公司治理、高階經理人超額薪酬與公司績效間的關聯性

Abstract

本文目的在於研究公司治理對於『超額薪酬與公司績效之連結性』的影響。以台灣1996-2007年上市櫃公司之總經理酬勞資料做為研究對象，發現在董事會持股百分比越高的情況下，超額薪酬與公司績效之間呈現正向相關；然而若經理人對於薪酬訂定過程具有影響力(經理人持股百分比越高及董事身兼經理人百分比越高)，則超額薪酬與公司績效之間呈現負向連結。

The purpose of this article is to deal with the problem of how corporate governance will affect “the relationship between of excess compensation and firm performance.” Companies listed in TSE and OTC from 1996 to 2007 are included in the sample data. And we find that when board holding percentage is higher, the excess compensation and firm performance are positively correlated, vice versa. Also, when managers have some control over the process of compensation determination, the excess compensation and firm performance are negatively correlated, and vice versa.