臺灣博碩士論文加值系統

本文根據2005至2015年間臺灣證券交易所之上市上櫃公司的資料，檢驗公司善盡企業社會責任的程度高低是否影響公司董監事/高階管理者的薪酬合理性(以薪酬－績效敏感度衡量之)。近幾年隨著商業經營思維的變遷和世界潮流的改變，越來越多企業將社會責任作為經營公司所必須投入的資源之一。已經有許多既有研究探討公司從事社會責任的程度與營運績效的關係，但是關於社會責任如何影響公司治理機制，例如降低代理問題以及利害關係人權益的更佳重視，進而影響公司董監事/高管薪酬的合理性之研究則相對缺乏。由於既有文獻指出公司出現較弱的薪酬-績效敏感度被認為是一種出現代理問題的形式，表彰著公司可能出現治理不佳的情形，由於企業善盡社會責任表示其公司治理健全，因此一般來說，公司越善盡社會責任理論上代表公司治理也越佳，則薪酬績效敏感性也將越大。基於這個原因，本研究認為公司經理人與董監事薪酬與績效間的連結將有可能受到公司從事社會責任程度所影響。本研究在社會責任投入多寡的衡量上，採用較常使用的虛擬變數方法，利用天下雜誌及遠見雜誌之社會責任公司入選名單，以此建構社會責任衡量之代理變數，同時本研究也利用公司的財報資訊計算出每個年度公司為其利害關係人創造了多少的社會貢獻值(Social Contribution Value)以量化社會責任表現。在公司經理人與董監事高管薪酬上本文以總經理/副總之薪金合計、總經理/副總之平均薪金、董監事之總薪酬合計作為薪酬的代理變數。本文預期的實證結果是，公司在社會責任活動上的投入愈多，公司之經理人與董監事高管薪酬與績效的連結程度愈高，薪酬的合理性愈高。

Based on the data of 1,484 nonfinancial listed-companies on the Taiwan Stock Exchange (TWSE) and Gre-Tai Securities Market (GTSM) over the period from 2005 to 2015, this paper examines the linkage between firm’s engagement in Corporate Social Responsibility and the compensation on director/top management that is measured by pay-for-performance sensitivity. In recent years, the firm has paid more and more attention on Corporate Social Responsibility. Existing studied has mentioned that the relationship between the social responsibility and operational performance, but how social responsibility affects corporate governance such as the greater importance of stakeholder interests, thereby affecting the director/top management, the study of the rationality of compensation is relatively lacking. As a result of the literature that the company appears to be weaker pay-for-performance sensitivity is considered to be a form of agency problems, indicate the company may appear poor governance situation. Generally, the better company's social responsibility on behalf of corporate governance is also better, the pay-for-performance sensitivity will be greater. For this reason, this thesis suggests that the linkage between compensation and performance of corporate managers and directors will be likely to be affected by corporate social responsibility. Empirical result shows that the company's investment in social responsibility activities is more, the higher the linkage between the top managers and directors, the higher the rationality of the compensation.

摘要 I
ABSTRACT III
目錄 V
圖表目錄 VI
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 6
第三節 研究架構與流程 7
第貳章 文獻探討 9
第一節 企業社會責任的發展與相關規範 9
第二節 企業從事社會責任的利益與成本 15
第三節 社會責任與績效薪酬敏感性關聯 18
第參章 變數、計量模型與樣本資料 21
第一節 變數衡量 21
第二節 計量模型 38
第三節 樣本與資料 43
第肆章 實證結果分析 44
第一節 敘述統計量與相關係數矩陣 44
第二節 迴歸分析結果 51
第伍章 結論與建議 57
第一節 研究結論 57
第二節 研究限制及建議 59
參考文獻 60

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