| dc.contributor.advisor | 陳錦烽 | zh_TW |
| dc.contributor.author (Authors) | 林斐嬋 | zh_TW |
| dc.creator (作者) | 林斐嬋 | zh_TW |
| dc.date (日期) | 2009 | en_US |
| dc.date.accessioned | 8-Dec-2010 01:52:51 (UTC+8) | - |
| dc.date.available | 8-Dec-2010 01:52:51 (UTC+8) | - |
| dc.date.issued (上傳時間) | 8-Dec-2010 01:52:51 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0097353009 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/48896 | - |
| 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) | 97353009 | zh_TW |
| dc.description (描述) | 98 | zh_TW |
| dc.description.abstract (摘要) | Bhattacharyya（2007）建立一個連結企業管理階層薪酬與現金股利的模型。該模型指出在既定的可用現金下，企業管理階層薪酬與現金股利支付率呈負相關。本研究參考上述模型，以2005年至2008年國內上市櫃公司資料為樣本，使用Tobit模型檢視樣本公司高階經理人薪酬、董監事薪酬與現金股利支付率之關聯性。本研究實證結果符合上述模型之推論，亦即高階經理人總薪酬與公司之現金股利支付率呈顯著負相關。 本研究另將高階經理人薪酬區分為現金薪酬與股票薪酬，進行額外的分析，其結果顯示高階經理人之股票薪酬與公司現金股利支付率呈顯著負相關。換言之，台灣上市櫃公司（尤其高科技產業）常使用之股票薪酬合約，其性質具有長期激勵之效果。在公司既定的可用現金下，此種合約不但可激勵高品質的高階經理人選擇淨現值為正的投資方案，且可確保經理人不因短期投資方案而犧牲公司的長期利益。 | zh_TW |
| dc.description.abstract (摘要) | Bhattacharyya (2007) proposed a dividend payout model in which executive compensation is associated with the level of cash dividends. The model shows that for a given level of cash available for distribution, there is a negative relationship between a company’s dividend payout ratio and its managerial compensation. This study applies the above model to a sample of the listed companies at the Taiwan Stock Exchange (TSE) and the Gre Tai Securities Market (GTSM) from 2005 to 2008. The Tobit regression results are consistent with the Bhattacharyya (2007) model’s prediction, i.e., the dividend payout ratios of sample firms have negative associations with their managerial compensations. In addition, this study classifies executive compensation into cash and stock payments for further analyses. The results show that dividend payout ratio is negatively correlated only with the stock portion of executive compensation. It means that for a given level of available cash for distribution, the nature of stock compensation has the long term effects which not only encourage a company’s executives to invest more in the projects with positive NPV without sacrificing the company’s benefits, bus also leave less cash for distribution as dividends. | en_US |
| dc.description.tableofcontents | 第一章 緒論..................... .........................1第一節 研究動機與目的 1第二節 研究問題 3第三節 論文架構與研究流程 3第二章 文獻探討................ ...........................5第一節 股利政策相關理論 5第二節 國內外現金股利影響因素之相關文獻 9第三節 國外現金股利與高階經理人薪酬關聯性研究之相關文獻18第四節 我國高階經理人與董監事酬金揭露方式 21第三章 研究方法................ ..........................23第一節 研究假說 23第二節 研究變數定義 27第三節 研究模型 35第四節 資料來源與樣本選擇 39第四章 實證結果分析.......................................41第一節 樣本描述 41第二節 敘述性統計分析 45第三節 相關係數分析 47第四節 Tobit迴歸分析 50第五節 敏感性分析 57第五章 結論與建議.........................................70第一節 研究結論 70第二節 研究限制 71第三節 研究建議 71參考文獻...................................................73 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0097353009 | en_US |
| dc.subject (關鍵詞) | 高階經理人薪酬 | zh_TW |
| dc.subject (關鍵詞) | 現金股利支付率 | zh_TW |
| dc.subject (關鍵詞) | 現金薪酬 | zh_TW |
| dc.subject (關鍵詞) | 股票薪酬 | zh_TW |
| dc.subject (關鍵詞) | executive compensation | en_US |
| dc.subject (關鍵詞) | dividend payout ratio | en_US |
| dc.subject (關鍵詞) | cash compensation | en_US |
| dc.subject (關鍵詞) | stock compensation | en_US |
| dc.title (題名) | 高階經理人薪酬與現金股利政策關聯性之研究 | zh_TW |
| dc.title (題名) | Executive compensation and cash dividend policy: an empirical study of Taiwan listed companies | en_US |
| dc.type (資料類型) | thesis | en |
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