高階經理人現金獎酬與績效關係之 研究 探討 國內控股企業因素之 影響
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高階經理人現金獎酬與績效關係之 研究 探討 國內控股企業因素之 影響. 指導 老師：林憶樺 老師 學 生 ： 許香伊 MA1A0102 林佩津 MA1A0103. 緒 論. 同一家族控制的企業常見的 結果 家族 成員挪用企業的 資源 及 給予 高階管理者過高的薪資 報酬 家族 控制股東介入企業經營 決策 影響代理 理論 的績效 導向薪酬 制度 的 有效性 企業為 留住經理人 會 設計出比 非家族企業更誘人的薪酬獎勵 制度. 國內有 1/4 企業發生股東權益報酬率 下跌 董事長 與高階經理 人坐 擁高薪的 狀況 多數 為 家族企業 本 研究 之 研究目的 - PowerPoint PPT PresentationTRANSCRIPT
MA1A0102 MA1A0103 1/4 19992004(TEJ)2735
(COMPit)1999-2004log & & (ROAit-1) /(Rit-1) -(CHit) (%)20%20%(PLEDGEt) /(LEVit) /(GROWit) (-)/(INit) (TEJ)10
COMPit=0+1*ROAit-1+2*Levit+3* Growit+4* INitCOMPit=0+1*Rit-1+2*LEVit+3* GROWit+4* INit()COMPit=0+1*CHit*ROAit-1+2* PLEDGEt*ROAit-1+3*LEVit+4*GROWit+ 5* INit()COMPit=0+1*CHit*Rit-1+2*PLEDGEt*Rit-1+3*LEVit+4* GROWit+5* INit
COMP27356.4676926.4653833.60218.8054990.331608ROA27350.0636140.048892-0.46170.7162510.109120R2735-0.012552-0.015272-7.56746.1286270.933729GROWit27350.0252870.073582-22.43153.9068570.589461LEVit27350.3989710.3957430.02500.9593380.155825INit27350.3857400.0000000.00001.0000000.486859PLEDGEt27350.1194630.0000000.00001.0000000.215934CHit27350.3823670.3566000.20010.9545000.132568-COMPROAGROWitLEVitINitChit*ROAPLEDGEt*ROACOMP1.0000ROA0.14911.0000GROWit0.03700.22841.0000LEVit-0.0690-0.27430.00661.0000INit0.10980.20910.0783-0.11861.0000Chit*ROA0.12020.92320.2134-0.26290.16561.0000PLEDGEt*ROA0.10640.34350.10853-0.13040.02840.32161.0000-COMPRGROWitLEVitINitCHit*RPLEDGEt*RCOMP1.0000R0.06951.0000GROWit0.03700.02251.0000LEVit-0.0690-0.04950.00661.0000INit0.10980.05500.0783-0.11861.0000CHit*R0.06560.95460.0208-0.03920.04971.0000PLEDGEt*R0.05560.49590.0150-0.04530.03010.41811.00000.8(0.9232520.954650)
()
% %11.68217224.031021.68217224.031021.11348515.906932.79565739.938031.02289014.612713.81854754.550740.98700114.100014.80554768.650750.87412312.487475.67967081.138160.70441310.063056.38408491.201270.6159168.798817.000000100.0000
(Cluster)
20
(MDS)MDS
MDS-COMPCOMPit=0+1*ROAit-1+2*Levit+3* Growit+4* INitBetaBt(2730)p-level 6.44380.0199322.44700.0000***ROA0.12480.02050.37920.06226.08800.0000***GROWit0.00230.01940.00130.01090.12340.9018LEVit-0.02530.0197-0.05380.0419-1.28500.1989INit0.08050.01930.05480.01314.16610.0000*** R2 0.0278 F F(4,2730)=20.602 0.0000-COMP COMPit=0+1*Rit-1+2*LEVit+3* GROWit+4* INitBetaBt(2730)p-level 6.48820.0186348.45940.0000***R0.06080.01890.02150.00673.20100.0013***GROWit0.02830.01900.01590.01061.49300.1355LEVit-0.05460.0191-0.11630.0406-2.86190.0042***INit0.09770.01910.06660.01305.10250.0000*** R2 0.0183 F F(4,2730)=13.788 0.0000 &R20.02780.0183
-()COMP COMPit=0+1*CHit*ROAit-1+2* PLEDGEt*ROAit-1 + 3*LEVit + 4*GROWit + 5* INitBetaBt(2729)p-level 6.45240.0199323.27300.0000***GROWit0.00650.01930.00360.01090.33690.7362LEVit-0.02950.0196-0.06230.0419-1.49920.1339INit0.09180.01920.06250.01304.77870.0000***CHit*ROA0.07130.02110.54220.16033.38190.0007***PLEDGEt*ROA0.07630.01991.31550.34423.82130.0001*** R2 0.0273 F F(5,2729)=16.350 0.0000()-()COMP COMPit=0+1*CHit*Rit-1+2* PLEDGEt*Rit-1 +3*LEVit+4* GROWit+5* INitBetaBt(2729)p-level 6.48820.0186348.44990.0000***GROWit0.02830.01900.01590.01061.49030.1362LEVit-0.05440.0191-0.11590.0406-2.85210.0043***INit0.09790.01910.06670.01305.11390.0000***CHit*R0.04500.02080.04200.01952.15740.0310**PLEDGEt*R0.03090.02080.04410.02971.48410.1378 R2 0.0184 F F(5,2729)=11.286 0.0000() R2
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