員工薪酬與公司的經營績效和市場績效之關聯性研究

Abstract

本研究中使用常見的會計及市場指標衡量公司績效表現，探討基層員工薪酬和公司績效表現是否存在正向關係及遞延效果。考慮不同的員工薪酬水準衡量方式及異質變異、序列相關、橫斷面相依等統計問題後，研究結果顯示，會計績效指標和員工薪酬的關係不明確，無法推論薪酬和會計績效間具有正向關係或遞延效果。 然而，在市場績效指標中，不論是否處理相關統計問題，基層員工薪酬和公司的市場績效指標具有正向關係，且為正向的遞延效果。而市場績效指標同時反應了未來預期及股東的財富，因此本文認為股東相較於會計指標，應會更加重視市場績效指標，故提高基層員工薪酬能夠增進公司的股票價值，進而創造股東財富，達成員工及股東雙贏的局面。

This paper uses both accounting and market indexes to measure firms’ performance and study whether rank- and-file employee compensation has positive and time lag effect to performance. After considering heteroscedasticity、serial correlation and cross sectional dependence, no evidence shows there is a relationship between rank- and-file employee compensation and firms’ performance in accounting measurement. However, in the market indexes measurement, whether dealing with related statistic issues or not, evidence shows rank- and-file employee compensation has positive and time lag effect to performance. Shareholder should pay more attention to market indexes rather than accounting indexes because market indexes imply both future expectation and wealth of shareholder, while accounting does not. So raising rank- and-file employee compensation can improve value of firm and shareholders’ wealth, making a win-win situation.