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臺灣上市櫃董監事薪酬影響因子與投資組合 / Determinants of Board Compensation of Taiwan Listed Companies and Investment Portfolios

本研究主要探討我國上市櫃公司的董監薪酬影響因素,採用新制董監薪酬揭露制度,將董監事兼任經理人、兼任員工的薪酬與分紅排除後,以董監薪酬合計和平均董監薪酬作為研究對象。本研究以2005年至2013年所有上市上櫃(含下市下櫃)的公司為研究樣本,並使用普通最小平方法則和固定效果模型進行檢測影響董監薪酬因子。
研究結果發現我國上市櫃公司的董監薪酬確實受到董事會特性、公司特性以及公司經營績效影響。董事會特性中以董事會規模、董監事持股比例和董事兼任經理人比例具有顯著之影響;公司特性以公司規模、負債比例、股價日報酬波動度和投資機會均對董監薪酬具顯著影響;最後,公司經營績效指標中以Tobin's Q、資產報酬率、營業收入淨額與股利殖利率與董監薪酬呈顯著正向影響。這表示我國公司在制定公司董監薪酬時,確實會考量其董事會特性、公司特性以及公司之經營績效。
最後,本研究使用迴歸式的殘差項由大至小組合投資組合以觀察其績效表現,殘差項最大(小)投資組合表示支付過高(低)董監薪酬的公司,研究發現並無法從投資組合的績效表現看出支付過高(低)董監薪酬對公司股價報酬表現之影響,本研究認為這可能是因為支付過高董監薪酬可能同時包含因為該公司的董監事之能力佳而支付較高的薪酬亦可能該公司的董監事僅為坐領高薪的肥貓。 / This study empirically examines variables that influence director compensation of Taiwanese companies. With new disclosure rule for board compensation, we exclude the salaries and bonus of concurrently serving as managers or employees, and divide board compensation as total director compensation and average director compensation. We collect 2005 to 2013 listed companies on Taiwan Stock Exchange and Taipei Exchange as research samples. In our regression analysis, we distinguish three types of determinants: board characteristics, firm characteristics and corporate performance.
Using ordinary least squares estimator method and fixed effect method, our results show that board characteristics, firm characteristics and corporate performance do affect board compensation. We find board size, directors’ equity holding ratio and the ratio of director concurrently serving as manager that significant influence director compensation. From the aspect of firm characteristics, results show that firm size, leverage ratio, daily stock returns volatility and investment opportunity also significant influence director compensation. We also provide evidence that higher Tobin’s Q, ROA, sales and dividend yield, higher director compensation.
Finally, we use residuals from the regression to construct portfolios and observe their performance. The portfolio with highest (lowest) residuals considers as companies overpaying (underpaying) their directors. However, from performance of portfolios, we cannot conclude that directors are overpaid or underpaid can reflect companies future performance, since directors are overpaid may because of their extraordinary ability or simply because they are fat cats.

Identiferoai:union.ndltd.org:CHENGCHI/G1023570112
Creators李宛諭, Li, Wan Yu
Publisher國立政治大學
Source SetsNational Chengchi University Libraries
Language中文
Detected LanguageEnglish
Typetext
RightsCopyright © nccu library on behalf of the copyright holders

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