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標題: | 經理人績效目標難易度、公司績效與棘輪效應之探討 Target Difficulty, Firm Performance and Target Ratcheting |
作者: | Chun-Wei Lu 呂俊緯 |
指導教授: | 李艷榕 |
關鍵字: | 績效目標難易度,高階經理人,公司績效,棘輪效應,委託代理書, Target Difficulty,CEO,Firm Performance,Target Ratcheting,Proxy Statement, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 本研究旨在探討公司經理人績效目標難易度與公司績效之關聯性,以及棘輪效應對於公司績效之關聯性。過去關於績效目標難易度之研究,多採用問卷調查方式蒐集資料;實證方面之研究,亦多採用事後衡量之方式研究。本研究採用事前衡量方式,研究在控制績效目標之可達成性後,探討在經理人績效目標難易度愈高的公司,其公司績效是否相應愈高。本研究樣本以美國2007年至2016年之公司作為樣本,自美國證券交易委員會(SEC) Form DEF 14A之委託代理書中之經理人之薪酬討論與分析取得績效目標資料。本研究採用資產報酬率(ROA)及股票報酬率(RET)作為公司績效之代理變數,並以過去五年之公司規模、資本結構及成長機會迴歸估計EPS,作為績效目標難易度之門檻。本研究實證結果顯示,在控制績效目標之可達成性後,經理人績效目標難易度與以資產報酬率衡量之公司績效存在顯著正向關係,經理人績效目標難易度愈高,則公司資產報酬率表現愈好;而績效目標難易度與公司股票報酬率則不存在正向關係。本研究亦嘗試探討棘輪效應對於公司績效之影響,以及過去經理人之優異表現是否降低棘輪效應之影響。本研究實證結果顯示,上述兩項之影響均不顯著。本研究之各項分析探討結果,可作為實務界訂定或調整績效目標時之參酌引用。 This study examines the relationship between the firms’ CEO performance target difficulty and firm performance, as well as the relationship between target ratcheting and firm performance. Prior literature about target difficulty mainly used survey for data collection. For empirical research, prior literature mainly used ex-post measurement when examining target difficulty. This study use ex-ante measurement to examine whether, after controlling for the attainability of performance target, the target difficulty is positively related to firm performance. The samples are from 2007 to 2016, and the performance targets are retrieved from Compensation Discussion and Analysis (CD&A) part of the proxy statement of form DEF 14A, required by SEC. This study uses return on assets and buy-and-hold stock return as proxies for firm performance. For the target difficulty, this study regresses EPS on firm size, capital structure and growth opportunities from the past 5 years to determine the target difficulty threshold for each company. Empirical results indicate that, after controlling for the attainability of performance target, target difficulty and return on assets are significantly positively related. Companies of CEOs with higher target difficulty have higher return on assets. However, there is no significant positive relationship between target difficulty and buy-and-hold stock return. In addition, this study tries to examine the relationship between target ratcheting, CEO’s performance over target and firm performance. This study does not find significant results in these issues. Overall, this study provides insights into setting or revising the performance targets for CEOs. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/69111 |
DOI: | 10.6342/NTU201801620 |
全文授權: | 有償授權 |
顯示於系所單位: | 會計學系 |
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