English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113656/144643 (79%)
Visitors : 51714113      Online Users : 564
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version
    政大機構典藏 > 學術期刊 > 會計評論 > 期刊論文 >  Item 140.119/97084


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/97084


    Title: 績效衡量指標在總經理股票誘因薪酬之相對重要性分析
    Other Titles: An Analysis of the Relative Importance of Performance Measures in Top Executive Stock-Based Compensation Contract
    Authors: 洪玉舜;王泰昌
    Hung, Yu-Shun;Wang, Tay-Chang
    Keywords: 總經理股票誘因薪酬;薪酬績效敏感性;公司特性;績效衡量指標
    The President’s stock-based compensation;Pay-performance-sensitivity;Corporate characteristics;Performance measure
    Date: 2008-01
    Issue Date: 2016-05-31 16:52:43 (UTC+8)
    Abstract: 本文之研究目的旨在探究總經理股票誘因薪酬契約中，會計與市場面績效衡量指標之相對重要性是否受到公司特性之影響，其中公司特性包含公司潛在成長機會、規模、風險、與財務槓桿程度。研究結果顯示總經理股票誘因薪酬與績效之相對敏感性隨著公司特性之不同而有所差異。當公司愈具有潛在成長機會或規模愈大時，會計衡量指標與總經理股票薪酬水準間之相對敏感性愈低；而當公司愈具有潛在成長機會時，市場衡量指標與總經理股票薪酬水準之相對敏感性雖不顯著，然市場衡量指標與總經理股票薪酬變動程度之相對敏感性顯著提升，此亦顯示出總經理薪酬之衡量，以水準與變動兩型態所得之經濟意涵不盡相同。另一方面，當公司風險愈大或財務槓桿使用程度愈高時，會計衡量指標與總經理股票薪酬水準間之相對敏感性顯著提高；而當公司風險愈高時，總經理股票薪酬與市場衡量指標之相對敏感性降低，此似乎說明當環境不確定性愈高時，總經理所需承擔之風險亦較高，其對於風險因素之考量可能遠高於誘因因子，此時公司應降低外部績效（如市場績效）與薪酬之連結，而以內部績效（會計績效）之連結予以替代。
    The purpose of this paper is to investigate whether the relative importance of accounting and market performance measures in executive stock-based compensation contracts would be affected by corporate characteristics, such as the growth opportunity, size, risk and financial leverage of the corporation. Our results show that the President’s stock-based compensation reacts differently to accounting and market performance measures when considering corporate characteristics. We also find that the change-form and level-form of model specification may have different implications. For firms with higher growth opportunity and larger size, the accounting performance measure would have lower sensitivity in the level of the President’s stock-based compensation. Further, for firms with a more uncertain environment and higher financial leverage, the accounting performance measure would have higher sensitivity in the level of the President’s stock-based compensation. Conversely, for firms with larger size and higher uncertainty, market performance measure would have lower sensitivity in the level of the President’s stock-based compensation. These findings indicate that corporations would substitute the internal accounting performance measure for external market performance measure to evaluate the President’s actions when they face greater uncertainty of the external environment and debtholders.
    Relation: 會計評論, 46,1-29頁
    International Journal of Accounting Studies
    Data Type: article
    Appears in Collections:[會計評論] 期刊論文

    Files in This Item:

    File Description SizeFormat
    46-1(p.1-29).pdf127KbAdobe PDF2340View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback