摘要
國內在全球經濟衰退情況下，產業景氣與就業市場雙雙急凍，企業從無薪假、減薪、裁員、甚至歇業等現象不斷發生，但卻有企業高階經理人坐領高薪的現象，成為投資大眾所批評的「肥貓」企業。本研究將從公司治理及董監薪酬水準的觀點，來探討台灣上市、櫃公司其形成肥貓企業之影響因素，以2008至2012年在台灣證券交易所掛牌上市之公司作為研究對象，有效樣本共計6,991個。 實證結果顯示，肥貓企業和公司績效呈現負向關聯。且董事會規模愈大、投資機會愈高及董監持股、機構投資人持股比例愈高時，會降低肥貓企業的形成機率，表示公司治理機制愈好，將促使企業遠離「董監自肥」的黑名單。另外，更發現在國內以家族企業為大宗的情況下，董事長兼任總機理與外部董事比例愈高時，容易降低監控效果而增加董監薪酬的發放，在經營績效不佳情況下，形成眾人議論的肥貓企業。
並列摘要
Home in case a global recession, industrial economy and employment market, both frozen and enterprise from leave without pay and wage cuts, layoffs, or even go out of business, and other phenomena occur frequently, but there was a business executive sitting phenomena brought into better jobs, criticized by some investors as "fat cats". This study from the directors view that the level of remuneration and corporate governance to discuss Taiwan, cabinet companies listed the factors affecting the formation of fat cat corporate at 2008-2012 on Taiwan Stock Exchange-listed company for the study of the effective sample all 6,991. Empirical results show that negatively associated to fat cat corporate and corporate performance. And the bigger the Board higher, investment opportunities, institutional investors and directors holding shares higher, it will reduce the fat cat business formation rate, said better corporate governance mechanism will prompt companies to stay away from "directors from fertilizer" blacklist. In addition, more found in domestic family business for the bulk of cases, Chairman of the Board who is also the general principle and when the higher the proportion of external directors, tend to reduce the effects monitoring and increase the remuneration of the Directors issued in poor performance cases, talking about fat cats form all enterprises.