公司治理與公司績效對董事酬勞影響之研究

A Study on the Impact of Corporate Governance and Firm Performance on Director Remuneration

呂學焜(Hsueh-Kun Lu)

指導教授 ： 柯承恩

國立臺灣大學/管理學院/會計學研究所/碩士(2008年)

https://doi.org/10.6342/NTU.2008.10484

摘要

由於近幾年許多公司的董事會，被社會大眾批評領取過多及不合理的董事酬勞，使得設置董事會的功能與目的受到質疑，董事會可能無法有效率地監督管理階層的行為，導致許多財務弊案發生，公司治理大受打擊，同時危害了許多利益關係人權益。
因此，本研究旨在探討影響董事會酬勞發放水準的因素，將以公司績效、董事會特性和董事會持股比例，分別探討其與整體董事會酬勞的關聯。本研究以2006年在台灣證券交易所掛牌上市之公司為研究對象，樣本將分為全產業、電子工業與非電子工業三個群組來研究。透過迴歸分析，主要實證結果如下所示：
一、公司績效與整體董事酬勞有正向關係，預期公司會藉由薪酬水準與公司經營績效相配合，讓董事會更專心致力於發揮功能，重視股東的權益。
二、獨立董事席次占董事會席次比例與整體董事酬勞有負向關係，表示獨立董事會考量專業聲譽，利害關係會與股東一致，注意董事會的自利行為。
三、全產業群組發現，董事長兼任總經理與整體董事酬勞有負向關係，可能因為董事長會由於責任心和成就感，或避免遭受股東質疑，而致力於公司績效上。或是總經理酬勞或員工分紅夠多，使其較不在意董事酬勞。
四、整體董事會持股比例與整體董事酬勞有負向關係，藉著董事持股比例的升高，董事會感覺自身利益與股東越趨於一致，因此會有較強的誘因注意自己的自利行為。將整體董事會持股比例分為內部董事和外部董事後發現，內部董事持股比例與整體董事酬勞可能為非線性關係，而外部董事持股比例與整體董事酬勞有負向關係。

關鍵字

公司治理 ； 董事會 ； 公司績效 ； 獨立董事 ； 持股比例

並列摘要

The board of directors of many companies in Taiwan are criticized, because the director remuneration are not so reasonable and too much. Therefore, the functions of the board of directors do not work effectively. This may lead to fraud and scandal or harm the interests of others.

For this reason, the purpose of this thesis is to study the factors that affect the level of director remuneration. This thesis will discuss the impact of corporate governance and firm performance on director remuneration. The conclusions of this thesis are as follows:

1、Firm performance and director remuneration have a direct relationship. The level
of director remuneration will base on the firm performance. Therefore, the board of directors will concentrate on their duty and interests of shareholders.

2、The proportion of independent directors of the board of directors and director remuneration have a indirect relationship. This indicates that independent directors will think about their professional reputation and keep an eye on the board of directors.

3、The CEO duality and director remuneration have a indirect relationship. This may because of the sense of responsibility and achievement of the chairman of the board of directors. Or maybe the bonus of CEO is very high.

4、The stockownership of the board of directors and director remuneration have a indirect relationship. When directors get higher ownership, their interests tend to shareholders. Hence, directors will watch out for their duty.

並列關鍵字

Corporate governance ； the board of directors ； firm performance ； independent director ； stockownership

參考文獻

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