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政大機構典藏 > 商學院 > 金融學系 > 學位論文 > Item 140.119/50853

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/50853

Title:	二篇與公司財務相關之論文：資本結構與經理人薪酬 Two essays on corporate finance: capital structure and executive compensation
Authors:	林家帆
Contributors:	陳威光康榮寶林家帆
Keywords:	經理人薪酬激勵性薪酬總體經濟條件最適資本結構產品市場競爭 Executive compensation Incentive pay Macroeconomic conditions Optimal capital structure Product market competition
Date:	2010
Issue Date:	2011-09-29 16:50:40 (UTC+8)
Abstract:	本論文包含二篇與公司財務相關之文章，第一篇文章嘗試在考量總體經濟條件和公司生產力衝擊下，建構一個簡單結構式模型以探討公司之資本結構決策。特別的是，由該模型可得到公司最適負債比率與總體經濟條件衝擊之報酬波動性呈反向關係，惟公司最適負債比率與公司生產力衝擊之報酬波動性呈正向關係。第二篇文章係利用對稱寡占產業均衡模型，以探討產業內經理人薪酬決策之異質性。即使產業內所有公司皆為同質，在模型均衡下存在有些公司會採取激勵性薪酬，而其他公司則不採取激勵性薪酬。該模型預期當市場競爭性增加時，產業內公司經理人薪酬決策會更具異質性。此外，上述二篇文章皆分別以美國製造業資料進行實證，並且實證結果均符合其模型之預期。 This dissertation proposes two essays about corporate finance. Essay one develops a simple structural model to investigate a firm’s capital structure choices in consideration of macroeconomic conditions and firm-level productivity shocks. The model particularly generates the implication that the optimal debt ratio is negatively correlated to the return volatility of macroeconomic conditions, but positively correlated to that of firm-level productivity. Essay two is contributed to explore the heterogeneity of the compensation decision within the industry by employing a symmetric oligopoly industry equilibrium model. Within the equilibrium some firms will adopt incentive pay while others will not, even though all firms are ex ante identical. The model predicts that there is more heterogeneity in the compensation decision as the intensity of market competition increases. Both of the two essays further provide empirical evidence of the US manufacturing industry to support the model implications.
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Description:	博士國立政治大學金融研究所 91352501 99
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0913525011
Data Type:	thesis
Appears in Collections:	[金融學系] 學位論文

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