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題名 薪酬差距之成因：探討經理人權力與不同類型機構投資人之影響
The Cause of Pay Gap: Exploring the Influence of CEO Power and Different Types of Institutional Ownership作者 蕭冠維
Hsiao, Kuan-Wei貢獻者 李佳玲
Lee, Chia-Ling
蕭冠維
Hsiao, Kuan-Wei關鍵詞 經理人權力
暫時型機構投資人
專門型機構投資人
薪酬差距
CEO Power
Transient Institutional Investor
Dedicated Institutional Investor
Pay Gap日期 2023 上傳時間 1-Sep-2023 14:40:54 (UTC+8) 摘要 本研究基於管理者權力理論之觀點，探討形成差距的原因。首先，發現當經理人擁有越高的權力時，會因為管理據守而更有可能有租金提取的行為圖利自身，因而導致公司有越高的薪酬差距。其次，本研究按照機構投資人的持股集中度和投資組合週轉率進行分類，將機構投資人分類為擁有低持股集中度且投資組合週轉較高的暫時型機構投資人以及擁有較高持股集中度與投資組合週轉較低的專門型機構投資人。本研究發現當公司被越多的暫時型機構投資人所持有時，會有較高的薪酬差距，該結果代表被暫時型機構投資人持有的公司，高階經理人更有可能有管理據守的情形發生。然而並未發現專門型機構投資人的持股比會顯著地影響薪酬差距。在額外分析中，本研究改以公司最終控制者型態探討其對薪酬差距的影響，發現當公司係由政府持有時會有顯著較低的薪酬差距；若公司係由經理人主導時，會有顯著較高的薪酬差距。
Based on the perspective of managerial power theory, this research explores the cause of pay gap. Firstly, because of managerial entrenchment, the managers who have more power would extract higher rent from the company to benefit themselves, leading to higher pay gap. Secondly, this research classifies institutional investors into transient institutional investors with low ownership concentration and high portfolio turnover and dedicated institutional investors with higher ownership concentration and lower portfolio turnover. It is found that when the company held by more transient institutional investors will be a higher pay gap. The result implied that it is likely to occur managerial entrenchment in the company held by transient institutional investor. However, it is not found that the ownership of dedicated institutional investors will significantly affect the pay gap. In an additional analysis, this study examines the influence of the ultimate controller type on pay gap and finds that companies controlled by the government have significantly lower pay gap, while companies controlled by managers have significantly higher pay gap.參考文獻 卜正球，2009，公營事業績效管理的幾個關鍵問題，研考雙月刊，第33卷第2期：48-60。李佳玲，2006，不確定性, 高階經理人報償差距與公司績效之關連性: 競賽理論之驗證，會計評論，第42期：23-53。李冠皓與黃培琳，2010，公司治理模組解釋（四）集團控制型態－－以上市櫃公司為例，貨幣觀測與信用評等，第83卷：93-101。汪進揚與王妤如，2021，董事及高階管理者超額薪酬對員工薪酬之影響︰ 執行長權力調節效果之探討，會計學報，第8卷第2期：35-69。汪進揚與林慧茹，2021，薪酬公平性：員工生產力與控制權偏離之影響，管理學報，第38卷第2期：203-230。林宛瑩與許崇源，2008，臺灣集團企業之控股型態及公司治理衡量指標之研究與建議，第28卷第1期：269-312。梁嘉紋、吳幸蓁與林芯妤，2022，非擔任主管職務之全時員工薪資與企業揭露員工薪資調整情形之關聯性研究，會計審計論叢，第12卷第2期：87-138。陳家偉，2021，公司治理是否降低了高管與基層員工間的薪資差異？以臺灣為例，證券市場發展季刊，第33卷第4期：1-29。單驥與吳玉瑩，2004，臺灣管理階層薪資結構：Tournament Theory之實證研究，管理評論，第23卷第2期：47-68。葉銀華，2004，以公司治理角度衡量家族企業的利弊－利於企業永續發展，弊在控權圖利濟私，會計研究月刊，第228期：92-95。