衡下存在有些公司會採取激勵性薪酬，而其他公司則不採取激勵性薪酬。該模型預期當市場競爭性增加時，產業內公司經理人薪酬決策會更具異質性。此外，上述二篇文章皆分別以美國製造業資料進行實證，並且實證結果均符合其模型之預期。 This dissertation proposes two essays about corporate finance. Essay one develops a simple structural model to investigate a firm’s capital structure choices in consideration of macroeconomic conditions and firm-level productivity shocks. The model particularly generates the implication that the optimal debt ratio is negatively correlated to the return volatility of macroeconomic conditions, but positively correlated to that of firm-level productivity. Essay two is contributed to explore the heterogeneity of the compensation decision within the industry by employing a symmetric oligopoly industry equilibrium model. Within the equilibrium some firms will adopt incentive pay while others will not, even though all firms are ex ante identical. The model predicts that there is more heterogeneity in the compensation decision as the intensity of market competition increases. Both of the two essays further provide empirical evidence of the US manufacturing industry to support the model implications.
Reference:	[1] Adam, T., S. Dasgupta and S. Titman, 2007, “Financial Constraints, Competition, and Hedging in Industry Equilibrium,” Journal of Finance 62(5), pp. 2445–2473. [2] Acharya, V. V. and J. N. Carpenter, 2002, “Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy,” Reviews of Financial Studies 15, pp. 1355–1383. [3] Aggarwal, R. K. and A. Samwick, 1999, “Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence,” Journal of Finance 54, pp.1999–2043. [4] Aghion, P., S. Bond, A. Klemm and I. Marinescu, 2004. “Technology and Financial Structure: Are Innovative Firms Different?,” Journal of the European Economic Association 2, pp. 277–288. [5] Bhamra, H. S., L.-A. Kuehn and I. A. Strebulaev, 2010, “The Aggregate Dynamics of Capital Structure and Macroeconomic Risk”, Review of Financial Studies 23, pp. 4187–4241. [6] Black, F. and M. Scholes, 1973, “The Pricing of Options and Corporate Liabilities,” Journal of Political Economy 81, pp. 637–654. [7] Brynjolfsson, E. and L. M. Hitt, 2003, “Computing Productivity: Firm-Level Evidence”, Review of Economics and Statistics 85, pp. 793–808. [8] Chen, H., 2010, “Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure”, Journal of Finance 65, pp. 2171–2212. [9] Cohen, R. B., B. J. Hall and L. M. Viceira, 2000, “Do Executive Stock Options Encourage Risk-Taking?” Working Paper, Harvard Business School. [10] Coles, L. J., N. D. Daniel and L. Naveen, 2006, “Executive Compensation and Managerial Risk-Taking,” Journal of Financial Economics 79 (2), pp. 431–468. [11] Cook, D. O. and T. Tang, 2010, “Macroeconomic Conditions and Capital Structure Adjustment Speed”, Journal of Corporate Finance 16, pp. 73–87. [12] DeFond, M. and C. Park, 1999, “The Effect of Competition on CEO Turnover,” Journal of Accounting and Economics 27, pp. 35–56. [13] Fee, C. E. and C. J. Hadlock, 2000, “Management Turnover and Product Market Competition: Empirical Evidence from the U.S. Newspaper Industry,” Journal of business 73, pp. 205–243. [14] Goldstein, R., N. Ju and H. Leland, 2001, “An EBIT-Based Model of Dynamic Capital Structure”, Journal of Business 74, pp. 483–512. [15] Hackbarth, D., J. Miao and E. Morellec, 2006, “Capital Structure, Credit Risk and Macroeconomic Conditions”, Journal of Financial Economics 82, pp. 519–550. [16] Harrison, J. M. and D. M. Kreps, 1979, “Martingales and Arbitrage in Multiperiod Securities Markets,” Journal of Economic Theory 20, pp. 381–408. [17] Harrison, J. M. and S. R. Pliska, 1981, “Martingales and Stochastic Integrals in the Theory of Continuous Trading,” Stochastic Processes and their Applications 11, pp. 215–260. [18] Hart, O. D., 1983, “The Market Mechanism as an Incentive Scheme,” Bell Journal of Economics 14, pp. 