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題名 | 我國企業經營者薪酬與績效指標之關聯性=The Relationship between CEO Compensation and Firm Performance in Taiwan |
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作者 | 傅鍾仁; 歐進士; 張寶光; Fu, Chung-jen; Ou, Chin-shyh; Chang, Bao-guang; |
期刊 | 管理學報 |
出版日期 | 20021200 |
卷期 | 19:6 2002.12[民91.12] |
頁次 | 頁1073-1096 |
分類號 | 494.32 |
語文 | chi |
關鍵詞 | 經理人薪酬; 獎酬契約; 績效指標; 最適權重; CEO compensation; Incentive plans; Performance measures; Optimal weights; |
中文摘要 | 本文回答「如何設計適當之獎酬計畫?」及「實際上國內企業經理人之薪酬如何決定?」兩問題。首先依據代理理論典範,建構出經理人薪酬與其各經營績效指標間之線性獎酬契約型式,將市場面、財務面、與非財務面績效指標同時納入獎酬契約中,並據以決定各種績效指標之最適權重。模型分析結果指出,市場面績效指標的最適權重,與其本身之衡量誤差及經理人之風險規避程度成負相關;而與股價對企業在財務面及非財務面績效的敏感度,及此兩績效指標對經理人努力水準之衡量誤差成正相關。同時,財務面與非財務面績效指標之最適權重,亦分別與其本身之衡量誤差及市場面績效指標的最適權重成負相關,而與市場面績效指標的衡量誤差成正相關。經以1997年國內上市上櫃企業經營者(總經理與董事長)之實際薪酬資料為因變數,各績效指標為解釋變數來加以實證,結果與理論模型預期一致,其中尤以財務面績效指標與公司規模為主要之薪酬決定因素。 |
英文摘要 | This paper examines two questions of the determinants of CEO compensation: (1) How to design the CEO compensation plan? And (2) What are the really determinants of CEO compensation in Taiwan? Firstly, following agency paradigm, we integrate market-based, financial-based and non-financial performance measures to construct an optimal linear compensation contract. The theoretical analysis shows that the optimal weight of these three performance measures will be positive. For market-based performance measures, its optimal weight is negatively related to its own measurement error and to manager's degree of risk aversion. On the other hand, it is positively related to stock price sensitivity to financial and nonfinancial performance and the measurement error of managerial effort evaluated by these two performance measures. For financial and nonfinancial performance measures, their optimal weights are negatively associated with measurement error and the optimal weight of market-based performance measures, and positively associated with the measurement error of market-based performance measures. Then we test the validity of the model with CEO compensation data in year 1997. The results are consistent with the prediction of the model. Specifically, financial performance measures and size are the main determinants of CEO compensation. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。