臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：經理人薪酬、盈餘管理與信用評等關聯性之研究
作者：宋美妹
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
謝企榮
學位類別：博士
出版日期：2021
主題關鍵詞：信用評等；盈餘管理；經理人薪酬；credit rating；earnings management；executive compensation
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:0
  • 共同引用共同引用:0
  • 點閱點閱:1
本文將以 2010 年至 2018 年台灣上市櫃公司為對象，首先探討高階經
理人分紅之發放包括:現金、股票以及認股權形式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。研究結果發現
當公司進行較多薪酬分紅之分派時，無論是現金、股票或是認股權，皆使
得公司當期之信用評等提升，其原因得以歸咎於通常公司願意發放較高之
薪酬，乃因當期之績效表現及獲利情況良好，在公司內部體質佳之狀態下
所獲之信用評等亦越佳；就公司進行盈餘管理這部分而言，以裁決性應計
項目作為代理變數之下，推論當信評機構發現公司從事盈餘管理時，會給
予較差之評等等級，因盈餘管理之進行會造成投資人無法辨識企業真實之
盈餘狀況而被誤導，存在刻意掩蓋實情之疑慮。
This study uses the listed and the Gre-Tai companies in Taiwan within the period of 2010 – 2018. This study first investigates the relationship between executive compensations and credit rating. Second, this study explores whether earnings management has impacts on credit rating. The results show that companies’ credit ratings would enhanced by paying more compensations (cash, stock, and option). Moreover, this paper uses discretionary accruals as the proxy of earnings management. The finding is that companies engage in earnings management would downgrade the credit ratings.
中文參考資料：
1. 張元，陳虹羽。(2015)。董監事責任險公司信用評分。兩岸金融季刊，3(3)，73-112。
2. 陳晏儀，盧正治，盧正壽。(2017)。CEO 權力，員工分紅與公司績效。全球商業經營管理學報，(9)，83-98。
3. 黃士銘，孫嘉明，黃秀鳳，周玲儀。(2012)。從內控自評推動企業風險管理。會計研究月刊，(316)，42-49。
4. 黃玉麗，沈中華。(2009)。盈餘管理對銀行債務資金成本之影響-信用評等觀點。管理學報，26(6)，599-623。
5. 黃家齊，(2003)。人力資本投資系統、創新策略與組織績效-多種契合觀點的驗證。管理評論，22(1)，99-126。
6. 廖秀梅，湯麗芬，李建然。(2017)。董監事暨重要職員責任保險對企業信用評等之影響。臺大管理論叢，27(4)，75-104。
英文參考資料：
1. Anthony, J. H., B. Bettinghaus and D. B. Farber, 2006. The Magnitude, Frequency, and Limiting Factors of Earnings Management for Capital Market Purposes: Evidence from the Issuance of Public Debt and Equity Securities. Working Paper,Michigan State University, Michigan.
2. Ashbaugh-Skaife, H., D. W. Collins and R. LaFond, 2006. The Effects of Corporate Governance on Firms’ Credit Ratings, Journal of Accounting and Economics, 42(1-2), 203-243.
3. Akerlof, George A., 1970, The Market for “Lemons” Quality Uncertainty and the Market Mechanism, Journal of Finance, 84, 3, 488-500.
4. Baik, B. O. K., Farber, D. B., & Lee, S. A. M. (2011). CEO ability and management earnings forecasts. Contemporary Accounting Research, 28(5), 1645-1668.
5. Baiman, S. (2006). Contract theory analysis of managerial accounting issues. Contemporary Issues in Management Accounting, Oxford University Press, Oxford, 20-42.
6. Beatty, R. P., & Zajac, E. J. (1994). Managerial incentives, monitoring, and risk bearing: A study of executive compensation, ownership, and board structure in initial public offerings. Administrative Science Quarterly, 313-335.
7. Bergmann, T. J., & Scarpello, V. G. (2002). Compensation Decision Making, 4e. Ohio: South-Western Co.
8. Bhagat, S., Brickley, J. A., & Coles, J. L. (1987). Managerial indemnification and liability insurance: The effect on shareholder wealth. Journal of risk and insurance, 721-736.