366–382. [19] Hilberink, B. and L. C. G. Rogers, 2002, “Optimal Capital Structure and Endogenous Default,” Finance and Stochastics 6, pp. 237–263. [20] Hovakimian, A., T. Opler and S. Titman, 2001, “The Debt-Equity Choice”, Journal of Financial and Quantitative Analysis 36, pp. 1–24. [21] Karuna C., 2007, “Industry Product Market Competition and Managerial Incentives,” Journal of Accounting and Economics 43, pp. 275–297. [22] Korajczyk, R. and A. Levy, 2003, “Capital Structure Choice: Macroeconomic Conditions and Financial Constrains”, Journal of Financial Economics 68, pp. 75–109. [23] Jensen, M. C. and W. H. Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics 3, pp. 305–360. [24] Jensen, M. C. and K. J. Murphy, 1990, “Performance Pay and Top-Management Incentives,” Journal of Political Economy 98, pp. 225–264. [25] Lando, D., 2004, Credit Risk Modeling: Theory and Application, Princeton University Press, Princeton, New Jersey. [26] Leland, H., 1994, “Corporate Debt Value, Bond Covenants, and Optional Capital Structure”, Journal of Finance 49, pp. 1213–1252. [27] Leland, H., 1998, “Agency Costs, Risk Management, and Capital Structure”, Journal of Finance 53, pp. 1213–1243. [28] Leland, H. and K. B. Toft, 1996, “Optimal Capital Structure, Endogenous Bankruptcy, and the Term Structure of Credit Spreads,” Journal of Finance 51, pp. 987–1019. [29] Lewellen, K., 2006, “Financing Decisions When Managers are Risk Averse,” Journal of Financial Economics 82(3), pp. 551–589. [30] Machlup, F., 1967, “Theories of the Firm: Marginalist, Behavior, Managerial”, American Economic Review 57, pp. 1–31. [31] MacKay, P. and G. M. Phillips, 2005, “How Does Industry Affect Firm Financial Structure?” Review of Financial Studies 18, pp. 1433–1466. [32] Mella-Barral, P. and W. Perraudin, 1997, “Strategic Debt Service,” Journal of Finance 52, pp. 531–556. [33] Merton, R. C., 1974, “On the Pricing of Corporate Debt: the Risk Structure of Interest Rates”, Journal of Finance 29, pp. 449–470. [34] Miao, J., 2005, “Optimal Capital Structure and Industry Dynamics”, Journal of Finance 60, pp. 2621–2659. [35] Modigliani, F. and M. Miller, 1958, “The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review 48, pp. 261–297. [36] Nucci, F., A. F. Pozzolo and F. Schivardi, 2005, “Is Firm’s Productivity Related to Its Financial Structure? Evidence from Microeconomic Data”, Rivista di Politica Economica I-II, pp. 177–198. [37] Phillips, G. M., 1995, “Increased Debt and Industry Product Markets: An Empirical Analysis”, Journal of Financial Economics 37, pp. 189–238. [38] Raith, M., 2003, “Competition, Risk, and Managerial Incentives,” American Economic Review 93, pp. 1425–1436. [39] Ross, S. A., 2004, “Compensation, Incentives, and the Duality of Risk Aversion and Riskiness,” Journal of Finance 59(1), pp. 207–225. [40] Schmidt, K., 1997, “Managerial Incentives and Product Market Competition,” Review of Economic Studies 64, pp. 191–213. [41] Tang, D. Y. and H. Yan, 2006, “Macroeconomic Conditions, Firm Characteristics, and Credit Spreads”, Journal of Financial Services Research 29, pp. 177–210. [42] Tang, D. Y. and H. Yan, 2010, “Market Conditions, Default Risk and Credit Spreads”, Journal of Banking & Finance 34, pp. 743–753. [43] Tufano P., 1996, “Who Manages Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry,” Journal of Finance 51(4), pp. 1097–1137.
Description:	博士國立政治大學金融研究所 91352501 99
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0913525011
Data Type:	thesis
Appears in Collections:	[金融學系] 學位論文

Files in This Item:

File	Size	Format
index.html	0Kb	HTML2	254	View/Open

All items in 政大典藏 are protected by copyright, with all rights reserved.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

DSpace Software Copyright © 2002-2004 MIT & Hewlett-Packard / Enhanced by NTU Library IR team Copyright © - Feedback