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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/30159


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    题名: 股權結構、員工紅利及董監酬勞與公司績效關聯性之研究-以台灣上市電子公司為例
    作者: 林晏仲
    贡献者: 陳錦烽
    林晏仲
    关键词: 公司治理
    員工紅利及董監酬勞
    公司績效
    日期: 2004
    上传时间: 2009-09-11 17:21:55 (UTC+8)
    摘要: 公司在追求規模經濟的同時，由於其所有者的時間精力有限，就必須放釋放一定的代理權，以求得企業的規模發展。當代理權釋出後，代理關係就無可避免，利害關係衝突於是產生。代理人會傾向偷懶、保守、自利、短視，以維護自己的利益，引發了所謂的代理成本，於是便需要公司治理機制加以解決。本研究除了繼續以前的研究探討我國上市電子公司之股權結構及董監酬勞與員工分紅對公司績效的影響外，由於我國高科技業的「員工分紅配股」措施，使公司的股本增大，造成其EPS降低、股價的稀釋及選舉權受到侵蝕，因而損害原股東的權益。因此，本研究也欲探討我國上市電子公司股權結構是否會影響其董監酬勞及員工分紅政策。
    本研究以1997起至2002年止台灣上市電子公司為樣本，經刪除資料不完整的公司後，共計有55家公司330個觀察值為研究樣本。本研究是以複迴歸模型來進行實證研究。實證結果顯示經理人持股比率、機構法人持股比率、董事監察人持股比率，以及員工分工及董監酬勞佔盈餘比率與公司績效呈正相關。經理人持股比率及機構投資者持股比率與員工分工及董監酬勞佔盈餘比率呈正相關，至於董事持股比率、監察人持股比率及監察人佔全部董事監察人比率，則與員工分工及董監酬勞佔盈餘比率無關。
    When the size of the company is growing, the owners of the company have the limit time and the energy, the company must have the agent. Once the company has the agent, the interest relationship among the owner and agent will conflict. The agents are easily lazy, conservative, selfish, and nearsighted to pursue their interest, so the agent cost happen. This study beside continue the former research about the relationship between the ownership structure and the company performance, and the relationship between the the the employee bonus and the company performance in the TSE-listed electronic company. Because the high-tech company in Taiwan practice the policy of “the employee stock distribution”, the policy will cause the expansion of the stock. The expansion of the stock lessens the EPS, dilutes the stock price and erodes the right of the election. That damage the right of the original stockholders, and therefore this study examine the relationship between the ownership structure and the employee bonus in the TSE-listed electronic company as well.

    This study samples are the TSE-listed electronic company from 1997 to 2002, but exclude the company with insufficient data. The rest are 55 companies, and 330 observations that are obtained. This study uses complex regression model on this empirical research. The empirical result indicates the stock ownership of the managers, the stock ownership of the institution investors, the stock ownership of the board, and the bonus rate of the employee are positively related to the company performance. The stock ownership of the manager, and the stock ownership of the institution investors are positively related to the employee bonus rate. The stock ownership of the directors, the stock ownership of the supervisors, and the supervisor rate of the board reveal no significant relationship with the bonus rate of the employee.
    參考文獻: 中文部分
    古金英，1999，員工入股計劃是否有助於提升公司績效-兼比較持股可出售與否之效果，台北銀行月刊，第二十九卷第五期：51-67。
    李香瑩，2002，金融控股的公司治理機制，會計研究月刊，第205期：57-63。
    李香瑩，2003，讓角色功能徹底發揮才是成功關鍵，會計研究月刊，第213期：31-33。
    李香瑩，2003，公司治理下監察人該廢抑或重新定位，會計研究月刊，第213期：35-49。
    張靜琪，2000，員工薪資福利對組織績效影響之探討，國立中山大學人力資源管理研究所未出版碩士論文。
    陳伯松，2002, 健全公司治理乃大勢所趨，會計研究月刊，第205期：84-87。
    陳依蘋及李香瑩，2003，回歸台灣環境思考公司治理的落實與執行，會計研究月刊，第213期：28-30。
    曾雅鳳，2001，台灣公司董事監察人結構與經營績效之探討-以上市及上櫃鋼鐵業為例。
    曾炳霖，2002，淺論公司治理-以安隆案為中心，會計研究月刊，第205期：65-83。
    趙曉玲，2002，員工分紅入股制度對組織績效的影響，國立中央大學人力資源管理研究所未出版碩士論文。
    楊俊中，1998，股權結構與經營績效相關性之研究，國立台灣大學會計研究所未出版碩士論文。
    楊慧玲，2000，董事會結構及其變動對股東財富與經營績效影響之研究，私立朝陽大學企業管理研究所未出版碩士論文。
    葉銀華，李存修及柯承恩，2003，公司治理與評等系統。
    鄭丁旺，2003，獨立董監事制度宜詳加規劃，會計研究月刊，第213期：12-13。
    英文部分
    Bell, t. b. , W. R. Landsman, B. L. Miller, and S. Yeh. 2002. The valuation implications of employee stock option accounting for profitable computer software firms. The accounting review 77: 971-996.
    Brickley, J. A. , R. C. Lease, and C. W. Smith. Jr. 1988. Ownership structure and finance economics. Journal of financial economics 20: 267-291.
    Rajeswararao, Chaganti, and Fariborz Damanpour. 1991. Institutional investors, capital
    structure and corporate performance. Strategic management journal 12: 479-491.
    Conte, M. A. , and Jan Svejnar. 1988. Productivity effects of worker participation in management, profit-sharing, worker ownership of asset and unionization in U. S. firms. International journal of organization 6: 139-151.
    Demsetz, h. 1983. The structure of ownership and the theory of the firm. Journal of law & economics 26: 375-390.
    Demsetz, M. and K. Lehn. 1985. The structure of corporate ownership: Causes and consequences. Journal of political economy 93: 1155-1177.
    Estrin, Saul, and Wadhwani. 1989. Profit-sharing, in David Sapsford and Zafiris Tzannates(eds.). Current issues in labor economics: 227-258.
    Ittner, C. D. , Lambert, R. A. , and Larcker, D. F. 2002. The structure and performance consequences of equity grants to employees of new economy firms. Working Paper, University of Pennsylvania.
    Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics 3: 305-360.
    Jensen, M. C., and Ruback, R. S. 1983. The market for corporate control. Journal of financial economics 11: 5-50.
    Keating, E. K., Lys, T. , and Magee, R. P. 2002. The internet downturn: Finding valuation factors in Spring 2000. Working Paper, Harvard University.
    Morck, R. , A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of financial economics 20: 293-315.
    Oswald, s. L. , and Jahera, Jr. 1991. The influence of ownership on performance: An empirical study. Strategic management journal 27: 595-612.
    Pfeffer, J. 1972. Size and composition of corporate boards of directors: The organization and its environment. Administrative science quarterly 17: 218-228.
    Pound, John. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of financial economics 20: 237-265.
    Shleifer, A. , and R. W. Vishny. 1997. A survey of corporate governance. The journal of finance 2: 737-783
    描述: 碩士
    國立政治大學
    會計研究所
    91353047
    93
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0091353047
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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