公司治理與公司經營績效間之關係在過去就已經被廣泛討論。許多人認為好的公司治理可以改善公司經營績效。而好的公司治理將會提供更好的資訊品質給投資人及債權人。以台灣的公司治理角度來說,擁有經營權的管理階層也可能是同時擁有所有權的股東,我國公司透過股東會選任董事及監察人,董監事應督導管理階層,以確保公司之利害關係人之權益。 本研究以2006年起至2015年共10年之台灣上市公司為研究對象,將董監事酬勞分為「董監事所領取之所有酬勞」與「以盈餘發放之董監事酬勞」,並以ROA、ROE、Tobins’Q作為公司經營績效之代理變數,分析董監事酬勞與公司經營績效之關係,實證結果發現,(1)董監事酬勞與公司經營績效具顯著正向影響力。(2)盈餘董監事酬勞與公司經營績效具顯著正向影響力。 設置董監事酬勞之目的不外乎是為了感謝董監事的辛勞,並作為激勵董監事為公司謀求利益最大化之制度。本研究顯示董監事酬勞之代理變數增加,公司經營績效會越好,故好的激勵制度有助於公司之發展,本研究也針對未來研究方向提出建議,以供公司治理與學術研究上做參考。
The relation between corporate performance and corporate governance has been discussed for a long time. Many people believe that good corporate governance cloud improve the corporation performance. Good corporate governance provides the better information quality for investors and creditors. In Taiwan, in the view of corporate governance, the management who has the operation right may also be a shareholder, and the shareholders in the corporation will elect the directors and supervisors by convening the meeting. Therefore, directors should supervise the management to ensure the equity of the stakeholder. The samples in this study selected form the listed companies in Taiwan during 2006 to 2015. In addition, we divided directorate’s remuneration into the directorate’s all remuneration and the directorate’s remuneration only includes surplus, and using ROA, ROE, Tobins’Q to be proxy variables of corporate performance. This study aims to examine the relation between the directorate’s remuneration and corporate performance. The results indicate that (1)The directorate’s all remuneration is significant positive correlation on corporate performance. (2)The directorate’s remuneration only includes surplus is significant positive correlation on corporate performance. The institution of directorate’s remuneration is purpose to appreciate directors and supervisors for their contribution, and to be as a system which inspires directors and supervisors to seek profit maximization for their corporation. The study indicates that increases of the directorate's remuneration proxy variable, the corporate performance will be better. Therefore, the good incentive system is contributive for corporations’ development. Eventually, the study also gives some advice on future research direction as a reference for corporate governance and academic research.