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題名：薪酬結構與盈餘管理對公司信用評等之影響
作者：曾譯醇
作者(外文)：Tseng, Yi-Chun
校院名稱：國立彰化師範大學
系所名稱：財務金融技術學系
指導教授：吳明政
學位類別：博士
出版日期：2018
主題關鍵詞：經理人薪酬；盈餘管理；信用評等；Manager’s Salary；Earnings Management；Credit Rating
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中文摘要
本文探討高階經理人現金、股票以及認股權形式之分紅對於公司信用評等之影響；接著探討公司進行盈餘管理對於其信用評等之關聯性。由於當公司進行較多薪酬分紅時，無論是現金、股票或是認股權，皆使得公司經理人的行為改變，進而影響其信用評等。實證結果顯示當公司進行較多薪酬分紅之授予時，會使得公司當期之信用評等提升；另一方面，對於公司進行盈餘管理之實證結果顯示，當公司進行盈餘管理時，公司的信用評等較低，此結果亦符合預期。
關鍵字：經理人薪酬、盈餘管理、信用評等
Abstract
This paper explored the effect of dividends distributed to senior managers on the credit rating of the company, including cash, stock, and stock option; and then discussed the relevance between the earnings management of the company and its credit rating. When the company distributes more dividends, whether it is in cash, stocks, or stock options, it may make the company’s manager change their behavior, thus, affecting the company’s credit rating. The empirical results show that the current credit rating of the company will be promoted when the company distributes more salaries and dividends, whether in cash, stock, or stock options; in terms of the earnings management of the company, the results show that the Credit Rating Agency will give poor credit scores if a company is found to be engaged in earnings management.
Keywords: Manager’s Salary, Earnings Management, Credit Rating.
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