過去探討薪酬文獻以高階經理人、總經理、及董事等三種，大多數以企業高階主管薪酬為研究對象的文獻，本研究改以企業員工薪酬為對象，探討給付員工較高薪酬的公司其企業績效與企業價值是否亦較高。實證樣本來自台灣經濟新報資料庫(TEJ)，2006年至2020年在台灣證券交易所上市之公司，使用高薪100成份股與非高薪100成分股進行配對，共計1,448個觀察值，使用差異中之差異法進行實證分析。實證結果顯示，我國所有上市公司中，高薪100成份股相對於非高薪100成份股而言，其企業績效與企業價值均顯著較高。額外執行敏感性分析結果顯示，對企業績效(ROE) 顯著較高，其次在樣本排除2008年金融海嘯與2019年新冠肺炎之年度，以及在企業價值加入特別股之影響時，結果均為顯著正向。本研究結果隱含企業給予員工較高薪酬及員工福利時，員工較願意全心全意投入貢獻於企業，使投資人看見企業良好績效並投資該企業，對於提升企業績效與價值有顯著正向幫助，產生出員工與企業雙贏之結果。本研究結果或有助於企業擬定員工薪酬決策之參考，亦在薪酬相關文獻有所補充。

In the past, there were three types of salary literature discussed for corporate executives, general managers, and directors. Most of the literature focused on the salary of corporate executives. This study changed to focus on corporate employee salaries, and explored whether companies that pay employees higher salaries have higher corporate performance and corporate value. The empirical samples come from TEJ and companies listed on the Taiwan Stock Exchange from 2006 to 2020. Use high compensation 100 constituent stocks and non-high compensation 100 constituent stocks to match. A total of 1,448 observations, empirical analysis based on the difference-in-difference method. The empirical results show that among listed companies in my country, the high compensation 100 component stocks have significantly higher firm performance and firm value than the non-high compensation 100 component stocks. Additional sensitivity analysis results show that the firm’s performance (ROE) is significantly higher. Secondly, when the sample excludes financial crisis and COVID-19, and when the firm value is added to the impact of special stocks, the results are significantly positive.The results of this research imply that when companies give employees higher salaries and employee benefits, employees are more willing to devote themselves to the company, so that investors can see the good performance of the company and invest in the company, which has a significant positive help in improving the performance and value of the company. A win-win result for employees and the company. The results of this research may be helpful for companies to make reference for employee compensation decisions, and they are also supplemented in the compensation-related literature.

第壹章 緒論	1
第一節 研究背景與研究動機	1
第二節 研究目的	3
第三節 研究流程	4
第貳章 文獻回顧	5
第一節 企業社會責任理論與利害關係人理論	5
第二節 企業薪酬相關研究	6
第三節 我國高薪100指數及相關研究	16
第四節 企業績效與企業價值影響因素之研究	17
第五節 文獻評述	18
第參章 研究設計	20
第一節 研究架構	20
第二節 研究假說	20
第三節 變數定義	21
第四節 估計模型	25
第五節 樣本說明	27
第六節 配對方法	29
第肆章 實證結果與分析	31
第一節 敘述統計	31
第二節 相關係數	36
第三節 迴歸分析	39
第四節 敏感性分析	42
第伍章 研究結論與管理意涵	47
第一節 研究結果	47
第二節 管理意涵	47
第三節 研究限制	48
參考文獻	49
附錄：臺灣證券交易所2014年至2020年逐年高薪100指數成份股清單	58

表目錄
表2-2-1過去企業薪酬研究中，對企業薪酬所屬的界定	7
表2-2-2企業薪酬決定因素之研究	11
表2-2-3企業薪酬對企業績效 (ROA, ROE)影響之研究	14
表2-2-4企業薪酬對企業價值影響之研究	15
表3-3-1本研究變數之定義彙總表	24
表4-1-1敘述性統計表	31
表4-1-2高薪100成份股與配對樣本相關變數均數之T檢定表	32
表4-1-3敘述性統計2013年(含)以前與非高薪100	35
表4-1-4敘述性統計2014年(含)以後與非高薪100	35
表4-1-5敘述性統計2013年(含)以前與高薪100	36
表4-1-6敘述性統計2014年(含)以後與高薪100	36
表4-2-1Pearson相關係數矩陣	38
表4-3-1迴歸結果ROA影響	40
表4-3-2迴歸結果TOBIN’S Q影響	41
表4-4-1迴歸結果ROE影響	44
表4-4-2迴歸結果ROA影響 在西元2009年-2018年範圍下	45
表4-4-3迴歸結果TOBIN’S Q_A影響	46

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