企業多角化、財務績效與高階經理人薪酬之關係

網路的興起，帶動全球貿易的便捷，帶來許多商機，相對也帶來更多競爭的危機。在此劇烈的競爭下，高階經理人的專業與決策，直接影響企業營運績效與獲利。是否多角化經營，如何多角化經營，考驗著高階經理人的智慧與能力；而其相對薪酬，除了影響其內在感受外，實質的薪酬獎勵，也會左右高階經理人的策略抉擇。這也是企業須考量的評估重點，因為錯誤或不成熟的經營策略，會大大影響企業的經營方向與績效，甚至攸關企業生存。高階經理人薪酬評估，通常根據其領導管理之工作表現及雙方契約約定，因此公司多角化經營，績效能否成長，高階經理人薪酬是否跟著提升，這三者的連動關係，相當值得我們探討。本研究以臺灣2010年至2017年間上市櫃公司為研究樣本，首先探討不同型態(上市與上櫃、集團與非集團、高科技與非高科技產業)多角化程度在高階經理人薪酬是否有差異？其次探討多角化與財務績效之關係，接著探討財務績效與經理人薪酬之影響。最後則探討高階經理人薪酬是否受到多角化及財務績效互動效果之影響，而財務績效對多角化是否存在干擾因素。研究結果發現： (1)上市公司比上櫃公司多角化程度高，也有較佳的高階經理人薪酬。 (2)集團比非集團之多角化程度高，高階經理人薪酬也較高。 (3)高科技業比非高科技業之多角化程度低，但高階經理人薪酬較高。 (4)公司多角化程度愈高，財務績效並不顯著。 (5)財務績效較佳之公司，高階經理人薪酬較高。 (6)多角化程度愈高之企業，高階經理人薪酬相對較低。 (7)若公司財務績效佳，即使多角化程度高，高階經理人薪酬也較高。

關鍵字

多角化；財務績效；高階經理人薪酬

並列摘要

The rise of the internet has driven the convenience of global trade, brought many business opportunities, and relatively brought more competition crisis. Under this fierce competition, the professionalism and decision-making of CEO directly affects the operational performance and profitability of the company. Whether it is diversified management, how to diversify the operation, test the wisdom and ability of CEO; and their relative salary, in addition to affecting their inner feelings, the substantive salary rewards will also influence the strategic choices of CEO. The wrong or immature business strategy will greatly affect the business direction and performance of the company, and even the survival of the enterprise. The evaluation of CEO compensation is usually based on the performance of their leadership management and the contractual agreement between the two parties. Therefore, the company's diversified operation, whether the performance can grow, and whether the CEO compensation is improved, the linkage relationship among the three topics are quite worthy of discussion. This study uses Taiwan listed companies from 2010 to 2017 as a research sample. First, we will discuss whether the degree of diversification in different types of companies (including TSE and OTC companies, group and non-group companies, high-tech and non-high-tech companies) will reduce the difference of CEO compensation? Secondly, we discuss the relationship between diversification and financial performance, and then discusses the relationship between financial performance and CEO compensation. Finally, we discuss whether the CEO compensation is affected by the diversification and financial performance interaction effect, and whether the financial performance has interference factors for the degree of diversification. The study found that: (1) TSE companies are more diversified than the OTC companies, and there is also higher CEO compensation. (2) The group companies are more diversified than the non-group companies, and the CEO compensation is also paid higher. (3) The high-tech companies is less diversified than the non-high-tech companies, but CEO have higher salaries. (4) The higher the degree of diversification of the company, the less significant financial performance. (5) Companies with better financial performance, CEO have higher salaries. (6) Enterprises with higher degree of diversification, CEO compensation is relatively low-paying. (7) If the company's financial performance is good, even if the degree of diversification is high, CEO compensation is paid higher.