以員工關係作為績效衡量指標之經濟後果

The economic consequences of using employee relations as performance metrics

詹皓惟(Chan Hao-Wei)

指導教授 ： 梁嘉紋

國立政治大學/商學院/會計學系/碩士(2022年)

https://doi.org/10.6814/NCCU202201137

摘要

有鑒於採用企業社會責任相關指標衡量 CEO 績效的企業日益增加，本研究探討企業採用員工關係作為 CEO 績效衡量指標之影響。以 2018 至 2020 年的美國 Standard & Poor 500 公司為樣本，實證結果顯示，採用員工關係作為績效衡量指標之企業有顯著較低的 CEO 與員工薪酬比率，員工薪酬亦顯著較高。而採用員工關係績效指標則對 CEO 薪酬無顯著影響。另外，員工關係績效衡量指標雖與員工生產力呈正相關，卻與企業價值呈現負相關。整體而言，採用員工關係作為 CEO 績效衡量指標有助於提升員工福祉，惟指標之內容及衡量方式應審慎考量，否則將無益於企業價值之提升與長期發展。

關鍵字

員工關係 ； ESG 績效衡量指標 ； 薪酬比率 ； 經理人薪酬

並列摘要

In light of the recent trend of stakeholder-oriented performance metrics adoption, this research examines the consequences of firms using employee metrics in their CEO compensation plans. Using a sample of S&P 500 companies from 2018 to 2020, I find that firms adopting employee metrics are lower in pay ratios and higher in employee compensation and employee productivity, while I do not find a relation between employee metrics and CEO compensation. I further find that the adoption of employee metrics has a negative effect on firm value. Overall, the results suggest a positive effect of employee metrics on employee welfare and employee productivity; however, firms should use the ESG metrics with prudence, otherwise it may adversely affect firm value and long-term performance.

並列關鍵字

Employee relations ； ESG metrics ； Pay ratio ； Executive compensation

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