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題名：三篇關於高階經理人薪酬之研究
作者：余尚恩
作者(外文)：Shang-EnYu
校院名稱：國立成功大學
系所名稱：財務金融研究所
指導教授：黎明淵
學位類別：博士
出版日期：2010
主題關鍵詞：高階經理人股票薪酬；盈餘管理；門檻迴歸；分量迴歸；CEO stock-based pay；earnings management；panel threshold；quantile regression
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本研究的第一部分使用門檻模型來再次檢驗處於不同的公司規模條件下高階經理人股票薪酬和公司盈餘之間的非單調關係。本文使用1993到2005年間的美國非財務公司來檢驗此模型的可行性。本文的實證結果指出，當公司規模較小時，高階經理人股票薪酬和公司盈餘之間呈現正向關係，然而當公司規模較大時，兩者之間呈現負向影響關係。此外，本研究的結果也能充分解釋在過去的研究中，高階經理人股票薪酬能否增進公司盈餘的長期爭論。
本研究的第二部分檢驗高階經理人股票薪酬是否能增進公司盈餘。雖然很多過去的研究已經檢驗此重要議題，但實證結果卻是具有爭議的。因此，最近的實證研究轉而研究存在於高階經理人股票誘因薪酬和公司盈餘間的不對稱效果。因使用武斷且外生的樣本分割準則使得過去研究的推論產生混淆的結果，本研究使用門檻迴歸模型，此模型允許內生產生不同的狀態，其準則決定於兩個門檻﹕公司獲利能力高、低和高階經理人適度、過度股票誘因薪酬。本文的實證結果顯示 除了高階經理人股票誘因薪酬適度的公司其高階經理人薪酬對公司盈餘呈現正相關外，對於獲利不佳的公司，其兩者的關係也是正相關。
最後，由於過去的研究對於高階經理人股票薪酬與盈餘管理之間的關係並未有一致的結論。因此，本研究的第三部份使用分量迴歸探討從1995至2006年間2463筆S＆P500美國非財務公司。實證結果顯示當裁決性應計項目與取絕對值後的裁決性應計項目處於高分量狀態下，高階經理人的股票薪酬與其兩者皆呈現正相關。相較之下，當裁決性應計項目與取絕對值後的裁決性應計項目處於低分量狀態下，高階經理人的股票薪酬與取絕對值後的裁決性應計項目之間為正相關，但與裁決性應計項目之間則無顯著相關。此結果顯示若公司的財報品質不佳，高階經理人的股票薪酬越高越促成其盈餘管理的動機。然而在公司的財報品質越好情況下，給與高階經理人的股票薪酬越高的確能有效減少其盈餘管理的操作。
Firstly, the first part of my dissertation employs the panel threshold model to reexamine the non-monotonic relationship between CEO stock-based compensation and firm earnings across various firm size conditions. The feasibility of the model is tested using data for U.S. non-financial firms from 1993 to 2005. The empirical results indicate that while a positive relationship between CEO stock-based pay and earnings is presented for small-size firms, a negative impact of CEO stock-based compensation on earnings is shown when large-size firms are concerned. Further, the longstanding puzzle of whether CEO stock-based pay could enhance earnings among earlier studies could be satisfactorily explained by the empirical results.
Secondly, the second part of this study examines whether Chief Executive Officer (CEO) equity-based compensation enhance firm earnings. While lots of prior studies have examined this important issue, the empirical evidence is mixed. Consequently, recent empirical studies turn to investigating the presence of asymmetric effects involved in the link between CEO equity incentives and firm earnings. Since inferences from earlier studies may be confounded by the use of arbitrary and exogenous sample segmentation criteria, this study employs threshold regression models that allow to endogenously generate different regimes identified by the thresholds more/less profitability and moderate/excessive equity incentives. The empirical results show that not only is the positive impacts of CEO equity incentives on firm earnings more pronounced for company with the moderate level of stock incentives but this effect is also higher for those profitless firms.
Finally, prior research has not provided conclusive evidence on the association between executive equity compensation and earnings management. Accordingly, in final part of this study I investigate a sample of 2,463 observations of non-financial S＆P 500 firms for the 1995-2006 period using the quantile regression (QR) approach. The empirical results show that equity compensation is positively associated with absolute and signed values of discretionary accruals when the latter two values are in high quantiles. In contrast, when the absolute and signed values of discretionary accruals are in low quantiles, equity compensation is negatively associated with absolute discretionary accruals but not associated with signed values of discretionary accruals. These results suggest that equity compensation is more likely to motivate earnings management if the firm has lower financial reporting quality. When financial reporting quality is sufficiently high, equity compensation indeed mitigates earnings management.
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