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    题名: 景氣循環與公司特性對股票型酬勞與公司績效之關聯性分析－以美國公司為例
    作者: 林幸儀
    贡献者: 張清福
    林幸儀
    关键词: 高階主管獎酬
    景氣循環
    日期: 2003
    上传时间: 2009-09-11 17:20:46 (UTC+8)
    摘要: 本文探討美國高階經理人的股票型酬勞與公司經營績效的關聯性，如何受到景氣循環與公司特性的影響。景氣循環二分為景氣繁榮與景氣衰退時期；公司特性則分為新經濟公司與舊經濟公司。新經濟公司指新興的高科技產業，而舊經濟公司則是一般所謂的傳統產業屬之。實證結果顯示，就整體樣本而言，在景氣繁榮與景氣衰退時，公司績效指標對CEO股票型酬勞的關係有顯著的差異。但這種情況只存在股票報酬率中，會計績效指標對於景氣循環的變化並未發現有顯著的差異性。新經濟公司在景氣繁榮時，公司的資產報酬率與股價報酬率對CEO股票型酬勞的相關性均會顯著異於景氣衰退的時期。舊經濟公司在景氣繁榮時，只有公司的每股盈餘對CEO股票型酬勞的相關性會有顯著異於景氣衰退的時期。在景氣繁榮時期，新經濟公司的資產報酬率較舊經濟公司的資產報酬率對於CEO股票型酬勞有顯著的相關性。在景氣衰退時期，新經濟公司的每股盈餘較舊經濟公司的每股盈餘對於CEO股票型酬勞有顯著的相關性。綜合而言，在不同的景氣循環與公司特性下，高階經理人的股票型酬勞與公司績效的相關性不同。
    This study examines how the economic cycle and firm characteristics affect the relationship between American CEO’s stock-based compensation and performance. The economic cycle is dichotomized as expansion and recession periods while the companies are categorized as new economy firms and old economy firms. The new economy firms are high-tech companies and the old economy firms refer to traditional industries. The results indicate that based on the entire sample the relationship between performance and CEO’s stock-based compensation in the expansion period is significantly different from that in the recession period when the performance is measured as stock return, but not as accounting measures. In expansion period, the relationship between ROA and CEO’s stock-based compensation and that between stock return and the CEO’s stock-based compensation of new economy firms are significantly different from those in the recession period. In expansion period, the association between EPS and stock-based compensation for old economy firms is significantly different from that in recession period. In the expansion period, the association of ROA and stock-based compensation of new economy firms is significantly different from that of old economy firms. In the recession period, the association of EPS and stock-based compensation of new economy firms is significantly different from that of old economy firms. Accordingly, the relationship between CEO’s stock-based compensation and performance varies upon the change in economic cycle and the difference in company characteristics.
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    吳鈞麟，2003，景氣因素對會計資訊價值攸關性之影響，國立政治大學會計學系碩士班未出版碩士論文
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    張培真，2003，員工分紅入股與公司特質之關係及其對公司績效之影響，國立台灣大學會計學系碩士班所未出版碩士論文
    辜秋屏，1997，高階主管酬勞與公司經營績效之實證研究，國立台灣大學會計學系碩士班所未出版碩士論文
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    廖致翔，2003，景氣循環、分析師盈餘預測與股價反應，國立政治大學會計學系碩士班未出版碩士論文
    葉玉華，2003，高階主管薪酬與績效衡量資訊傳遞之關聯性研究，國立台北大學會計學系碩士班未出版碩士論文
    賴倩婷，2001，高階經理人薪酬與其持股率、企業績效之關聯性研究，國立成功大學會計學系碩士
    蔡佳臻，2003，景氣循環與分析師預測偏差程度之關係，國立政治大學會計學系碩士班所未出版碩士論文
    蕭弘毅，1994，高階管理者薪酬計畫與企業營運績效關係之研究，東吳大學管理科學研究所未出版碩士論文
    二、 英文部分
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    描述: 碩士
    國立政治大學
    會計研究所
    91353024
    92
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0091353024
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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