臺灣博碩士論文加值系統

我國於2010年11月24日訂立「證券交易法」第十四條之六條文，條文明確規定上市櫃與興櫃公司必須設置薪酬委員會，故本研究針對在法令的規範下，探討我國薪酬委員會之設置是否能提升薪酬績效敏感度，並提供董事會有關於我國設置薪酬委員會之規範及目前設置薪酬委員會的運作情形。本研究以上市櫃公司資料為研究對象，研究期間為2007年、2010年及2011年，共計三年。本研究結果發現，有設置薪酬委員會之公司相較於無設置薪酬委員會之公司未能顯著提升薪酬績效敏感度。研究結果亦發現，有設置薪酬委員會之公司相較於無設置薪酬委員會之公司，董事會有效性與薪酬績效敏感度呈反向關係。本研究結果可提供董事會審慎評估高階主管之薪酬與公司績效之關聯以及董事會結構之有效性，以做為強化公司治理之參考依據。

Section 14-6 of Securities Exchange Act is amended in November 24, 2010 to stipulate that corporations shall set up compensation committees. This research explores whether the mandatory compensation committee can increase pay-performance sensitivity and to provide the Board the specification establishment of compensation committee and operation model of compensation committee. The subject of this research is publicly listed companies from 2007, 2010 and 2011. The empirical results show that pay-performance sensitivity of the companies with compensation committees does not significantly differ from companies without compensation committees. In addition, the effectiveness of board is negative and significantly associated with association of pay-performance sensitivity and existence of compensation committees.

誌 謝 i
中文摘要 iii
英文摘要 iv
目錄 v
表目錄 vii
第一章　緒論 1
第一節　研究動機與目的 1
第二節　研究問題 2
第三節　論文架構 3
第二章 文獻探討 5
第一節　國外設置薪酬委員會與薪酬績效敏感度 5
第二節　我國法令規範設置薪酬委員會之發展 7
第三節　董事會與薪酬績效敏感度 9
第三章　研究設計 12
第一節　研究假說 12
第二節　變數定義 14
第三節　實證模型 18
第四節 樣本選取 19
第四章 實證結果分析 20
第一節　研究期間及樣本資料來源 20
第二節 實證結果 21
第五章 結論與建議 32
第一節 研究結論 32
第二節 研究限制與未來研究方向 33
參考文獻 34

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