Abernethy, M. A., Kuang, Y. F., & Qin, B. (2015). The influence of CEO power on compensation contract design. The Accounting Review, 90(4), 1265-1306.Antony, G. M., & Rao, K. V. (2007). A composite index to explain variations in poverty, health, nutritional status and standard of living: Use of multivariate statistical methods. Public Health, 121(8), 578-587.Armstrong, C. S., Jagolinzer, A. D., & Larcker, D. F. (2010). Chief executive officer equity incentives and accounting irregularities. Journal of Accounting Research, 48(2), 225-271.Bachmann, R. L., Loyeung, A., Matolcsy, Z. P., & Spiropoulos, H. (2020). Powerful CEOs, cash bonus contracts and firm performance. Journal of Business Finance & Accounting, 47(1-2), 100-131.Bebchuk, L. A., Cremers, K. M., & Peyer, U. C. (2011). The CEO pay slice. Journal of Financial Economics, 102(1), 199-221.Bebchuk, L. A., & Fried, J. M. (2003). Executive compensation as an agency problem. Journal of Economic Perspectives, 17(3), 71-92.Bhide, A. (1993). The hidden costs of stock market liquidity. 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國立政治大學
會計學系
110353048資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353048 資料類型 thesis dc.contributor.advisor 李佳玲 zh_TW dc.contributor.advisor Lee, Chia-Ling en_US dc.contributor.author (Authors) 蕭冠維 zh_TW dc.contributor.author (Authors) Hsiao, Kuan-Wei en_US dc.creator (作者) 蕭冠維 zh_TW dc.creator (作者) Hsiao, Kuan-Wei en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 14:40:54 (UTC+8) - dc.date.available 1-Sep-2023 14:40:54 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 14:40:54 (UTC+8) - dc.identifier (Other Identifiers) G0110353048 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146828 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 110353048 zh_TW dc.description.abstract (摘要) 本研究基於管理者權力理論之觀點，探討形成差距的原因。首先，發現當經理人擁有越高的權力時，會因為管理據守而更有可能有租金提取的行為圖利自身，因而導致公司有越高的薪酬差距。其次，本研究按照機構投資人的持股集中度和投資組合週轉率進行分類，將機構投資人分類為擁有低持股集中度且投資組合週轉較高的暫時型機構投資人以及擁有較高持股集中度與投資組合週轉較低的專門型機構投資人。本研究發現當公司被越多的暫時型機構投資人所持有時，會有較高的薪酬差距，該結果代表被暫時型機構投資人持有的公司，高階經理人更有可能有管理據守的情形發生。然而並未發現專門型機構投資人的持股比會顯著地影響薪酬差距。在額外分析中，本研究改以公司最終控制者型態探討其對薪酬差距的影響，發現當公司係由政府持有時會有顯著較低的薪酬差距；若公司係由經理人主導時，會有顯著較高的薪酬差距。 zh_TW dc.description.abstract (摘要) Based on the perspective of managerial power theory, this research explores the cause of pay gap. Firstly, because of managerial entrenchment, the managers who have more power would extract higher rent from the company to benefit themselves, leading to higher pay gap. Secondly, this research classifies institutional investors into transient institutional investors with low ownership concentration and high portfolio turnover and dedicated institutional investors with higher ownership concentration and lower portfolio turnover. It is found that when the company held by more transient institutional investors will be a higher pay gap. The result implied that it is likely to occur managerial entrenchment in the company held by transient institutional investor. However, it is not found that the ownership of dedicated institutional investors will significantly affect the pay gap. In an additional analysis, this study examines the influence of the ultimate controller type on pay gap and finds that companies controlled by the government