近年來，經理人薪酬成為熱門討論議題，許多肥貓企業也紛紛浮上檯面。本研究之目的在於探討企業高階經理人薪酬之結構與其債務資金成本之關聯性，並檢視不同的經理人持股比例是否對於其債務資金成本之高低亦有影響。本文以代理理論為基礎，利用2016年至2019年期間台灣的上市櫃公司為樣本。實證結果顯示，在其他條件不變下，薪資結構中有較高現金基礎誘因薪酬的公司有較低的債務資金成本。有較高經理人持股比例之企業亦傾向有較低之債務資金成本。

This study examines how executive compensation affects the cost of debt financing. Using management pay data from Taiwan, companies with higher cash-like incentive compensation in the salary structure have lower costs of debt, ceteris paribus. Moreover, this study provides evidence that companies with higher managerial ownership tend to have lower debt costs. The result suggests that executive compensation and managerial stock ownership can be used when determining credit terms.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 3

第二章 文獻探討與假說發展 5
第一節 代理理論 5
第二節 高階經理人薪酬 8
第三節 高階經理人持股 9
第四節 債務資金成本 9
第五節 高階經理人薪酬與債務資金成本 11
第六節 高階經理人持股與債務資金成本 12

第三章 研究方法 13
第一節 資料來源與樣本選取 13
第二節 變數定義與實證模型 16

第四章 實證結果 21
第一節 敘述性統計分析 21
第二節 相關係數分析 23
第三節 迴歸結果分析 27
第四節 敏感性分析 33

第五章 結論與建議 37
第一節 研究結論 37
第二節 研究限制與建議 38

附錄一 研究變數彙總表 39

參考文獻 41

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