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    題名: Does State/Private Ownership Affect the Relationship between Top Management Compensation and the Default Risk of Firms? Evidence from the Chinese Stock Market
    作者: Yen, Sin-Hui;Chiu, Chien-Liang;Ting, Wei
    貢獻者: 淡江大學會計學系;淡江大學財務金融學系
    關鍵詞: Default risk;Top management compensation;State-owned enterprise
    日期: 2008-06
    上傳時間: 2014-02-11 23:56:59 (UTC+8)
    摘要: Despite the Chinese economy having achieved an extraordinary rate of growth over recent decades, accompanied by the absorption of considerable amounts of foreign investment, the laws pertaining to business in China have clearly failed to keep pace with the country's market growth. It is therefore important for investors to carefully assess the associated risks in what is now considered to be the most important of all emerging markets; thus, in this study, we set out to examine the relationship between default risk and top management compensation in the Chinese stock market. Our results reveal that lower levels of top management compensation are accompanied by a greater likelihood of default. Furthermore, in addition to studying the relationship for the full sample, we divide the sample into two sub-groups, state-owned enterprises (SOEs) and privately-owned enterprises (POEs), and find that whilst the negative relationship between top management compensation and the default risk of firms persists for POEs, such a relationship is not discernible within SOEs.
    關聯: 2008年管理科學與經營決策國際學術研討會論文集=Proceedings of the 2008 International Conference in Management Sciencesand Decision Making, p.171-185
    顯示於類別:[財務金融學系暨研究所] 會議論文
    [會計學系暨研究所] 會議論文

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