【正文】 ，TobinQ：（普通股市價*流通在外股數(shù)+特別股清算價值+（流動負債流動資產(chǎn)+長期負債帳面價值）/（公司資產(chǎn)帳面價值），ROA_bT：稅前資產(chǎn)報酬率，ROE_aT：稅後權(quán)益報酬率，Margin：營業(yè)毛利率，NIR_bT：稅前淨(jìng)利率?！eanstdmedianLower QuartileUpper QuartileNTotal16050749 77408252 14000390950 1972CB 0111972RSB1 0011972RSB2 0001972RSET 0011972CR 1987LR 1987RDR 1956IA33274 411817 0 0 0 1987FCF1693497 8399561 96809 280322 879256 1986TobinQ 1542lnSize 1987ROA_bT 1985ROE_aT 1985Margin 1987NIR_bT 1987Table II. 採用各種Compensation 之公司特徵比較表(變數(shù)定義參閱Table I)MeansOnly Cash Based CompensationOnly Stock Based CompensationBothCash Based and Stock Based CompensationOnlyStock DividendOnlyStock OptionStock Dividend AndStock OptionOnly Stock Based CompensationN10665052915549372Total17,3162,903,636147,345,838232,980,58816,819,8077,535,585CRLRRDRIA18,36965,50980,4281,31664,54329,836FCF879,4073,105,0123,011,0975,196,4193,157,1931,869,752TobinQlnSizeROA_bTROE_aTMarginNIR_bTTable III. Compensation Distribution by Industry2000~2002200020012002成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)Only Cash Based Compensation680386233154215132232100%%%%%%%%Only Stock Based CompensationOnly Stock Bonus97408301263213735145Only Stock Option1280001127Stock Bonus And Stock Option015000201398451301263214036185%%%%%%%%Cash Based and Stock Based Compensation Both762962574207231150%%%%%%%% Total 8541133288354267344299435100%100%100%100%100%100%100%100%Table IV. (變數(shù)定義參閱Table I)2000~2002200020012002MeansDifference TestMeansDifference TestMeansDifference TestMeansDifference Test成熟產(chǎn)業(yè)成長產(chǎn)業(yè)tvalue成熟產(chǎn)業(yè)成長產(chǎn)業(yè)tvalue成熟產(chǎn)業(yè)成長產(chǎn)業(yè)tvalue成熟產(chǎn)業(yè)成長產(chǎn)業(yè)tvalueN8551133288354267344299435 Total1230,706 10,478,139 100,938 3,340,781 75,268 3,437,500 496,280 22,116,165 CB RSB1 RSB2 RSET CR LR RDR IA11399 49761 1541269739 8228 15499 10367 60598 FCF1208435 2058684 13672312516533 845482 1924294 1380164 1792366 TobinQ lnSize ROA_bT ROE_aT Margin NIR_bT Table V. 成長型vs 非成長型之激勵制度與基本特性比較 (以銷售成長率中位數(shù)區(qū)分成長程度) (變數(shù)定義參閱Table I)2000~2002200020012002MeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .test成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalueN427427567566144144178176133134172172150149217218Total1110,994 350,418 9,473,431 11,479,265 39,992 161,883 1,173,647 5,532,542 76,047 74,494 2,707,286 4,159,224 210,807 783,681 21,926,540 22,304,009 CB RSB1 RSB2 RSET CR LR RDR IA6086 16712 64250 35248 2965 27859 108345 30694 4343 12084 23787 7211 10628 10103 60151 61044 FCF1,048,159 1,369,088 1,447,521 2,670,927 958,722 1,775,740 977,765 4,072,788 778,407 912,057 2,178,570 1,670,017 1,373,198 1,387,224 1,253,401 2,328,858 TobinQ lnSize ROA_bT ROE_aT Margin NIR_bT Table VI. 成長型vs 非成長型之激勵制度與基本特性比較 (以資產(chǎn)成長率中位數(shù)區(qū)分成長程度) (變數(shù)定義參閱Table I)2000~2002200020012002MeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .testMeansDiff .test成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)成熟產(chǎn)業(yè)成長產(chǎn)業(yè)低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalue低成長高成長tvalueN427427568565144144178176133134172172150149218217Total1140999 320413 14343570 6612708 125330 76546