The Influence of Operating Performance, Stock Risk Values, and Remuneration of Directors and Supervisors – A Case Study on Taiwan's Chemical Industry
| Autor: | Pai-Shuang Huang, 黃白霜 |
|---|---|
| Rok vydání: | 2012 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 100 The chemical industry has been the core base for economic industrial development in our country. Such industry produces a wide variety of products and goods for our daily and livelihood necessities. Faced with the threats of domestic economic setback and global competition in recent years, the issues on how to boost the competitiveness of domestic chemical industry and strike out a more appropriate and effective management strategy to confront the challenges ahead when going international become critically imperative. This paper conducts a case study on the top 40 domestic chemical companies listed or under OTC in 2010 in ways as: explore the connection between the financial performance of chemical industry stock shares and the remuneration of director and, supervisor managers, the influences of financial performance, stock price risk values, per capita remuneration of director and supervisor managers, and the impact of international intertemporal events within the industry. In the aspect of financial performance assessment model, the study applies Data Envelopment Analysis （DEA）, which helps calculate multiple inputs and outputs via computing correlative business performance. In the paper, it uses Five Financial Forces to analyze the financial performance of chemical industry, and the composition of remuneration structure of director and supervisor managers; to understand the fluctuated stock share prices of various chemical companies via risk values; and to analyze the stock share risk values via historical simulation method and Monte Carlo analysis. The empirical results show that 2010 Taiwan listed/under OTC chemical companies in relation to the per capita remuneration of director and supervisor managers are categorized into high, medium and low groups. Via Data Envelopment Analysis, it shows that the financial performance within 0-1 indicates that the share price average risk values stand from 1.2454 to 8.5920, signifying that investment risk in the stock shares of different chemical companies varies greatly. Through input-oriented CCR and BCC models, the results indicate that the average efficiency value of Pure Technical Efficiency（PTE）is 0.9922 while the average efficiency of Scale Efficiency（SE）value is 0.9735. This deduces that the Scale Efficiency（SE）inefficiency leads to inefficiency. As a result, the paper recommends that by using value-discrepancy variable analysis, it can improve the indicators. As to the low performance group, they are recommended to increase the operating cost/equity capital and fixed assets/equity capital yields of Five Financial Forces to 17.40% and 14.79%; middle performance group 13.82% and 8.60% in yield. In the analysis of integrating business/operating performance, risk level, and remuneration of directors and supervisors, the study reveals that the remuneration of directors and supervisors proves positively relevant to corporate operating performance. Under the impact of recent plasticizer events, the stock price risk values stands at 4.8395 ~ 4.8398. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|