淡江大學會計學系

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出版期刊目錄

期刊

項目	資料
卷期 Vol. & No.	第17卷第1期 Vol 17 No. 1
標題 Title	薪酬委員會品質、高階經理人現金紅利薪酬與企業績效關聯性之研究 The Association between Quality of Compensation Committee, Managers’ Cash Bonuses and Firm Performanc
作者 Authors	朱炫璉　劉乃熒　陳彥綺　吳品萱 Hsuan-Lien Chu　Nai-Yng Liu　Yen-Chi Chen　Pin-Hsuan Wu
出版日期 Publish Date	2016-05-31
摘要 Abstract	本文從薪酬誘因與董事會監督機制兩個公司治理構面，探討高階主管薪酬結構與支配能力，對企業裁減研發支出之短視行為的影響。實證結果發現，在自利的動機下，高階主管會利用裁減研發支出方式，提高當期盈餘以增加其薪酬。而提高高階主管股票基礎薪酬比率，會降低裁減研發支出的可能性，且在股票基礎導向的薪酬結構下，透過股票基礎薪酬比率降低企業裁減研發支出的可能性，會高於現金基礎導向的薪酬結構。此外高階主管具支配能力，所受監督的程度較低，出現裁減研發支出的可能性較高，但是提高股票基礎薪酬比率，所降低裁減研發支出可能性的效果，反而會較大。 The objective of this study is to discuss the substitution effect of managers’ cash bonuses and the quality of compensation committee on firm performance. In this study we used public listed companies in Taiwan as our study sample and our sample period is from Jan. 2011 to Dec. 2012. Cash bonus were used as a proxy for managers’ incentive compensation, and five quality characteristics (directors’ seniority, size of compensation committee, frequency of meetings, members attendance rate and proportion of independent directors) were used to measure the quality of compensation committee. We used two-stage least squared regression to examine the effect of the quality of compensation committee on the association between managers’ cash bonuses and firm performance. Our results found that there is a substitution relationship exists between managers’ cash bonuses and the quality of the compensation committee. This provides evidence for the supposition that companies with a high quality compensation committee could reduce cash bonuses and still achieve the same business performance.
關鍵字 KeyWords	薪酬委員會品質、現金紅利薪酬、企業績效 compensation committee quality, cash bonuses, performance
DOI (全文下載 Download)	10.6675/JCA.2016.17.1.03
相關文章 Related Articles	被投資國家競爭力與企業績效之研究(The Study of National Competitiveness for Investee Countries and Firm Performance) 薪酬委員會對績效敏感性與內控缺失關聯性之影響－以台灣初次上市櫃及首次公開發行公司為例(The Effect of Compensation Committees on the Association between Pay Performance Sensitivity and Internal Control Weaknesses: Evidence from Taiwan IPO Firms) 董事會網絡特性、雙元創新型態與企業績效之關聯性研究－以台灣半導體產業為例(A Study on the Relationships among Characteristics of Director Networks, Ambidextrous Innovation Types and Firm Performance: Evidence from Taiwan Semiconductor Industry)