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題名：從代理理論探討財務長薪酬揭露制度對盈餘管理、薪酬誘因、公司績效之影響研究
作者：林惠美
作者(外文)：Huey-Meei Lin
校院名稱：國立雲林科技大學
系所名稱：管理研究所博士班
指導教授：陳重光
學位類別：博士
出版日期：2013
主題關鍵詞：盈餘管理；薪酬誘因；財務長薪酬揭露；財務決策；經營績效；CFO compensation disclosure；compensation incentive；earnings management；financial decision；operating performance
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股票升值的誘惑誘發經理人的私利行為，致財務長的薪酬受到關注，美國的證券交易委員會要求財務長的薪酬必須揭露。在財務長薪酬揭露之後，由於資訊透明度的提升，應該有助降低盈餘管理、抑制高階經理人薪酬誘因之異常變動以及提升公司績效。
本研究的樣本為ExecuComp及Compustat資料庫所報導之S&;P 1500公司的執行長及財務長之薪酬及財務等相關資料。第一階段實證證實，財務長的薪酬揭露之後執行長及財務長的薪酬誘因與盈餘管理間不再顯著關聯，而財務槓桿與盈餘管理的關聯依舊存在。為避免經理人因為個人私利考量而選擇不同之財務決策且進行盈餘管理致產生代理問題，公司的管理當局必須考量適當財務決策權之授予。第二階段結果證實在薪酬揭露之後盈餘管理顯著降低，且高階經理人的薪酬誘因沒有顯著變化，顯示薪酬揭露政策已收到正面成效。政府之管理當局有必要制定較明確之法令，要求公司的重要以及相關資訊皆必須做適當揭露，有助公司資訊透明度之提升，減少代理問題及代理成本。第三階段結果顯示財務長薪酬揭露政策實施之後，公司績效較薪酬揭露之前更差。盈餘管理行為一直存在於企業中，會計準則制定的相關單位以及政府的管理當局必須正視盈餘管理所衍生之各項議題，適當及合宜的法令制定及修正，可以提升資訊透明度、抑制經理人之私利誘因，且可以監控企業經營弊端之產生，以及提升公司之經營績效。
Because of the attractiveness of the stock appreciation, the executive will have a selfish act, therefore, SEC amended its rules on executive compensation by requiring that firms disclose their CFO pay. CFO compensation disclosure, due to the enhancement of transparency of information, it should help to reduce earnings management, and inhibiting the abnormal changes of executive compensation incentives, as well as enhance the company''s performance.
Our analysis focus on the S&;P 1500 firms covered by ExecuComp with both CEO’s and CFO’s compensation and Compustat financial data available. The first stage results is confirmed in the disclosure of CFO compensation, the relation between CEO(CFO) compensation incentives and earnings management is not statistically significant, financial leverage has been shown to be associated with earnings management. To avoid executive choose from a variety of financial decision considerations of personal gain and to earnings management caused by generating agent problem, the authorities of the company''s management must consider the appropriate financial decision rights granted.
The second stage results is confirmed in the disclosure of CFO compensation, earnings management significantly reduced, the executives incentives no significant change mean that the SEC''s compensation disclosure policy to achieve positive results. Government authorities need to develop clear of the act, the requirements of the company''s important information all must properly expose will help the company enhance information transparency, and reduce the agency problem and agency costs.
Third stage confirmed CFO compensation disclosure, poor corporate performance. Earnings management behavior has always existed inside the company. The accounting standard setters units, as well as government authorities must pay attention to the diverse problems of earnings management, the legal system must make appropriate amendments to enhance the transparency of information, suppress the selfish behavior of executive, and efficient supervision of the business of drawbacks, and effectively enhance the company operating performance.
中文部份
1.林有志、邱炳雲與高茂峰，2008，"更換經理人對公司經營績效之影響"，會計與公司治理，5卷，2期，頁1~27。
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