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題名：我國企業經營者薪酬與績效指標之關聯性
書刊名：管理學報
作者：傅鍾仁 引用關係／歐進士 引用關係／張寶光 引用關係
作者(外文)：Fu, Chung-jen／Ou, Chin-shyh／Chang, Bao-guang
出版日期：2002
卷期：19:6
頁次：頁1073-1096
主題關鍵詞：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
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(16) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:16
  • 共同引用共同引用:3
  • 點閱點閱:41
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。
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.
期刊論文
1.Finkelstein, Sidney、Hambrick, Donald C.(1988)。Chief Executive Compensation: A Synthesis and Reconciliation。Strategic Management Journal，9(6)，543-558。  new window
2.Banker, R. D.、Potter, G.、Srinivasan, D.(2000)。An Empirical Investigation of an Incentive Plan That Includes Nonflnancial Performance Measures。The Accounting Review，75(1)，65-92。  new window
3.Itiner, C. D.、Larcker, D. F.(1998)。Are nonfinancial measures leading indicators of financial performance? An analysis of customer satisfaction。Journal of Accounting Research，36(Supplement)，1-35。  new window
4.Eccles, R. G.(1991)。The Performance Measurement Manifesto。Havard Business Review，69(1)，131-137。  new window
5.Hemmer, T.(1996)。On the Design and Choice of "Modern" Management Accounting Measures。Journal of Management Accounting Research，8，87-116。  new window
6.Hauser, J. R.、Simester, D. I.、Wernerfelt, B.(1994)。Customer Satisfaction Incentives。Marketing Science，13(4)，327-350。  new window
7.Feltham, G. A.、Xie, J.(1994)。Performance Measure Congruity and Diversity in Multi-task Principal/Agent Relations。The Accounting Review，69(3)，429-453。  new window
8.Holmstrom, B.、Milgrom, P.(1991)。Multitask principal-agent analyses: incentive contracts, assets ownerships, and job design。Journal of Law, Economics, and Organizations，7(Supplement)，24-52。  new window
9.Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research，11(2)，661-687。  new window
10.Coughlan, A. T.、Schmidt, Ronald M.(1985)。Executive compensation, management turnover, and firm performance: An empirical investigation。Journal of Accounting and Economics，7(1-3)，43-66。  new window
11.Core, John E.、Holthausen, Robert W.、Larcker, David F.(1999)。Corporate governance, chief executive officer compensation, and firm performance。Journal of Financial Economics，51(3)，371-406。  new window
12.Antle, Rick、Smith, Abbie(1986)。An empirical investigation of the relative performance evaluation of corporate executives。Journal of Accounting Research，24(1)，1-39。  new window
13.Hölmstrom, Bengt(1979)。Moral Hazard and Observability。The Bell Journal of Economics，10(1)，74-91。  new window
14.Sloan, Richard Geoffrey(1993)。Accounting earnings and top executive compensation。Journal of Accounting and Economics，16(1-3)，55-100。  new window
15.Bushman, Robert M.、Indjejikian, Raffi J.、Smith, Abbie(1996)。CEO Compensation: The Role of Individual Performance Evaluation。Journal of Accounting & Economics，21(2)，161-193。  new window
16.Kaplan, Robert S.、Norton, David P.(1992)。The Balanced Scorecard: Measures That Drive Performance。Harvard Business Review，70(1)，71-79。  new window
17.Ittner, Christopher D.、Larcker, David F.、Rajan, Madhav V.(1997)。The Choice of Performance Measures in Annual Bonus Contracts。The Accounting Review，72(2)，231-255。  new window
18.Lambert, Richard A.、Larcker, David F.(1987)。An Analysis of the Use of Accounting and Market Measures of Performance in Executive Compensation Contracts。Journal of Accounting Research，25(Suppl.)，85-125。  new window
19.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
20.傅鍾仁、張寶光(1998)。多元努力下之線性獎酬契約。臺灣經濟學會年會論文集，1998，55-80。  延伸查詢new window
21.Thevaranjan, A.、Banker, R. D.(1997)。Accounting Earnings and Effort Allocation。Managerial Finance，23(5)，56-70。  new window
22.Robert, T. K.、Freedman, S. R.、Montanari, J. R.(1982)。The Compensation Program: Balancing Organizational and Employee Needs。Compensation Review，14(2)，47-53。  new window
會議論文
1.陳隆麒、郭敏華、吳政穎(1998)。我國上市公司高階主管薪酬決定因素之探討。沒有紀錄。925-943。  延伸查詢new window
學位論文
1.辜秋屏(1997)。高階主管酬勞與公司經營績效之實證研究(碩士論文)。國立台灣大學。  延伸查詢new window
2.傅鍾仁(1998)。會計基礎評價模式及其實證研究(博士論文)。國立政治大學。new window  延伸查詢new window
3.林穎芬(1989)。民營企業最高主管報償與公司績效之研究(碩士論文)。國立中山大學。  延伸查詢new window
圖書
1.Berle, Adolph A.、Means, G. C.(1932)。The Modern Corporate and Private Property。New York, NY：The Macmillan Company。  new window
2.Johnson, H. T.、Kaplan, Robert S.(1987)。Relevance lost: the rise and fall of management accounting。Harvard Business School Press。  new window
3.Watts, Ross L.、Zimmerman, Jerold L.(1986)。Positive Accounting Theory。Prentice-Hall, Inc.。  new window
4.Kaplan, Robert S.、Norton, David P.(1996)。The Balanced Scorecard: Translating Strategy into Action。Boston：Harvard Business School Press。  new window
 
 
 
 
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