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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/54400
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/54400


    Title: 公司治理與裁量性紅利關聯性之研究
    Authors: 李靜妮
    Contributors: 梁嘉紋
    李靜妮
    Keywords: 裁量性紅利
    管理權力
    機構投資人
    Date: 2011
    Issue Date: 2012-10-30 10:56:04 (UTC+8)
    Abstract:   本研究主要探討管理權力及機構投資人監督效果對公司發放裁量性紅利之影響。裁量性紅利係以董事會或薪酬委員會之主觀績效評估結果作為發放依據,而主觀性績效衡量易產生衡量偏誤,留有可受到人為操控的灰色地帶。為提升高階管理階層薪酬揭露之透明度,SEC於2006年起強制美國公開發行公司須於股東會說明書之薪酬彙總表中,明確區分公式型紅利及裁量性紅利。因此,過去鮮少文獻探討公司治理與裁量性紅利間之關聯性。本研究以2006年至2010年美國S&P 500公司及其管理階層為樣本,並以Panel Probit模型分別估計管理階層之管理權力及機構投資人監督效果對公司發放裁量性紅利與否之影響,且另以Panel模型分別估計管理階層之管理權力及機構投資人監督效果對裁量性紅利金額之影響。實證結果顯示管理權力與其獲得裁量性紅利與否及金額呈負向關係;而機構投資人監督效果與公司發放裁量性紅利庫與否及金額為負向關係。本研究之貢獻為得知因SEC修正裁量性紅利揭露之法規,提升資訊透明度,因而削弱管理階層之管理權力,使管理階層不因其握有之管理權力愈大而增加其獲得裁量性紅利之可能性及金額。此外,機構投資人對公司裁量性紅利庫之發放確實具有監督效果。本研究可增添現有探討公司治理與裁量性紅利關聯性研究之不足,並提供往後相關研究議題之參考。
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    Description: 碩士
    國立政治大學
    會計研究所
    99353039
    100
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0099353039
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

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