9. Bhojraj, S. and P. Sengupta, 2003. Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors, Journal of Business, 76(3), 455-475.
10. Bloom, M., & Milkovich, G.T. (1998). Relationships among risk, incentive pay, andorganizational performance. Academy of Management Journal, 41(3): p.283-297.
11. Blume, M. E., Lim, F., & MacKinlay, A. C. (1998). The declining credit quality of US corporate debt: Myth or reality?. The journal of finance, 53(4), 1389-1413.
12. Cantor, R., & Mann, C. (2003). Measuring the performance of corporate bond ratings. Special Comment, April.
13. Collins, D. W. and P. Hribar, 2000. Earnings-Based and Accrual-Based Market Anomalies: One Effect or Two?, Journal of Accounting and Economics, 29(1),101-123.
14. Core, J. E., and W. R. Guay. 1999. The use of equity grants to manage optimal equity incentive levels. Journal of Accounting and Economics 28 (2): 151-184.
15. Daily, G. M. 1996. Govemance patterns in bankruptcy reorganizations. Strategic Management foumal, 17: 355-375.
16. Daily, C. M., & Johnson, J. L. (1997). Sources of CEO power and firm financial performance: A longitudinal assessment. Journal of Management, 23(2), 97-117.
17. Demirtas, K. O., A. Ghosh, K. J. Rodgers and J. Sokobin,2006. Initial Credit Ratings and Earnings Management. Working Paper, City University of New York.
18. Dechow, P., R. Sloan, and A. Sweeney. 1995. Detecting earnings management. TheAccounting Review 70(April): 193-225.
19. Finkelstein, S. & Hambrick, D. C., (1988). Chief Executive Compensation: A Synthesis and Reconciliation. Strategic Management Journal, 9: p.543-558.
20. Finkelstein, Sydney and Donald C. Hambrick, 1989, Chief Executive Compensation: A Study of the Intersection of Markets and Political Processes, Strategic Management Journal, 10, 2, 121-134.
21. Fisher. J. W. 1986. Grafting policy for performance and rewards.Directors & Boards, 10(2): 26-29
22. Frost, C. A., 2006. Credit Rating Agencies in Capital Markets: A Review of Research Evidence on Selected Criticisms of the Agencies. Working Paper.Finkelstein, Sydney and Donald C. Hambrick, 1989, Chief Executive Compensation: A Study of the Intersection of Markets and Political Processes, Strategic Management Journal, 10, 2, 121-134.
23. Gomez-Mejia, L. R., & Balkin, D. B. (1992). Determinants of faculty pay: An agency theory perspective. Academy of Management journal, 35(5), 921-955.
24. Gomez-Mejia, Luis R. & Wiseman Robert M., (1997). Reframing Executive Compensation: An Assessment and Outlook. Journal of Management, 23(3):
25. Healy, P. M. and J. M. Wahlen, 1999. A Review of the Earnings Management Literature and Its Implications for Standard Setting, Accounting Horizons, 13(4),365-383.
26. Hill, Charles W. L. and Phillip Phan, 1991,CEO Tenure as a Determinant of CEO Pay, Academy of Management Journal, 34, 3, 707-717.
27. Hoyt, R. E., & Liebenberg, A. P. (2011). The value of enterprise risk management. Journal of risk and insurance, 78(4), 795-822.
28. Jiang, J., 2008. Beating Earnings Benchmarks and the Cost of Debt, The Accounting Review, 83(2), 377-416.
29. Jensen, M.C. & Meckling, W. (1976). Theory of the firm: managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics, 3:p.305-360.
30. Jorion, P., Z. Liu and C. Shi, 2005. Informational Effects of Regulation FD: Evidence from Rating Agencies,Journal of Financial Economics, 76(2), 309-330.
31. Jensen, M.C. & Murphy, K.J. (1990). Performance Pay and Top-Management Incentives. Journal of Political Economy, 98(2): p.225-264.
32. Kanagaretnam, K., Lobo, G. J., & Yang, D. H. (2005). Determinants of signaling by banks through loan loss provisions. Journal of Business Research, 58(3), 312-320.
33. Kerr, J., & Bettis, R. A. (1987). Boards of directors, top management compensation, and shareholder returns. Academy of Management journal, 30(4), 645-664.
