審計委員會與薪酬委員會成員組成之異同對公司績效及股利政策之影響

台灣證券交易法於2006年修訂後，正式以全體由獨立董事組成之審計委員會(Audit Committee)取代監察人制度，主要功能為協助董事會決策，提升公司績效。金管會亦於2011年宣布所有上市為櫃公司皆須設置薪酬委員會(Remuneration Committee)，主要目的為幫助公司建構一套透明化管理之程序，訂定公司管理階層考核績效與薪酬結構之標準，以遏止「肥貓」之問題發生。審計委員會及薪酬委員會對成員之要求皆有一定程度之規範，唯薪酬委員會尚未要求全體成員皆須由獨立董事組成，故本研究主要探討若審計委員會及薪酬委員會之成員相似度越高，兩委員會之成員能否藉由其獨立性且熟悉公司事務，給予董事會有效之策略，提升公司績效及是否能站在股東立場，發放現金股利。研究結果指出，審計委員會與薪酬委員會若成員相似度越高，會使公司績效提升，且更易使公司發放現金股利，股利發放率愈高。

關鍵字

審計委員會；薪酬委員會；公司績效；股利政策

並列摘要

After the Taiwan Securities Exchange Act was revised in 2006, corporate governance was formally replaced by an Audit Committee composed of all independent directors. Its main function is to supervise the process of preparation of financial statements and assist the board of directors in decision-making and improve company performance. The Financial Supervisory Commission also announced in 2011 that all companies must set up a remuneration committee. The main purpose is to help companies build a set of transparent management procedures, and set standards for the company’s management to assess performance and remuneration structure, so as to prevent "fat cats" problem occurred. The audit committee and the remuneration committee have a certain degree of requirements for members, but the remuneration committee has not yet required all members to be composed of independent directors. Therefore, this study mainly discusses if the similarity between the members of the audit committee and the remuneration committee is higher, can the members of the two committees, through their independence and familiarity with the company's affairs, give the board an effective strategy to improve the company's performance and whether they can stand in the shareholders' position and declare more cash dividends. The research results indicate that the higher the similarity between the audit committee and the remuneration committee, the better the company's performance and more cash dividends are declared.