藉由國內2005至2018年上市櫃企業的年度資料,本文試圖剖析公司治理與高管及基層員工之薪資差異間的依存關係。此一議題雖著眼於企業是否能公平的對待其員工,尤其是基層的員工,並期許薪資的差異不應有過度的現象,但實證的結果卻顯示上述的薪資差異反而因公司治理而放大。不過,當進一步的檢視差異的屬性及對應的績效後,迴歸分析的數據卻也引領我們體認薪資差異的真實樣貌。概括而論,薪資差異的放大主要乃體現於高管薪資的上升而非基層員工薪資的下降,且高管的薪資總額實際上也因高管人數的精簡而顯著減少;換言之,公司治理乃強化了薪資配置的效率。或許基層員工的薪資因為本身職務性質的可替代性而被限制了上升的機會,但高管薪資的調漲在並未造成額外支出的前提下,卻也顯著的對應了較佳的企業績效表現。
With observations of listed firms in Taiwan during the period from 2005 to 2018, I find the salary gap appears to widen as the quality of corporate governance increases. However, when looking deeper into the salary distribution and consequent performance, the empirical results indicate that the wide salary gap aforementioned actually is associated with better firm performance. Even though the average of compensation to managers is higher in firms with better corporate governance, the total amount paid to them is significantly less and the number of managerial positions is fewer. As the salary to non-managerial employees does not lower in these firms, it might be concluded with confidence that the improvement of corporate governance would widen the salary gap but more importantly it enhances the effectiveness of salary management.