have significantly lower pay gap, while companies controlled by managers have significantly higher pay gap. en_US dc.description.tableofcontents 壹、緒論 1貳、文獻回顧與假說發展 5第一節、經理人權力與薪酬差距之關聯 5第二節、機構投資人類型與薪酬差距之關聯 7參、研究方法 10第一節、研究樣本與資料來源 10第二節、變數衡量 12一、應變數：高階經理人對員工薪資比率 12二、自變數 12三、控制變數 14第三節、實證模型 16一、經理人權力與薪酬差距 16二、機構投資人持股與薪酬差距 16肆、實證結果與分析 17第一節、敘述性統計 17第二節、相關性分析 19第三節、經理人權力與薪酬差距結果 21一、經理人權力與薪酬差距迴歸結果 21二、經理人權力之內生性檢定 23第四節、機構投資人持股與薪酬差距結果 26一、機構投資人持股與薪酬差距迴歸結果 26二、機構投資人持股之內生性檢定 29伍、穩健性測試與額外分析 32第一節、薪酬差距之替代變數 32第二節、經理人權力與機構投資人替代變數 36第三節、額外分析 40陸、結論 46第一節、研究結論 46第二節、研究貢獻 47第三節、研究限制 48第四節、研究建議 49柒、參考文獻 50附錄一、機構投資人分類過程 54附錄二、變數定義表 58 zh_TW dc.format.extent 1927164 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353048 en_US dc.subject (關鍵詞) 經理人權力 zh_TW dc.subject (關鍵詞) 暫時型機構投資人 zh_TW dc.subject (關鍵詞) 專門型機構投資人 zh_TW dc.subject (關鍵詞) 薪酬差距 zh_TW dc.subject (關鍵詞) CEO Power en_US dc.subject (關鍵詞) Transient Institutional Investor en_US dc.subject (關鍵詞) Dedicated Institutional Investor en_US dc.subject (關鍵詞) Pay Gap en_US dc.title (題名) 薪酬差距之成因：探討經理人權力與不同類型機構投資人之影響 zh_TW dc.title (題名) The Cause of Pay Gap: Exploring the Influence of CEO Power and Different Types of Institutional Ownership en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 卜正球，2009，公營事業績效管理的幾個關鍵問題，研考雙月刊，第33卷第2期：48-60。李佳玲，2006，不確定性, 高階經理人報償差距與公司績效之關連性: 競賽理論之驗證，會計評論，第42期：23-53。李冠皓與黃培琳，2010，公司治理模組解釋（四）集團控制型態－－以上市櫃公司為例，貨幣觀測與信用評等，第83卷：93-101。汪進揚與王妤如，2021，董事及高階管理者超額薪酬對員工薪酬之影響︰ 執行長權力調節效果之探討，會計學報，第8卷第2期：35-69。汪進揚與林慧茹，2021，薪酬公平性：員工生產力與控制權偏離之影響，管理學報，第38卷第2期：203-230。林宛瑩與許崇源，2008，臺灣集團企業之控股型態及公司治理衡量指標之研究與建議，第28卷第1期：269-312。梁嘉紋、吳幸蓁與林芯妤，2022，非擔任主管職務之全時員工薪資與企業揭露員工薪資調整情形之關聯性研究，會計審計論叢，第12卷第2期：87-138。陳家偉，2021，公司治理是否降低了高管與基層員工間的薪資差異？以臺灣為例，證券市場發展季刊，第33卷第4期：1-29。單驥與吳玉瑩，2004，臺灣管理階層薪資結構：Tournament Theory之實證研究，管理評論，第23卷第2期：47-68。葉銀華，2004，以公司治理角度衡量家族企業的利弊－利於企業永續發展，弊在控權圖利濟私，會計研究月刊，第228期：92-95。Abernethy, M. A., Kuang, Y. F., & Qin, B. (2015). The influence of CEO power on compensation contract design. The Accounting Review, 90(4), 1265-1306.Antony, G. M., & Rao, K. V. (2007). A composite index to explain variations in poverty, health, nutritional status and standard of living: Use of multivariate statistical methods. Public Health, 121(8), 578-587.Armstrong, C. S., Jagolinzer, A. D., & Larcker, D. F. (2010). Chief executive officer equity incentives and accounting irregularities. Journal of Accounting Research, 48(2), 225-271.Bachmann, R. L., Loyeung, A., Matolcsy, Z. P., & Spiropoulos, H. (2020). Powerful CEOs, cash bonus contracts and firm performance. Journal of Business Finance & Accounting, 47(1-2), 100-131.Bebchuk, L. A., Cremers, K. M., & Peyer, U. C. (2011). The CEO pay slice. Journal of Financial Economics, 102(1), 199-221.Bebchuk, L. A., & Fried, J. M. (2003). Executive compensation as an agency problem. Journal of Economic Perspectives, 17(3), 71-92.Bhide, A. (1993). 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