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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/55112


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/55112


    Title: 經理人薪酬及其避險行為
    Executive Compensation and Hedging Behavior
    Authors: 黃怡婷
    Huang, Yi Ting
    Contributors: 廖四郎
    黃怡婷
    Huang, Yi Ting
    Keywords: 高階經理人薪酬
    避險行為
    經理人誘因
    executive compensation
    hedging behavior
    managerial incentives
    Date: 2012
    Issue Date: 2012-11-01 13:50:27 (UTC+8)
    Abstract: 本研究探討經理人的風險承擔誘因與公司非以交易為目的之衍生性金融商品使用之關聯性。研究結果發現，第一，經理人之風險承擔誘因與非以交易為目的之衍生性金融商品的使用呈顯著負向關係，此結果顯示以股權為基礎之薪酬結構的確可以提高經理人之風險承擔誘因。第二，本研究比較若採不同類型之員工認股權，則指數型員工認股權較傳統型員工認股權提供較大的經理人風險承擔誘因。第三，若將股權為基礎之薪酬分為股票及員工認股權，發現經理人持有員工認股權與經理人風險承擔誘因呈正向且顯著關係；而經理人持有公司股票則與經理人風險承擔誘因呈正向關係但並不顯著。
    This study examines the relation between managerial risk-taking incentives and hedging derivatives usage. First, executives’ risk-taking incentives are negatively related to the hedging derivatives holdings, the result is consistent with equity-based compensation that promotes risk taking. Second, the indexed stock options appear to create stronger risk-taking incentives than the traditional stock options. Third, managerial risk-taking incentives are significantly related to executive stock options but not stock holdings.
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    Description: 博士
    國立政治大學
    金融研究所
    98352502
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098352502
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

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