34. Kerr, Jeffrey L. and Leslie Kren, 1992, Effect of Relative Decision Monitoring on Chief Executive Compensation, Academy of Management Journal, 35, 2,370-397.
35. Kothari, S. P., A. J. Leone, and C. E. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39(February): 163-197.
36. Lewellen, W. G., & Huntsman, B. (1970). Managerial pay and corporate performance. The American Economic Review, 60(4), 710-720.
37. Mintzberg, H.(1975). The Manager’s Job: Folklore and Fact. Harvard Business Review, 54(4): p.49-61.
38. Meindl, J. R., Ehrlich, S. B., & Dukerich, J. M. (1985). The romance of leadership. Administrative science quarterly, 78-102.
39. Mehran, Hamid, 1994, “Executive Compensation Structure, Ownership and Firm Performance”, Journal of Financial Economics 38, pp. 163-168.
40. Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of financial economics, 38(2), 163-184.
41. Mensah, Y. M. (1992). Adjusted accounting beta, operating leverage and financial leverage as determinants of market beta: A synthesis and empirical evaluation. Review of Quantitative Finance and Accounting, 2(2), 187-203.
42. Milkovich, G.T. & Newman, J.M.(2002). Compensation. McGraw-Hill.
43. Mayers, D. and C. W. Smith, Jr., 1990, On the Corporate Demand for Insurance:Evidence from the Reinsurance Market, Journal of Business, 63, 19-40.
44. Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation：An empirical analysis. Journal of Financial Economics 20(January):293-315.
45. Moreira, J., & Pope, P. F. (2007). Earnings Management to Avoid Losses: a cost of debt explanation. Research Center on Industrial, Labour and Managerial Economics, 4.
46. Prendergast, C. (2002). The tenuous trade-off between risk and incentives. Journal of political Economy, 110(5), 1071-1102.
47. Rangan, S., 1998. Earnings Management and the Performance of Seasoned Equity Offerings, Journal of Financial Economics, 50(1), 101-122.
48. Schiehll, E., & Bellavance, F. (2009). Boards of directors, CEO ownership, and the use of non‐financial performance measures in the CEO bonus plan. Corporate Governance: An International Review, 17(1), 90-106.
49. Shaw, K. W., & Zhang, M. H. (2010). Is CEO cash compensation punished for poor firm performance?. The Accounting Review, 85(3), 1065-1093.
50. Sitkin, Sim B. and Amy L. Pablo, 1992, Reconceptualizing the Determinants of Risk Behavior, Academy of Management Review, 17, 1, 9-30.
51. Sloan, R. G., 1996. Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?, The Accounting Review, 71(3), 289-315.
52. Sridharan, U. V. (1996). CEO influence and executive compensation. Financial Review, 31(1), 51-66.
53. Teoh, S. H., I. Welch and T. J. Wong, 1998a. Earnings Management and the Underperformance of Seasoned Equity Offerings, Journal of Financial Economics,50(1), 63-99.
54. Teoh, S. H., I. Welch and T. J. Wong, 1998b. Earnings Management and the Long-Run Market Performance of Initial Public Offerings, The Journal of Finance,53(6), 1935-1974.
55. Teoh, S. H. and T. J. Wong, 2002. Why New Issues and High-Accrual Firms Underperform: The Role of Analysts' Credulity, The Review of Financial Studies,15(3), 869-900.
56. Tosi, H.L., Werner, S., Katz, J.P., & Gomez-Mejia, L.R. (2000). How Much Does Performance Matter? A Meta-Analysis of CEO Pay Studies. Journal of Management, 26(2): p. 301-339.
57. Wahyuni, S. (2014). Past Performance and Executive Compensation: Evidence from Indonesia. Asian Social Science, 10(22), 241-246.
58. Yahya, F., & Ghazali, Z. (2016). The moderating role of dividend policy in aligning the accounting and market based performance measures with CEO compensation. International Journal of Management, Accounting and Economics, 3(6), 354-366.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：883（臺灣：868，外國：15） ／ 本年度總使用人次：2413552 ／ 訪客人次（自102年09月）：68206204
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上