近年來，一連串假帳醜聞風波，但高階主管薪酬卻與公司盈餘不成正比，使得肥貓議題備受全球重視。本研究以2005年至2011年在台灣股票上市上櫃公司為研究對象，樣本公司共有1,351家，其中上市有772家，上櫃有579家，利用Pearson積差相關分析、複迴歸分析方法，以盈餘管理為自變數，公司治理機制為干擾變數(含董監事規模、董事長兼任總經理、大股東持股比率、董監事持股比率、經理人持股比率、法人機構持股比率及四大會計事務所簽證)，高階主管薪酬為應變數，探討盈餘管理、公司治理機制與高階主管薪酬的關係。
    本研究發現盈餘管理對公司高階主管薪酬有顯著負向影響。董監事規模、董監事持股比率及四大會計事務所簽證顯著正向干擾盈餘管理對高階主管薪酬的影響。董事長兼任總經理、大股東持股比率、經理人持股比率與法人持股比率顯著負向干擾盈餘管理對高階主管薪酬的影響。公司治理機制的發揮是有效監督高階主管自利行為的關鍵所在，因而如何使高階主管利益與股東的利益趨於一致，減少高階主管藉著盈餘的操弄而增加高階主管薪酬，則是台灣主管當局健全資本市場努力的方向。本研究的研究結果可作為利害相關人士的參考。

There are some financial scandals over the recent years. As the executive compensation is not proportional to the corporation earning, the public’s focus on the issues of Fat Cat. This research is targeted on the companies listed in Taiwan Stock Exchange Corporation (TSEC) or Over the Counter (OTC) from 2005 to 2011, there are 1,351 sample companies in total, in which 772 companies are listed in TSEC and 579 companies are listed in OTC. Based on Pearson correlation analysis and multiple regression analysis, this study investigates the relationship among earnings management, corporate governance and management compensation. Management compensation is as the dependent variable, the independent variable is the earning management, and moderating variable is the corporate governance which includes board size, chairman also serving as CEO, block shareholding ratio, director shareholding ratio, manager shareholding ratio, investment institution shareholding ratio, and certification of top-four accounting agency.
The findings of this study show the earnings management has negative effect on the management compensation significantly. The board size, investment institution shareholding ratio and the certification of top-four accounting agency significantly increase the effect the earnings management on the management compensation. Contrarily chairman also serving as CEO, block shareholding ratio, manager shareholding ratio and investment institution shareholding ratio significantly decrease the effect of earnings management on the management compensation. 
What the key point of effective monitoring executive self-interested behavior, depends on the corporate governance mechanism. Therefore, how to match the interests between the executives and stockholders, and how to avoid the executives’ earnings manipulation for increasing executive compensation are the striving directions of Taiwan authorities for healthy capital market. The result of this study provides the references for the stakeholders of the companies.

目錄                                                   頁次
目錄----------------------------------------------------- I
圖目錄------------------------------------------------- III
表目錄-------------------------------------------------- IV
1. 緒論-------------------------------------------------- 1
1.1 研究背景與研究動機----------------------------------- 1
1.2 研究目的--------------------------------------------- 5
1.3 研究對象與範圍--------------------------------------- 6
1.4 研究架構--------------------------------------------- 6
2. 研究方法---------------------------------------------- 8
2.1 觀念性研究架構--------------------------------------- 8
2.2 研究變數操作性定義----------------------------------- 9
2.3 研究樣本與資料來源---------------------------------- 16
2.4 實證模型-------------------------------------------- 17
3. 實證結果分析----------------------------------------- 18
3.1 基本敘述統計分析------------------------------------ 18
3.2 相關分析-------------------------------------------- 20
3.3 盈餘管理、公司治理機制與高階主管薪酬的變化實證分析-- 22
4. 結論與建議------------------------------------------- 28
4.1 結論------------------------------------------------ 28
4.2 建議------------------------------------------------ 29
參考文獻------------------------------------------------ 31
(1). 中文部份------------------------------------------- 31
(2). 英文部份------------------------------------------- 32

