| 項目 | 資料 |
|---|
| 卷期Vol. & No. | 第7卷第1期 Vol 7 No. 1 |
| 標題Title | 經濟附加價值與總經理更替之探討A Study on EVA and CEO Turnover |
| 作者Authors | 林穎芬、祝道松、洪晨桓Ying-Fen Lin Dauw-Song Zhu Chen-Huan Hong |
| 出版日期Publish Date | 2006-05-31 |
| 摘要Abstract | 近幾年來總經理更替頻繁，從民國 83 年以來，台灣上市公司 總經理替換率由 9%上升到 24%（民國 85~90 年間的平均值）。總經理 為公司所有權者之代理人，負責執行策略以達成組織的目標，對公司 成敗肩負重責大任，外部機構（例如利益關係人、供應商、顧客、投 資大眾或政府）亦將總經理異動視為攸關公司經營策略之信號，顯示 替換總經理之議題值得重視。過去有關總經理替換之研究中，績效因 素（會計指標）為一重要的研究變數，然而績效與總經理替換之發生 關係並未獲得一致的結論，可能因為研究時間與績效指標不同所造 成。本文乃以經濟附加價值來解釋總經理異動之發生，其為經濟學中 剩餘所得概念發展而來的整合性指標，不僅以會計資訊為基礎，更同 時考量股東與債權人所應得之報酬。本研究以羅吉斯迴歸進行實證分 析，實證結果支持假設之預期，發現績效表現不佳可導致總經理強迫 替換的發生，且經濟附加價值對於解釋此一現象較會計指標更具有解 釋力。The frequency of CEO turnover occurs much more recently. From 1994, domestic CEO turnover rate of listed companies had raised from 9% to 24% （the average during 1996-2001）, indicating the importance of CEO turnover issue. In the previous researches about CEO turnover, performance parameter is a critical factor; however, there is no consensus to the influence of performance on CEO turnover. CEO is an agent responsible for planning, administering strategies and organization success as well, and outside institutions also take CEO turnover as a signal of management change. This research uses logistic regression model to analyze the relation of EVA and CEO turnover. Our findings support that poor performance can cause CEO forced turnover, and EVA are better at explaining CEO turnover than accounting based indicators. |
| 關鍵字KeyWords | 經濟附加價值、會計指標、市場指標、總經理替換、羅吉斯迴歸EVA, CEO turnover, accounting based indicator, market based indicator, logistic regression |
| DOI(全文下載Download) | 10.6675/JCA.2006.7.1.04 |
| 相關文章Related Articles | 環境績效對環境揭露與經濟績效的影響(The Effect of Environmental Performance on Environmental Disclosure and Economic Performance ) |