經理人的薪酬是否會影響主併公司併購後的績效

Abstract

企業若想在經濟情勢低迷且競爭越趨激烈的全球市場中佔有一席之地，就必須不斷地成長與創新，因此，為了加速企業的發展與壯大公司的規模，許多公司會採用併購其他公司的方式，去擴大市場佔有率。併購的實質目的是公司經營權運作的過程中，依據企業產權及利益做出的讓渡行為。 主併公司的經理人在公司進行整併活動的過程中，扮演舉足輕重的角 色，他可能涉及私人利益的獲得，若公司利益與私有利益產生衝突，則可能 誘因使經理人做出較不利於公司利益之併購。 本篇研究是採用Panel data 的固定效果模型，去分析主併公司併購後績 效和經理人薪酬以及公司規模、收益、成長機會等控制變數之間的關係，根 據第四章的實證結果顯示，無論經理人之薪酬是以現金基礎、權益基礎或是 總薪酬來衡量，對於主併公司併購後的資產報酬率或每股盈餘都是呈現正向 且顯著的關係，而這就代表經理人的薪酬和主併公司併購後的績效，呈現正 向相關，也就是經理人的薪酬高，就會為主併公司帶來更高的績效。

If enterprise wants a place in the business downturn in the economic situation and the increasingly competitive global marketplace, they must continue to grow and innovate. In order to accelerate the development of enterprises and the expansion of the company's size, many companies will adopt the way of mergers and acquisitions of other companies, to expand their market share. The substantive purpose of the acquisition is a process of business operations of the company, the alienation behavior based on business property and interests. Acquisition firm’s manger plays an important role in the process of acquisition, he may be involved in access to private interests. If the company's interests conflict with mangers’ private interests , it may let managers to make unfavorable decision of the company mergers and acquisitions. This study we adopt panel data’s fixed-effects model to analyze the relationship between post-acquisition performance and executive compensation and company size, revenue, growth opportunities and other control variables. According to the empirical results show at the fourth chapter, regardless of the manager's remuneration is measured by cash basis, total compensation or equity basis , the acquisition firm’s return on asset or earnings per share after acquisition are presented forward and significant relationship. This on behalf of the manager's salary and post-acquisition performance exist positive correlation, which is the manager's salary is high, and the company will mainly lead to higher performance. In other words, the manager's compensation is high will produce higher performance for company.