高階經理人薪酬分配比例與公司績效之關聯性

The Relationship between the Proportion of Executive Pay to Others and Firm Performance.

江慶偉(Ching-wei Chiang)

指導教授 ： 朱炫璉

國立臺北大學/商學院/會計學系/碩士(2011年)

摘要

薪酬分配是企業依其組織成員所做的犠牲而給予的一種實質的回饋。又公平是薪酬設計的基本要素，許多的研究均指出薪酬公平的重要性與影響力。過去相關文獻指出不同工作層級會產生不同的工作績效，因此這些導因於不同工作層級所產生的不同績效(貢獻度)，理應在薪酬的分配比重上有所區別，如此才能產生激勵效果。
本研究以2008年至2009年的台灣上市公司703家(不含金融業)為研究對象，探討高階經理人與其他員工薪酬分配比例對公司績效的影響，並將樣本區分為電子產業及非電子產業，分別測試其對公司績效的影響程度。
結果顯示，在電子產業中高階經理人的薪酬分配比例與公司績效呈顯著正相關，顯示高階經理人的薪酬佔所有員工薪酬比例越高，公司績效越好，符合過去研究指出高階經理人對公司的貢獻較高，因此應給予較高的薪酬分配比例；另外在針對非電子產業的實證結果顯示，高階經理人的薪酬分配比例與公司績效存在一非線性的轉折點關係，在該轉折點以下，高階經理人的薪酬分配比例與公司績效呈正相關，反之，超過該轉折點，其關係則轉為負相關，代表該轉折點為高階經理人的最適薪酬分配比例。

關鍵字

公司績效 , 薪酬分配比例

並列摘要

The incentive compensation is a kind of practical bonus offered by companies to employees based on their contributions to the organization. Fairness is a basic element in the design of the incentive compensation. Many studies point out the importance and influence of fairness in offering incentive compensation. Past literatures also reveal that different working classes have different work performance due to their distinct contributions. Therefore, incentive compensation should vary in proportion in order to have a motivational effect.
This study takes 703 Taiwanese companies (excluding the financial industry) listed from 2008 to 2009 as subjects to determine the influence of incentive percentage pay of top managers and staff on company performance. The electronics industry and non-electronics industry are evaluated separately to determine their influence on company performance, respectively.
Results show that the incentive ratio of top managers in the electronics industry is significantly and positively related to company performance, which means that the higher the incentive ratio of top managers, the better the company performance. This is consistent with the proposition in a previous study which affirms that top managers make more contributions to the company; therefore they should have a higher incentive percentage payment. Moreover, the empirical results of the non-electronics industry show that there is a turning point in the non-linear relationship of top managers’ incentive ratio and company performance. This turning point, which denotes the incentive ratio of top managers, is positively related to company performance. Otherwise, there will be a negative relationship between the two beyond this turning point. This indicates that the turning point represents the most appropriate incentive percentage pay for top managers.

並列關鍵字

firm performance ,proportion of executive pay to others

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