薪酬委員會特性與企業價值－中國之實證研究

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Title:	薪酬委員會特性與企業價值－中國之實證研究
Authors:	饒雲韶
Contributors:	會計學系
Keywords:	薪酬委員會 remuneration committee 企業價值 firm value 托賓Q Tobin’s Q
Date:	2012
Issue Date:	2012-11-20 10:50:05 (UTC+8)
Abstract:	本研究之目的在於檢測薪酬委員會設立與否及薪酬委員會之特性對公司企業價值之關聯性，藉以探討薪酬委員會的設立是否會在保護股東權益及高階管理階層利益之下，使公司治理機制更加完善，進而提升公司價值。本研究之樣本期間為2001至2010年。本研究利用Tobin’s Q值作為企業價值的替代變數，薪酬委員會設立與否、薪酬委員會獨立性、薪酬委員會專業性及薪酬委員會之規模為自變數，控制變數則使用公司規模、負債比率、公司年齡及提名委員會設立與否。使用的統計方法為敘述性統計、相關係數分析，透過迴歸分析方法分析薪酬委員會設立與否及薪酬委員會之特性對公司企業價值之關聯性，檢定設立薪酬委員會及特性是否可提升公司之企業價值。　　研究結果顯示，公司設立薪酬委員會與企業價值為顯著正相關，薪酬委員會財會專業性、經濟專業性、及薪酬委員會規模大小與企業價值為顯著正相關。薪酬委員會法律專業性與企業價值為顯著負相關。薪酬委員會獨立性與企業價值為正相關但不顯著。　　The study is that the detection of the remuneration committee to set up or not and remuneration committee characteristics on the relevance of the value of the companies in order to explore the establishment of the remuneration committee in the interests of the protection shareholders’ equity and top management, corporate governance mechanism more perfect, and thus enhance firm value. 　　In this study, the Tobin’s Q is substitution variables of firm value, remuneration Committee established the independence of the remuneration committee, the size of the professional nature of the Remuneration Committee and the Remuneration Committee as independent variables, control variables company size, debt ratio, and Nomination Committee set up or not. 　　The results show that set up the remuneration committee and firm value is positive correlation, and the accounting profession, Economics profession, and the size of the Remuneration Committee and firm Value are positive correlation. The law profession and the firm Value is negatively correlated. The remuneration committee independence and enterprise value are related, but not significantly.
Appears in Collections:	[Department of Accounting & Graduate Institute of Accounting] Thesis

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