薪酬委員會特性對企業價值之影響

The Influences of Remuneration Committee's Characteristic on Corporation Value

郝逸華(Yee-Hua Hao) ； 李合龍(He-Lung Li) ； 陳芳華(Fang-Hua Chen) ； 鄭雪珠(Hsueh-Chu Cheng)

《商業現代化學刊》 8卷3期 (2017/08) Pp. 175-203

https://doi.org/10.6132/JCM.2017.8.4.10

摘要

我國為提升公司治理結構，保障投資人權益與避免肥貓問題孳生，因此在2006年引進國外薪酬委員會制度，且於2010年立法院通過證券交易法修訂案，國內上市櫃公司，需於2011年12月31日前設置完成薪酬委員會，期望能藉以加強董監事 及高階經理人之薪酬與企業之經營績效相關性、杜絕肥貓、並使高階管理者之薪酬更具透明與制度化。然而我國企業環境，對於政府規定所有上市、上櫃公司設置薪酬委員會其有效性為何？設置薪酬委員會規模、開會次數、獨立性、成員具財務或會計專長等特性對於企業價值有影響嗎？對公司治理之影響又如何？能杜絕肥貓嗎？而投資人如何看待政府要求所有上市、上櫃公司設立薪酬委員會的議題等諸多問題。本研究檢視2010-2014年已設立薪酬委員會之上市(櫃)公司其特性對於企業價值的影響議題，藉以探討設置薪酬委員會的特性是否顯著並影響公司的績效。此外加入與公司無利害關係之獨立董事，藉此使公司內部治理機制更為周全，以及運用薪酬委員會的獨立性、專業性、一定水準規模、開會次數、及成員具財務或會計專長等知識背景等特性，以改善我國公司治理存在的肥貓及監察人制度的不足，進而影響並提升企業價值。研究結果顯示薪酬委員會之設置，以短期觀點而言，薪酬委員會之特性將會因公司行業特性、規模大小或業務性質之不同而影響其成效，故對於提升公司治理與影響企業價值有限。以長遠觀點來看，其設置薪酬委員會可健全高階管理者薪酬制度、並與企業經營績效相連結、使高階管理者薪酬制度化、透明化，並帶動功能性委員會制度之普及外，亦可強化投資人權益之保障，及提升公司治理結構等諸多效益，故仍有其設置之必要性。

關鍵字

薪酬委員會 ； 公司治理 ； 公司績效

並列摘要

To enhance our corporate governance structure, to protect the interests of investors and avoid problems fat cats to breed, so the introduction of foreign remuneration committee system in 2006, and in 2010 the Legislative Yuan by the Securities and Exchange Act amendment, in which the first article 14-6, Stock listed or in business places of securities trading companies pay compensation committees set up and exercise of competence approach specification: domestic listed cabinet companies need in 2011. In this study, view the motivation of this study from 2010 to 2014 listed the Remuneration Committee has been established, OTC companies for their characteristics affect corporate value issues, in order to investigate whether the feature set of the Remuneration Committee and significantly affect the company's performance is. Hope to join with the independent directors of the Company had no interest, whereby the internal corporate governance mechanism is more comprehensive, and the use of the independence of the remuneration committee, professional, certain level of scale, the number of meetings, and members with expertise in finance or accounting background knowledge and other features to improve the lack of fat cats and supervisors system of corporate governance exist, thereby affecting and enhance corporate value. The results showed that the Remuneration Committee is set to short-term point of view, the characteristics of the Remuneration Committee will be because of the company industry characteristics, different size or nature of the business and affect its performance, so for enterprises to enhance corporate governance and the impact of limited value, we infer cause such results may be due to the establishment of many industries shorter period, different size and other factors, the more imperfect corporate governance, or only with the government department set up to follow the regulations and the remuneration committee of the applicable law. In the long term, provided the Remuneration Committee may sound Top management remuneration system, and linked with business performance, make Top management salaries systematic and transparent, and promote the popularization of the functional committee system, it can also strengthen protection of rights and interests of investors, and to enhance the effectiveness of many of the corporate governance structure, there is still the need to set the rules.

並列關鍵字

remuneration committee ； corporate governance ； corporate performance