English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113159/144130 (79%)
Visitors : 50731636      Online Users : 298
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • 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 > 學術期刊 > 會計評論 > 期刊論文 >  Item 140.119/97149


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/97149


    Title: 經理人股權相關薪酬對違約風險的影響
    Other Titles: The Impact of Executive Stock-Based Compensation on Default Risk
    Authors: 楊東曉;蘇秋竹
    Yang, Tung-Hsiao;Su, Chiu-Chu
    Keywords: 經理人誘因效果;資本結構;違約風險;內生性
    Executive incentives;Capital structure;Default risk;Endogeneity
    Date: 2012-01
    Issue Date: 2016-06-01 14:15:34 (UTC+8)
    Abstract: 本文利用Bharath and Shumway (2008)所提出之衡量違約機率的簡化模型，估計美國公開上市公司的違約機率，藉此探討公司經理人誘因效果對資本結構與違約風險的影響。實證結果顯示經理人持有公司的股數愈多，較易降低公司對外舉債的程度，經理人為了減少公司所面對的總風險與減緩還債壓力等原因，進而減少對外舉債的程度。值得一提的是在資本結構調整的過程當中，本文的實證結果發現經理人誘因效果，除了可透過影響資本結構，進而間接降低違約風險外，其對違約風險亦存在直接顯著的負向影響。最後，經理人薪酬的誘因效果對資本結構與違約風險的影響，主要來自公司股票持有的部分，並非來自股票選擇權的薪酬，此實證結果可彌補現有文獻上的不足，並提供往後相關研究議題的參考。
    This paper analyzes the impact of the incentive effects on firm’s capital structure and default risk. Applying the measure of default probability in Bharath and Shumway (2008), we estimate the default probability for the public firms in the U.S. We focus on the impact of the incentive effects of stock-based compensation for top managers of each firm. The empirical results show that firms reduce their debt financing when they grant more stock to their executives. In addition, the results also show that the incentive effects would reduce the default probability directly after controlling the indirect impact of capital structure. Finally, only the incentive effects from the executive’s stock holding, however, do have a significant influence on capital structure and default probability. Because there is rare evidence in the literature on the impact of executive compensation on default risk, we contribute to the existing literature by providing the related empirical evidence on this issue.
    Relation: 會計評論, 54,77-115頁
    International Journal of Accounting Studies
    Data Type: article
    Appears in Collections:[會計評論] 期刊論文

    Files in This Item:

    File SizeFormat
    54-3.pdf367KbAdobe PDF2330View/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