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題名 公司治理與裁量性紅利關聯性之研究
作者 李靜妮
貢獻者 梁嘉紋
李靜妮
關鍵詞 裁量性紅利
管理權力
機構投資人
日期 2011
上傳時間 30-Oct-2012 10:56:04 (UTC+8)
摘要 　　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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描述 碩士
國立政治大學
會計研究所
99353039
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353039
資料類型 thesis
dc.contributor.advisor 梁嘉紋zh_TW
dc.contributor.author (Authors) 李靜妮zh_TW
dc.creator (作者) 李靜妮zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 10:56:04 (UTC+8)-
dc.date.available 30-Oct-2012 10:56:04 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 10:56:04 (UTC+8)-
dc.identifier (Other Identifiers) G0099353039en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54400-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 99353039zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 　　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。zh_TW
dc.description.tableofcontents 壹、緒論 1
一、研究動機 1
二、研究目的 2
三、研究問題 3
貳、文獻探討 4
一、探討主觀及客觀績效衡量/指標之相關文獻 4
二、探討管理權力之相關文獻 6
三、探討管理權力對管理階層薪酬影響之文獻 9
四、探討機構投資人之相關文獻 11
五、探討機構投資人對管理階層薪酬影響之相關文獻 15
參、研究方法 17
一、研究假說 17
二、研究模型與變數衡量 19
三、樣本選取、研究期間與資料來源 29
肆、實證分析 31
一、敘述性統計分析 31
二、相關性分析 33
三、實證結果 39
1. 管理階層之管理權力對裁量性紅利發放之影響 39
2. CEO之管理權力對裁量性紅利發放之影響 42
3. 機構投資人監督效果對裁量性紅利發放之影響 44
4. 管理階層管理權力及機構投資人監督效果對裁量性紅利發放之綜合影響 46
5. CEO管理權力及機構投資人之監督效果對裁量性紅利發放之綜合影響 48
四、額外測試 51
1. 將Probit模型改以Logit模型進行迴歸分析作測試 51
2. 刪除極端值 54
3. 將Panel模型改以Tobit模型進行迴歸分析作測試 59
伍、結論與建議 63
參考文獻 65		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353039en_US
dc.subject (關鍵詞) 裁量性紅利zh_TW
dc.subject (關鍵詞) 管理權力zh_TW
dc.subject (關鍵詞) 機構投資人zh_TW
dc.title (題名) 公司治理與裁量性紅利關聯性之研究zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Alexander, E. R., and R. D.Wilkins. 1982. Performance rating validity: The relationship of objective and subjective measures of performance. Group & Organization Studies 7 (December): 485-496.
Admati, A., P. Pfleiderer, and J. Zechner. 1994. Large shareholder activism, risk bearing, and financial market equilibrium. Journal of Political Economy 102 (December): 1097-1130.
Almazan, A., J. C. Hartzell, and L. T. Starks.2004.Conflicts of interest and. monitoring costs of institutional investors evidence from executive. Working paper, University of Texas at Austin.
Almazan, A., J. C. Hartzell, and L. T. Starks. 2005. Active institutional shareholders and costs of monitoring: evidence from executive compensation. Financial Management 34 (December): 5-34.
Andrews, R., G. A. Boyne, and R. M. Walker. 2006. Public service performance: perspective on measurement and management. Cambridge University Press.
Brickley, J. A., R. C. Lease, and C. W. Smith Jr..1988. Ownership structure and voting on antitakeover amendments. Journal of Financial Economics 20(January): 267-292.
Brown, K. C., and B. A. Brooke. 1993. Institutional demand and security price pressure: The case of corporate spinoffs. Financial Analysis Journal 49 (September/ Octobor): 53-62.
Baker, G., R. Gibbons, and K. J. Murphy. 1994. Subjective performance measures in optimal incentive contract. The Quarterly Journal of Economics 109 (November): 1125-1156.
Beatty, R. P., and E. J. Zajac. 1994. Managerial incentives and monitoring, and risk bearing: a study of executive compensation , ownership, and board structure in initial public offerings. Administrative Science Quarterly 39(June): 313-335.
Baiman, S., and M. V. Rajan. 1995. The informational advantages of discretionary bonus schemes. The Accounting Review 70 (October): 557-579.
Baker, G.. 2000. The use of performance measures inincentive contracting. The American Economic Review 90 (May): 415-420.
Buchholtz, A. K., M. N. Young, and G. N. Powell.1998. Are board members pawns or watchdogs? The link between CEO pay and firm performance. Group of Organization Management 23 (March): 6-26.
Bertrand, M., and S. Mullainathan. 2001. Are CEOs rewarded for luck? The ones without principles are. Quarterly Journal of Economics 116 (August): 901-932.
Bebchuk, L., and J. Fried. 2002. Power, rent extraction, and executive compensation. CESifo Forum 3 (Autumn): 23-28.
Bebchuk, L., J. Fried, and D. I. Walker. 2002. Managerial power and rent extraction in the design of executive compensation. Discussion paper , Harvard Law School.
Bebchuk, L. A., J. M. Fried. 2005. Pay without performance: Overview of the issues. The Journal of Corporation Law 30 (Summer): 405-423.
Borokhovich, K. A., K. Brunarski, Y. S. Harman, and R. Parrino. 2006. Vairation in the monitoring incentives of outside stockholders. Journal of Law and Economics 49 (Octobor): 651-680.
Brookman, J. T., and C. G. Rennie. 2006. CEO compensation and managerial power: Do CEOs really influence their own compensation?. Working paper, University of Nevada, and University of Arkansas.
Brookman, J. T., S. Chang, and C. G. Rennie. 2007. CEO cash compensation and stock-based compensation changes, layoff decisions, and shareholder value. The Financial Review 42: 99-119.
Bebchuk, L. A., M. Cremers, and U. Peyer. 2008. CEO centrality. Discussion paper no. 601, Harvard University.
Buddle, J..2008. Distorted performance measurement and reatliotnal contracts.Schmalenbach Business Review 60 (July): 251-273.
Core, J. E., R. W. Holthausen, and D. F. Larker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51
(July): 371-406.
Chidambaran, N. K., and K. John. 2000. Relationship investing: Large shareholder monitoring with managerial cooperation. Working paper, Tulane University and
New York University.
Chung, R., M. Firth, and J. B. Kim. 2002. Institutional monitoring and opportunistic earnings management. Journal of Corporate Finance 8: 29-48.
Cyert, R. M., S. H. Kang, and P. Kumar. 2002. Corporate governance, takeovers, and top-management compensation. Management Science 48 (April): 453-469.
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