2014年8月台灣證券交易所推出台灣高薪100指數,希望藉此能帶動企業提高勞工的薪資,因而留住人才、吸引人才,創造企業獲利、員工加薪與投資人也獲利的三贏局面。本研究由台灣高薪100指數成分股為基礎,將薪資結構分為三類,分別為高薪100成分股、經理人100成分股與基層100成分股,探討台灣上市公司的薪資結構與公司績效之關聯性。實證結果顯示,高薪100成分股無法有效提升公司表現,經理人100成分股能顯著提升公司的ROA、產業調整後ROA、ROE、產業調整後ROE四個指標,而基層100成分股對ROA、產業調整後ROA、ROE、產業調整後ROE會有負向的影響。因此本研究認為,公司的薪資結構偏向給予高階經理人相對較高的報酬,能吸引更優秀的管理者,以及透過競賽的方式增加員工的工作效率,進而提升公司之績效表現。
The Taiwan Stock Exchange announced Taiwan High Compensation (HC) 100 Index in August 2014. The objective of Taiwan HC 100 Index is to encourage employers to improve compensation of employees, thereby retaining and attracting outstanding employees. Thus, such Index will contribute to an equilibrium that all involved parties, employees, employers, and investors, will be better off. Based on analysis of the constituent stocks of Taiwan HC 100 Index, this paper attempts to examine correlation between the structure of personnel expenses and performance of enterprises. Let the stocks of HC100, EC100, and OC100, each of which representing a distinct structure of personnel expenses in enterprises. The results show that structure of HC100 cannot affect performances, structure of EC100 increases Return on asset (ROA), adjusted ROA, Return on equity (ROE) and adjusted ROE significantly and structure of OC100 is harmful to ROA, adjusted ROA, ROE and adjusted ROE. So we conclude that the structure of personnel expenses prefers to give relatively high salaries to executives can attract more talented person and stimulate working efficiency by the tournament theory. Therefore, high salaries to executives increase the performances of enterprise further.
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