高階經理人薪酬結構與企業績效之關聯性探討 -以上市電子產業為例

隨著網際網路的蓬勃發展、通訊與交通成本的下降，企業組織不斷擴大，在所有權與經營權的分離下，如何設計一套既能吸引高階人才又能留住優秀員工的薪酬制度，為整體企業的經營績效持續創造顯著的成長，是這幾年學者不斷研究關注的重點。本篇研究建立在先前的研究基礎上，研究台灣電子產業上市公司2014-2016年的資料，檢視代理問題對高階經理人薪酬與組織績效之間關聯的影響，並進一步拆解薪酬結構成變動薪酬與固定薪酬兩種，了解高階經理人薪酬結構比例的差異程度是否能影響組織績效的成效。實證結果顯示：高階經理人薪酬確實受到代理問題之影響。當高階經理人薪酬在較低水準時，高階經理人會受薪酬之誘因，組織績效隨薪酬增加而上升；但當薪酬超過一最適薪酬水準後，代理問題漸漸浮現，組織績效隨薪酬增加而下降。另一方面，將薪酬結構拆解，變動薪酬與固定薪酬的比例也與組織績效成非線性之二次函數關係。經微分計算，高階經理人薪酬結構之最適比例為3.15，顯示若要將組織績效維持在最好的程度，則變動薪酬與固定薪酬比需約為3：1，若超過此比例，則組織績效將漸漸遞減。整體而言，台灣不論是總薪酬或是變動薪酬比例都偏低，這造成經理人缺乏誘因為企業做出貢獻，然而此次研究受限於資料收集困難，無法針對薪酬分配類別詳加研究，因此未來如果能更擴大研究期間，透過實地訪談並將產業更加細分，在學術或是業界上，對於薪酬設計之研究必將帶來更大的貢獻。

關鍵字

高階經理人薪酬；代理問題；高階經理人薪酬結構；公司績效

並列摘要

With the rapid development of the Internet and the reduction of transportation costs, the separation of ownership and management rights has resulted in an endless stream of agency problems because of the continuous expansion of the company's scale. As a result, it is important to discuss how to design a compensation system that can attract high-level talent and retain outstanding employees. Based on the previous studies, this study used Taiwan’s TWSE listed companies in the electronics industry from 2014 to 2016 as the research samples to explore the effect of agency problems between top management compensation and company’s operating performance. In addition, we disassemble the pay structure into variable pay and fixed pay to verify whether it would affect organizational performance. The empirical results show that top management compensation is affected by the agency problem. This relationship explains that when salaries are at a lower level, top executives will work harder for the compensation incentives to improve performance. However, when salaries are raised to a certain degree, agency problems will gradually arise, resulting in a decrease in performance as salaries increase. Furthermore, by dismantling the pay structure, we find that the optimal ratio of variable pay to the fixed pay is 3.15. This shows that when the organizational performance is at the best level, the variable to the total pay structure should be set about 3:1 ratio. Finally, at this stage, either salary level or variable pay structure, Taiwan is still at the lower level, which will lead to the lack of willingness of top executives to contribute to the company.