| 摘要: | 管理階層的薪酬契約係公司用來消除代理問題的重要機制，將薪酬與企業價值或企業績效產生連 結，可使董事、經理人與股東的目標一致，並激勵董事及經理人投入最大的努力，進而提升企業的價 值。公司治理為健全資本市場，保障企業利害關係人權益之重要機制，且對於企業價值評價及管理階 層是否揭露企業社會責任報告的決策也有重大的影響。近年來，國際趨勢日益重視企業社會責任的觀 念與實踐，故臺灣證券交易所及中華民國證券櫃檯買賣中心已強制規定符合所訂範圍之上市上櫃公司 應每年編製及申報企業社會責任報告書。目前台灣的研究文獻缺乏管理階層薪酬、企業社會責任、企 業價值及公司治理相關議題之整合性研究，故引起本研究計畫之研究動機及興趣。 本計畫以2015 年台灣上市及上櫃公司為樣本，運用多元迴歸模型及聯立方程模型探討管理階層 薪酬、企業社會責任與企業價值之關聯性及相互關聯性，並兼論公司治理特徵的影響。本計畫為一有 趣、重要且創新之議題。研究結果除了可補充文獻外，將有助於政府相關單位、實務界及學術界，瞭 解管理階層薪酬、企業社會責任、企業價值與公司治理之關聯性，審酌相關政策成效，或可供未來修 訂相關規範之參考，進而提昇國家、產業及企業之競爭力。
The compensation contract of management is an important mechanism that the company can eliminate agent problem and interconnect the payoff of directors and managers to firm’s performance and value. So this mechanism can make the consistently goal of the directors, managers and shareholders, and motivate directors and managers to put the greatest effort, and enhance the firm’s value. Corporate governance is an important mechanism of a strong capital market and protecting the interests of stakeholders. Corporate governance also has a significant influence on the firm’svalue evaluation and management decision if disclose corporate social responsibility report. The international trends focus on the concept and practice of corporate social responsibility in recent years, and the Taiwan stock exchange authorities are mandatory to prepare and disclose an annual corporate social responsibility report for prescribed fields of listed companies. Taiwan is currently a lack of integration research literature among management’s compensation, corporate social responsibility, firm’s value and corporate governance, and causes motives and interests of study of this research project. This research project will use samples of Taiwanese listed firms in 2015, and uses the multiple regression model and simultaneous equation models to examine the relationship and interrelationship among management’s compensation, corporate social responsibility, and firm’s value, and further discuss the role of corporate governance characteristic. This research project is an interesting, important and innovating research issue. The results will contribute to the field of literature, and valuable reference for the government institutions, practitioners and academics to understand the relationship among management’s compensation, corporate social responsibility, firm’s value, and corporate governance, or review the policy effectiveness, or amend the relevant laws or regulations. The results will enhance the competitiveness of countries, industries and enterprises in the future. |