圖目錄                                                 頁次
圖1-1 研究流程圖----------------------------------------- 7
圖2-1 觀念性研究架構圖----------------------------------- 9

表目錄頁次
表2-1 研究資料期間樣本上市櫃公司分佈-------------------- 16
表3-1 變數基本敘述統計---------------------------------- 19
表3-2 變數相關分析-------------------------------------- 21
表3-3 盈餘管理、公司治理機制與高階主管薪酬的複迴歸係數估計與檢定---------------------------------------------------- 25

中文部份
1.李存修，2003，管理新知──淺談公司治理，Category，第26期，頁45-49。
2.李建然與陳政芳，2004，審計客戶重要性與盈餘管理：以五大事務所組別為觀察標的，會計評論，第38期，頁59-80。
3.洪堂城，2011，企業該導入高階經理人薪酬獎勵制度嗎？，經濟日報，2011年6月19日，A13版。
4.陳維鈞，2010，寰宇法務「經理人薪酬 回歸公司治理」，經濟日報，2010年8月11日，A11版。
5.葉崇琦，2011，從「薪酬委員會」看薪酬工具的選用及評價，勤業眾信通訊，11月號，頁42-48。
6.葉銀華，2002，從台灣上市公司網站資訊揭露看透明度，會計研究月刊，第200期，頁70-77。
7.葉銀華、李存修與柯承恩，2002，公司治理與評分系統，台北：商智文化事業股份有限公司。
8.葉銀華，2006，如何健全獨立董事會制度，會計研究月刊，第253期，頁63-68。
9.魯海帆，2011，高管團隊內薪酬差距、風險與公司業績──基於錦標賽理論的實證研究，經濟管理，第12期，頁93-99。
英文部份
1.Barth, M. E., J. A. Elliott and M. W. Finn, 2001, Market Rewards Associated with Patterns of Increasing Earnings. Journal of Accounting Research, 37(2): 387-414.
2.Bell, T. B., S. Szykowny and J. J. Willingham, 1991, Assessing the Likelihood of Fraudulent Financial Reporting: A Cascaded Logit Approach. Working Paper, KPMG peat Marwick.
3.Bergstresser, D. and T. Philippon, 2006, CEO Incentives and Earnings Management. Journal of Financial Economics, 80: 511-529.
4.Becker, C. L., M. L. DeFond, J. Jiambalvo and K. R. Subramanyam, 1998, The Effect of Audit Quality on Earnings Management, Contemporary Accounting Research, 15(1): 1-24.
5.Boyd, B. K., 1995, CEO Duality and Firm Performance: A Contingency Model. Strategic Management Journal, 16: 301-312.
6.Burns, N. and S. Kedia, 2006, The Impact of CEO Incentives on Misreporting, Journal of Financial Economics, 79: 35-67.
7.Chung, Richard, Michael Firth and Jeong-Bon Kim, 2002, Institutional Monitoring and Opportunistic Earnings Management, Journal of corporate finance, 8: 29-48.
8.Core, J. E., W. Robert, W. Holthausen and David F. Larcker, 1999, Corporate Governance, Chief Officer Compensation, and Firm Performance, Journal of Financial Economics, 51(3): 371-406.
9.Daines, M. Robert, Ian D. Gow and David F. Larcker, 2010, Rating the Ratings: How Good are Commercial Governance Ratings? Journal of Financial Economics, 98 (3): 439–461.
10.Datar, Srikant M., Gerald A. Feltham and John S. Hughes, 1991, The Role of Audits and Audit Quality in Valuing New Issues, Journal of Accounting and Economics, 14: 3-49.
11.Davidson, S. D., C. Stickney and R. Weil. 1987, Accounting: The language of business, New Jersey: Prentice-Hall. Tomas Horton and Daughter.
12.DeFond, M. L. and J. Jiambalvo, 1994, Debt Covenant Effects and Manipulation of Accruals, Journal of Accounting and Economics, 17: 145-161.
13.DeFond, M. L. and K. R. Subramanyam, 1998, Auditor Changes and Discretionary Accruals. Journal of Accounting and Economics, 25: 36-67.
14.Dechow, Patricia, R. Sloan and A. Sweeney, 1995, Detecting Earnings Management. The Accounting Review, 70: 193-225.
15.Dechow, Patricia M., Amy P. Hutton and Richard G. Sloan, 1996, Economic Consequences of Accounting for Stock-based Compensation, Journal of Accounting Research, 34: 1-20.
16.Dechow, Patricia M. and Douglas J. Skinner, 2000, Earnings Management: Reconciling the Views of Accounting Academics, Practitioners, and regulators, Accounting Horizons, 14 (2): 235-250.
