| 摘要: | 公司經營績效和高階經理人薪酬存在密切關係。近年來有許多企業不斷的發生危機，然而該企業的管理階層卻依然領著相當高額的薪資，或者企業本身獲利卻沒有給予相對的報酬。本研究從績效與薪酬之間增加資訊不對稱變數。本研究認為，在一般勞動市場中，公司願意支付較高的工資來雇用生產力高的員工，而員工的真實生產力在僱傭員工前並無從得知。故本研究以資訊不對稱觀點探討高階經理人的薪酬與公司經營績效之關係。
本研究係以台灣所有上市公司作為研究對象，樣本選取期間從2006年至2012年排除2008年金融海嘯；由於本研究是比較高階經理人薪酬的增減與公司經營績效變化的關係，所以主要變數以前後期之增減，並以公司治理觀點對於高階經理人薪酬進行實證分析。研究結果發現高階經理人薪酬會受到公司經營績效，董監事持股等影響。
Corporate performance and CEO compensation exists a close relationship. In recent years, many companies continue to have a crisis occurs, however, the management of the company is still led quite a high salary, or the business itself has not given the relatively profitable reward. This study adds to the information asymmetry between performance and compensation from variable .
This study suggests that, in the general labor market, companies are willing to pay higher wages to hire highly productive employees, and there is no real way of knowing the productivity of employees before hiring employees. In this study, information asymmetry perspective to investigate whether senior managers to pay to reflect operat-ing performance . In this study, all listed companies in Taiwan as research subjects, from 2006 to 2012 in 2008 to exclude samples selected during the financial crisis ; Because this study is to compare the change in CEO compensation and corporate performance , it is based on a two-year unit of observation before the latter, and in view of the human capital management performance for empirical analysis. The results showed that corpo-rate performance will be affected by senior managers salaries , bonuses, and human cap-ital. |
