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研究生： 羅意涵
Yi-Han Lo
論文名稱： 台灣企業員工薪酬與資本結構
Employee Compensation and Capital Structure of Taiwanese Corporations
指導教授： 沈信漢
Hsin-Han Shen
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系
Department of Finance
論文出版年： 2018
畢業學年度： 106
語文別： 中文
論文頁數： 54
中文關鍵詞： 員工薪酬 、人力資本 、資本結構理論
外文關鍵詞： Employee compensation, Human capital costs, Capital structure
相關次數： 點閱：21  下載：0 
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    • 本研究主要探討高管及基層員工的總薪酬和公司槓桿比例之間的關係，證實用四種方式衡量之槓桿(Market leverage、Book leverage、Alternative market leverage、Alternative book leverage)，全都和高管及基層員工的總薪酬呈現正向顯著關係，證
    實當公司債務水準愈高時會出於補償風險支付高管及基層員工較高的總薪酬。本研究也考慮可能導致反向關係的因素進行迴歸分析，並歸納出當公司財務遇到危機時，相比財務安全的公司，槓桿影響基層員工總薪酬的力度會降低二倍左右。再者，考量員工專業性影響薪酬和公司槓桿的特性，結果顯示，高離職率的公司，在當公司槓桿增加時，基層員工所得到薪酬的補償較無離職率的公司高。為了解決內生性問題，運用二階段迴歸分析，在考量了內生性問題之後，公司槓桿和基層員工總薪酬還是有呈現正相關。最後，加入具有台灣特色的出口比例變數，探討全球景氣影響導致台灣出口衰退此一外生衝擊是否影響公司槓桿和高管總薪酬關係，結果顯示當出口導向的公司遇到危機時，公司槓桿和高管總薪酬正相關減弱或甚至不存在。

    This study focus on the effect of leverage on human capital costs. We apply for total managerial compensation and total employee pay as the human capital cost in the company. The results show that leverage has a significantly positive effect on total managerial compensation and total employee pay. In addition, we also examine whether there is a negative effect of leverage on human capital costs or not. We find that the impact of leverage on total employee pay will twice weaker when firms are financially distressed. Moreover, in subsample analysis, we prove that firms face high quit rate will pay more for their employee. For caution's sake, we want to examine potential endogeneity of leverage by applying 2SLS. We find that after accounting for the concern, book leverage continues to be a positive and significant to total employee pay. Finally, we analyze if the leverage of Taiwanese firms still has a significantly positive effect on total managerial compensation as an external shock that is the global export recession. The results show that when there is an external shock, the significantly positive effect of leverage on total managerial compensation will be weaker or even disappear in export-oriented firms.

    中文摘要 i 英文摘要 ii 誌謝 iii 目錄 iv 表目錄 vi 第一章 緒論 1 1-1 研究動機 1 1-2 研究流程 4 第二章 文獻回顧 5 2-1 高階經理人薪酬相關文獻 5 2-2 基層員工薪酬相關文獻 6 2-3 傳統資本結構理論 6 2-4 引入人力資本概念 7 第三章 研究方法 9 3-1 主要樣本說明 9 3-2 其他變數 9 3-3 研究設計與實證模型 11 3-3-1 高管總薪酬與公司槓桿比例基本迴歸分析模型 12 3-3-2 基層員工總薪酬與公司槓桿比例基本迴歸分析模型 13 3-4 高管總薪酬子樣本與公司槓桿比例迴歸分析模型 13 3-5 基層員工總薪酬子樣本與公司槓桿比例迴歸分析模型 14 3-5-1財務危機、財務安全公司基層員工總薪酬與槓桿比例迴歸分析模型 15 3-5-2高離職率、無離職率公司基層員工總薪酬與槓桿比例迴歸分析模型 15 3-6 二階段迴歸分析法(2SLS) 16 第四章 實證結果 18 4-1 高管總薪酬與公司槓桿比例迴歸分析 18 4-2 基層員工總薪酬與公司槓桿比例迴歸分析 18 4-3 財務危機與財務安全公司基層員工總薪酬與槓桿之迴歸分析 19 4-4 高離職率和無離職率公司基層員工總薪酬與槓桿迴歸分析 19 4-5 二階段迴歸分析(2SLS)結果 20 4-6 出口導向和非出口導向公司高管總薪酬和槓桿每年迴歸分析 21 4-7 考慮出口因素之高管薪酬與公司槓桿比例迴歸分析 22 4-8 外生性衝擊影響高管總薪酬和公司槓桿關係穩健性測試 22 第五章 結論 24 參考文獻 25

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