政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/59371
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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/59371


    Title: 台灣股份基礎獎酬制度之研究
    The Stock-based Compensation in Taiwan.
    Authors: 游岳桂
    Contributors: 周冠男
    游岳桂
    Keywords: 員工股票分紅
    員工認股權憑證
    限制員工權利新股
    Date: 2012
    Issue Date: 2013-09-02 16:13:45 (UTC+8)
    Abstract: 限制員工權利新股發行制度自2012年開始在台灣實施。本研究以2012年上市櫃公司，曾經發行股份獎酬員工，實施「員工股票分紅」、「員工認股權憑證」及「限制員工權利新股」制度的公司為對象，比較與未實施上述三項制度的公司，在公司特性上的差異。並進一步探討選擇發行股份獎酬員工公司之間的差異為何。運用統計方法進行實證，研究結果顯示： (1)2012年實施員工股票分紅公司，在過去五年度平均股票分紅比率高於採行其他制度公司。員工股票分紅對未上市櫃公開發行公司，仍是較佳的選項。 (2)與分配員工股票分紅公司比較，研究發現實施員工認股權憑證及限制員工權利新股的公司，有較高薪資支出及較低自由現金流量。顯示薪資支出負擔大，可用資金較不充裕的公司，偏向選擇員工認股權憑證或限制員工權利新股。 (3)實施限制員工權利新股與員工認股權憑證的公司，除在公司規模及經理人持股比率等公司特性上有明顯差異外，其餘公司特性無明顯差異。實施限制員工權利新股公司傾向使用個人工作績效為既得條件。
    Reference: 一、中文文獻：
    1.王瑋琦，2005，實施員工認股權制度公司之特質探討，國立成功大學。
    2.連偵均，2009，員工認股權、公司治理特性及盈餘管理關聯性之研究，國立政治大學。

    二、英文文獻：
    1. Bebchuk, L.A. and J.M. Fried. 2005. Pay Without Performance: Overview of the Issues. Journal of Applied Corporate Finance. Vol.17(4), pp.8-23.
    2. Bizjak, J., J.A. Brickley, and J.L. Coles. 1993. Stock-based Incentive Compensation, Asymmetric Information and Investment Behavior. Journal of Accounting and Economics. Vol.16, pp.349-372.
    3. Brander, J.A. and M. Poitevin. 1992. Managerial Compensation and Agency Cost of Debt Finance. Managerial and Decision Economics.Vol.13, pp.55-64.
    4. Brick, I., O. Palmon, and J. Wald. 2006. CEO Compensation, Director Compensation, and Firm Performance: Evidence of Cronyism.Journal of Corporation Finance. Vol.12(3), pp.403-423.
    5. Bryan, S.H., L. Hwang, and S.B. Lilien. 2000. CEO Stock‐Based Compensation: An Empirical Analysis of Incentive‐Intensity, Relative Mix, and Economic Determinants. The Journal of Business. Vol.73(4), pp.661-693.
    6. Core, J. and W. Guay. 2001. Stock Option Plans for Non-Executive Employees. Journal of Financial Economics. Vol.61(2), pp.253-287.
    7. Jensen, M., K. Murphy, and E. Wruck. 2004. Remuneration: Where we’ve been, How we got here, What are the problems, and How to fix them. ECGI Working Paper Series in Finance, No. 44-2004. Harvard University and University of Southern California. •
    8. Leroy , S. 2010. Convex Payoffs: Implications for Risk-Taking and Financial Reform. Economic Letter. Vol. 2010 Issue 30, pp.1. Federal Reserve Bank of San Francisco.
    9. Myers, S.C. 1977. Determinants of Corporate Borrowing. Journal of Financial Economics. Vol.5(2), pp.147-175.
    10. Ofek, E. and D. Yermack. 1997. Taking Stock: Does Equity-Based Compensation Increase Managers` Ownership? Working Paper. New York University.
    11. Rappaport, A. 1999. New Thinking on How to Link Executive Pay with Performance. Harvard Business Review. Vol.77(2), pp.91-101.
    12. Yermack, D. 1995. Do Corporations Award CEO Stock Options Effectively? Journal of Financial Economics. Vol.39(2), pp.237-269.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    100932170
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0100932170
    Data Type: thesis
    Appears in Collections:[Executive Master of Business Administration] Theses

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