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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/146409


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    题名: 機構投資人持股對企業使用主觀及客觀指標發放獎酬之影響
    The impact of institutional investors` shareholding on companies` use of subjective and objective indicators to pay compensation
    作者: 江孟衡
    Jiang, Meng-Heng
    贡献者: 徐愛恩
    Tsui, Stephanie
    江孟衡
    Jiang, Meng-Heng
    关键词: 薪酬合約
    主觀績效指標
    相對績效指標
    機構投資人
    Institutional investors
    Compensation contracts
    Subjective performance measures
    Relative performance measures
    日期: 2023
    上传时间: 2023-08-02 13:28:00 (UTC+8)
    摘要: 本研究探討機構投資人監督效果對企業使用主觀及客觀指標發放獎酬的影響。客觀績效指標由於它事前訂定的特性，使高階經理人有機會操弄績效。因此透過融入能事後進行調整的主觀績效指標及能夠過濾市場衝擊之相對績效指標（RPE）於薪酬合約中，可以有效降低高階經理人操縱績效的動機和機會。但主觀績效指標將延伸出資訊不透明等代理問題。據此，本研究欲探討機構投資人對於主觀績效指標的態度為傾向透過主觀績效指標達到最適薪酬合約，抑或是傾向降低主觀績效指標延伸出的代理成本，並進一步研究機構投資人為使公司達最適薪酬合約是否將使公司融入RPE於薪酬合約中。
    實證結果顯示機構投資人對薪酬委員會制定薪酬契約有顯著的影響，並發現在 Dedicated 類型、Value 類型 以及同時為 Dedicated 和 Growth 類型之機構投資人影響尤為顯著，但未發現Growth類型機構投資人對公司融入RPE有顯著影響。
    This study aims to analyze how the monitoring practices of institutional investors affect the selection of performance measures for executive compensation. The use of objective performance measures can be manipulated by senior executives, while incorporating adjustable subjective measures and relative performance evaluation (RPE) measures can reduce incentives for manipulation. However, subjective measures create agency problems due to information opacity. This study explores whether institutional investors prefer subjective measures to achieve optimal compensation contracts or to mitigate agency costs. This study also investigates whether they advocate the inclusion of RPE in compensation contracts.
    The empirical results demonstrate a significant influence of institutional investors on the compensation contracts formulated by the compensation committee. Specifically, institutional investors of the Dedicated and Value types, as well as those who are both Dedicated and Growth types, have a particularly notable impact. However, no significant influence of Growth type institutional investors on the inclusion of RPE in compensation contracts is found.
    參考文獻: 李靜妮，2011，公司治理與裁量性紅利關聯性之研究，國立政治大學會計學系碩士論文。
    郭家瑀，2019，不同類型機構投資人持股對公司債殖利率利差影響，國立台灣大學管理學院財務金融研究所碩士論文。
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    描述: 碩士
    國立政治大學
    會計學系
    110353047
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0110353047
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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