17.Fama, E. F. and M. C. Jensen, 1983, Separation of Ownership and Control, Journal of Law and Economics, 26, 301-325.
18.Fu, Chung-Jen, 2001, Executive Compensation, Ownership, and Firm Performance, Sun Yat-Sen Management Review, 2001 International Issue: 95-116.
19.Gao, H. 2010, Optima Compensation Con-tracts when Managers can Hedge. Journal of Financial Economics, 97: 218-238.
20.Hagerman, Robert L. and Mark E. Zmijewski, 1979, Some Economic Determinants of Accounting Policy Choice, Journal of Accounting and Economics, 1: 141-161.
21.Healy, Paul M., 1985, The Effects of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics, 7: 85-107.
22.Healy, Paul M. and James M. Wahlen, 1999, A Review of the Earnings Management Literature and its Implications for Standard Setting, Accounting Horizons, 13 (4): 365-383.
23.Huang, Rong, Carol A. Marquardt and Bo Zhang, 2011, Why Do Managers Avoid EPS Dilution? AAA 2010 Financial Accounting and Reporting Section (FARS) Paper.
24.Jensen, M. C. and W. H. Meckling, 1976, Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial 	Economics, 3: 305-360.
25.Jensen, M. C. and R. S. Ruback, 1983, The Market for Corporate Control：The Scientific Evidence, Journal of Financial Economics, 11: 5-50.
26.Jones, J. J., 1991, Earnings Management during Import Relief Investigations, Journal of Accounting Research, 29: 193-228.
27.John, Kose and Lemma W. Senbet, 1998, Corporate Governance and Board Effec-tiveness, Journal of Banking and Finance, 22: 371-403.
28.Lewellen, W., 1970, A Pure Financial Rationale for the Conglomerate Merger. Journal of Finance, 26: 521-537.
29.McConnell, J. J. and H. Servaes, 1990, Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics, 27: 595-612.
30.Mehran, Hamid, 1995, Executive Compensation Structure, Ownership, and Firm Perfor-mance, Journal of Financial Economics, 38: 163-184.
31.Morck, Randall, Andrei Shleifer and Robert W. Vishny, 1988, Management Owner-ship and Market Valuation: An Empirical Analysis, Journal of Financial Economics, 20: 293-315.
32.Peasnell K. V., P. F. Pope and S. Young, 2000, Board Monitoring and Earnings Management: Do Outside Directors Influence Abnormal Accruals? Working Paper, Lancaster University.
33.Rajgopal, S., M. Venkatachalam and J. Jiambalvo., 1998, Is Institutional Ownership Associated with Earnings Management and the Extent to which Stock Prices Reflect Future Earnings? Working Paper, University of Washington at Seattle.
34.Safdar, I., 2003, Executive Stock Option Exercise, Earnings Management, and Stock Returns, Unpublished working paper, University of Rochester, Rochester, N.Y..
35.Sharma, V. D., 2004, Board of Director Characteristics, Institutional Ownership, and Fraud:  Evidence from Australia, Auditing: A Journal of Practice and Theory, 23(2): 105-117.
36.Shleifer, Andrei. and Robert W. Vishny, 1997, Survey of Corporate Governance, Journal of Finance, 52(2): 737-783.
37.Sloan, Richard G., 1993, Accounting Earnings and Top Executive Compensation, Journal of Accounting and Economics, 16: 55-100.
38.Yermack, D., 1996, Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics, 40: 185-211.
39.Zahra, S. A. and J. A. Pearce., 1989. Board of Directors and Corporate Financial Performance: A Review and Integrated Model. Journal of Management, 15, 291-334.