本文主要在探討高階經理人薪資變化對公司生產效率及產出的影響；亦可說明經理人之生產力。不同於國外文獻，國外經理人薪資都包含了權益薪資，而國內公司使用權益薪資作為經理人酬勞的情況並不普遍，因此本研究將排除權益薪資部份；再者，過去的績效文獻裡，大多使用財務績效作為衡量，而本研究提出財務績效的不適性及可能發生的內生問題，所以選用生產效率當作衡量公司績效的方法。本文使用Chen (2007)所建構的資料作延續，以民國87年至93年台灣證券交易所上市之非金融業公司為對象，利用隨機性生產邊界模型的效率估計方法連結薪資與生產力的關係，以檢驗效率工資理論。綜合以上論述，本研究有二個特色，一為：即使經理人的薪酬是由一般薪資組成的，本文仍試著證明外部勞動市場的調整機制為重要因素。二為：不同於國外文獻績效的衡量，本文著重於經理人薪資與公司的長期利益關係，即為公司的生產力和效率。
結果發現，我國高階經理人的薪資對公司產出和技術效率皆有正向顯著，驗證了效率工資理論中，薪資增加提昇了廠商的效益。進一步的發現，將薪資變數分解後，我國高階經理人的薪資雖未包含權益薪資，但外部勞動市場及其敏感度皆為經理人最主要帶動公司產能的因素；長期下來，廠商會將經理人薪資引領至外部市場的水準。

The purpose of this study is to understand the production efficiency and the output of the firm by changing the chief executive officer salary for Taiwan listed companies. The paper uses the data from Chen (2007) constructed which are the listed companieson Taiwan Stock Exchange, excluding the financial companies, from 1998 to 2004. We apply the stochastic frontier approach to connectthe compensation with the production efficiency and output.
This study has two distinctive features: the first feature addresses the components of managerial pay. We try to demonstrate that even if managerial pay is composed primarily of base salaries, mechanism of pay adjustments with attention on the external managerial labor market plays an important role in pursuing superior firm performance. The second feature is focusing on the definition of performance. Compared with existing studies that are more concerned with financial performance, we are interested in finding the connection between managerial pay and log run profitability and prospects of firms, namely, the economic efficiency of firms.
We find that higher pay adjustments based on a scheme of external market comparisons significantly enhance the output and technical efficiency of the firms. The efficient working of the external managerial labor market is shown to be important in connecting firm productivity to managerial pay.

目 錄
第一章 前言..............................................................................................1
第一節 研究動機與目的............................................................................1
第二節 文章架構........................................................................................5
第二章 文獻回顧......................................................................................6
第一節 高階經理人薪資與廠商績效........................................................6
第二節 效率工資理論................................................................................8
第三節 隨機邊界模型理論基礎................................................................9
(一) 效率與邊界函數的定義..............................................................9
(二) 隨機生產邊界模型....................................................................11
第三章 資料來源與實證模型設定........................................................15
第一節 資料來源......................................................................................15
第二節 實證模型的設定..........................................................................19
(一) 薪資溢酬的組合殘差生產邊界................................................19
(二) 薪資溢酬無效率效果模型........................................................23
(三) Translog下的無效率模型..........................................................25
第四章 實證結果....................................................................................27
第一節 基本統計量之估計結果..............................................................27
第二節 薪資溢酬組合殘差之估計結果..................................................28
第三節 薪資無效率之估計結果..............................................................33
第四節 Translog生產函數的無效率之估計結果...................................37
第五章 結論............................................................................................42
參考文獻...............................................44
表目錄
表3.1 Chen (2007)變數之估計結果....................................................17
表4.1 變數之基本統計量.......................................................................28
表4.2 組合殘差之估計 [C-D].............................................................31
表4.3 產業控制下組合殘差之估計 [C-D].........................................32
表4.4 無效率之估計.............................................................................35
表4.5 產業控制下的無效率之估計.....................................................36
表4.6 Translog函數下的無效率估計.................................................38
表4.7 產業控制下的Translog函數無效率估計................................40
圖目錄
圖2.1 效率的衡量...................................................................................11
圖2.2 隨機生產邊界的概念…...............................................................13

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