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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/102306

    Title: 企業設置薪酬委員會對高階主管薪酬敏感度影響之研究
    Other Titles: The influence of establishment of compensation committee on executive compensation sensitivity
    Authors: 江志宏;Chiang, Chih-Hung
    Contributors: 淡江大學會計學系碩士在職專班
    Keywords: 薪酬委員會;高階主管薪酬;經營績效;公司治理;代理理論;compensation committee;Executive Compensation;Business Performance;corporate governance;Agency Theory
    Date: 2014
    Issue Date: 2015-05-04 09:52:28 (UTC+8)
    Abstract: 如何強化公司治理機制受到全球高度的重視,有效的薪酬契約確能激勵高階主管對於企業的貢獻度,進而為股東創造財富。國外研究證明顯示,薪酬委員會制度的設置可強化高階主管薪酬的監督機制,並增加高階主管薪酬與經營績效間之敏感度。我國證券交易法遂於2010年11月增訂14條之6,規定公開發行公司應於2011年底前設置薪酬委員會,期藉由薪酬委員會設置來增強公司治理,其職責係檢視高階主管薪酬與經營績效表現之合理性,並制定妥適薪酬契約,以提升企業價值與極大化股東權益。
    How to strengthen corporate governance mechanism has drawn much attention globally. Effective compensation contracts can indeed motivate the executives’ contribution to enterprises, thus creating wealth for shareholders. Foreign research shows that the setting up of a compensation committee system can enhance executive compensation supervisory mechanism and increase the sensitivity between executive compensation and business performance. The National Securities Exchange Act then amended Provision 6 of Article 14 in November 2010, asking public companies to set up a compensation committee before the end of 2011, in the hope of enhancing corporate governance and showing the benefits of executive compensation toward business performance, and develop an appropriate compensation contract in order to enhance corporate value and maximize shareholders’ equity. This study explored the effects of compensation committee establishment and the structure and professional background of the compensation committee members on executive compensation and business performance. It also discussed the impact of compensation committee establishment on executive compensation range distribution. Accounting-based performance indicators (ie, ∆ROA) and market-based performance indicators (ie the relative stock returns) were used to measure the executives’ business performance. The empirical results show that the setting up of a compensation committee has indeed increased executive compensation and business performance sensitivity. In terms of the member composition of the compensation committee, when the proportion of independent directors and external professionals’ serving in the compensation committee is higher, executive compensation and business performance sensitivity will be enhanced, which should be attributed to the similar working conditions and qualifications of independent directors and external professionals, hence the coherent results. There should be at least one person with accounting background serving in the compensation committee for the executives’ business performance assessment tends to be measured by financial data and involves accounting assessment principles. In terms of executive range changes in compensation, the proportion of executives with high compensation showed a decreasing trend after the compensation committee was established, while the proportion of executives with low compensation showed a rising trend, because the compensation committee reviewed the executive compensation objectively with the purpose of preventing having fat cats in the organization, which implies that the establishment of the compensation committee still has an impact on the executive compensation committee to some extent. In summary, the setting up of a compensation committee and its structure and members’ background are indeed constructive to corporate governance mechanism, thus enhancing executive compensation and business performance sensitivity.
    Appears in Collections:[會計學系暨研究所] 學位論文

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