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Title: | 執行長的中國社交網路對公司的影響:來自於中國加入世界貿易組織的證據 Does CEO Connectedness in China Matter? Evidence from China's Access to WTO |
Authors: | Shu-Cing Peng 彭淑卿 |
Advisor: | 陳聖賢 |
Co-Advisor: | 陳彥行 |
Keyword: | 社交網路,中國,世界貿易組織,薪酬,併購, Social connection,China,World Trade Organization,Pay,Merger and acquisition, |
Publication Year : | 2018 |
Degree: | 博士 |
Abstract: | 我們研究美國公司執行長在中國的設交網路是否有助於美國公司抵抗來自中國的貿易衝擊。我們發現位在中國衝擊較大產業的公司的執行長如其在中國的社交網路越大越容易獲得現金佔比高及股票佔比低的薪酬且能在董事人力市場獲得較多的董事席次。向較於處於中國貿易衝擊較大的產業且擁有較大的中國社交網路的執行長,擁有較大的中國社交網路的執行長有較多的中國併購量且獲得較低的併購績效。在中國擁有較大社交網路的美國執行長導致更糟的長期經營業績,這主要是由更高的執行長薪酬和跨國併購所推動。 We study whether CEO connectedness in China is more resilient to trade shocks. We find that CEOs with China connection in high China import penetration (CIP) industries obtain higher cash-based pays, lower equity-based pays, and obtain more future outside directorships. CEOs with China connection are more likely to conduct M&As in China and realize lower announcement return of M&As involving Chinese firms compared to other firms in low CIP industries. The presence of CEOs with China connection lead to worse long-term operating performance, which are mainly driven by higher CEO pay and cross-border M&As. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/69789 |
DOI: | 10.6342/NTU201800699 |
Fulltext Rights: | 有償授權 |
Appears in Collections: | 財務金融學系 |
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File | Size | Format | |
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ntu-107-1.pdf Restricted Access | 1.39 MB | Adobe PDF |
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