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| Title: | CEO股權薪酬、股利政策與資本支出
CEO Equity-Based Compensation, Dividend Policy and Capital Expenditures |
| Authors: | 紀令文
Chi, Ling-Wen |
| Contributors: | 翁嘉祥
Weng, Chia-Hsiang
紀令文
Chi, Ling-Wen |
| Keywords: | CEO限制性股票薪酬
CEO認股權薪酬
股利支付率
資本支出
CEO restricted stock compensation
CEO stock option compensation
Dividend Policy
Capital Expenditures |
| Date: | 2023 |
| Issue Date: | 2023-08-02 13:28:14 (UTC+8) |
| Abstract: | 本研究發現，CEO的股權薪酬確實會影響其風險偏好，進而會影響公司的股利政策和投資決策。具體而言，當授予CEO更多的限制性股票薪酬時，公司傾向於採取更保守的投資策略，從而提高股利支付率，並增加公司下一年度風險較低的資本支出，減少下一年度風險較高的研發支出；而當授予CEO更多的認股權薪酬時，公司則傾向降低股利支付率。研究樣本選自美國2007至2022年S&P 1500的公司。研究結果顯示，當CEO的限制性股票薪酬對於股票價格(stock price)越敏感時，代表CEO愈風險趨避，則授予CEO的限制性股票薪酬之公允價值會與公司當年度的股利支付率有正向關聯；當CEO的認股權薪酬對於股票價格波動率(stock price volatility)越敏感時，代表CEO愈能承擔風險，則授予CEO的認股權薪酬之公允價值會與公司當年度的股利支付率有負向關聯。另外實證結果顯示，持有越多限制性股票薪酬的CEO，可能會考慮到他自身財富的持股組合會有股票價格下跌的風險，所以會傾向將公司資金分配於風險較低的資本支出決策，並減少研發支出的金額。
This study finds that the risk preferences of CEOs and their personal attitudes toward wealth growth affect the dividend policy and investment decisions of their firms. Specifically, when CEOs are granted more restricted stock compensation, the firms tend to adopt more conservative investment strategies, which increase the dividend payout ratio, increase the low-risk capital expenditures in the next year, and decrease the high-risk R&D expenditures in the next year; while when CEOs are granted more stock options compensation, the firms tend to reduce the dividend payout ratio. The sample consists of US firms from the S&P 1500 index from 2007 to 2022. The results show that when the CEO’s restricted stock compensation is more sensitive to the stock price, it means that the CEO is more risk-averse and has a positive effect on the dividend payout ratio of the firm in that year; when the CEO’s stock options compensation is more sensitive to the stock price volatility, it means that the CEO is more risk-tolerant and has a negative effect on the dividend payout ratio of the firm in that year. This suggests that CEOs who hold more restricted stock compensation may consider the risk of their own wealth portfolio falling in value due to a decline in the stock price, and thus tend to allocate the firm’s funds to lower-risk decisions. |
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| Description: | 碩士
國立政治大學
會計學系
110353102 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110353102 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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