如何強化公司治理機制受到全球高度的重視，有效的薪酬契約確能激勵高階主管對於企業的貢獻度，進而為股東創造財富。國外研究證明顯示，薪酬委員會制度的設置可強化高階主管薪酬的監督機制，並增加高階主管薪酬與經營績效間之敏感度。我國證券交易法遂於2010年11月增訂14條之6，規定公開發行公司應於2011年底前設置薪酬委員會，期藉由薪酬委員會設置來增強公司治理，其職責係檢視高階主管薪酬與經營績效表現之合理性，並制定妥適薪酬契約，以提升企業價值與極大化股東權益。
    本研究探討企業薪酬委員會設置前後及薪酬委員會成員結構暨專業背景對高階主管薪酬與經營績效之影響，同時探討薪酬委員會成立後對於高階主管薪酬級距分布情形之變化。透過會計基礎績效指標(即資產報酬率變動率)及市場基礎績效指標(即相對股票報酬率)用以衡量高階主管經營績效。實證結果顯示，薪酬委員會的設置確有增加高階主管薪酬與經營績效敏感度之效果；在薪酬委員會成員組成方面，當獨立董事及外部專業人事擔任薪酬委員會比例愈高時，有增加高階主管薪酬與經營績效敏感度之功效，究其原因，應是獨立董事與外部專業人士任職條件及應取得專業資格相同，故使結果趨於一致；薪酬委員會成員組成至少有一位財會背景人士擔任其結果亦然，究其原因，高階主管之經營績效評估往往以財務數據衡量，並涉及會計估計原則所致。在高階主管薪酬級距變化方面，於薪酬委員會成立後，屬於高薪酬之高階主管比例有下降之趨勢，而低薪酬之高階主管比例則呈現上升之趨勢，究其原因，薪酬委員會係客觀審議高階主管薪酬，其用意係防止肥貓事件發生，此結果隱含著薪酬委員會成立後對於高階主管薪酬仍有某種程度上之影響。綜上所述，薪酬委員會的設置及成員組成背景，對於公司治理機制確有其助益，因而使高階主管薪酬與經營績效敏感度更加提升。

How to strengthen corporate governance mechanism has drawn much attention globally. Effective compensation contracts can indeed motivate the executives’ contribution to enterprises, thus creating wealth for shareholders. Foreign research shows that the setting up of a compensation committee system can enhance executive compensation supervisory mechanism and increase the sensitivity between executive compensation and business performance. The National Securities Exchange Act then amended Provision 6 of Article 14 in November 2010, asking public companies to set up a compensation committee before the end of 2011, in the hope of enhancing corporate governance and showing the benefits of executive compensation toward business performance, and develop an appropriate compensation contract in order to enhance corporate value and maximize shareholders’ equity. This study explored the effects of compensation committee establishment and the structure and professional background of the compensation committee members on executive compensation and business performance. It also discussed the impact of compensation committee establishment on executive compensation range distribution. Accounting-based performance indicators (ie, ∆ROA) and market-based performance indicators (ie the relative stock returns) were used to measure the executives’ business performance. The empirical results show that the setting up of a compensation committee has indeed increased executive compensation and business performance sensitivity. In terms of the member composition of the compensation committee, when the proportion of independent directors and external professionals’ serving in the compensation committee is higher, executive compensation and business performance sensitivity will be enhanced, which should be attributed to the similar working conditions and qualifications of independent directors and external professionals, hence the coherent results. There should be at least one person with accounting background serving in the compensation committee for the executives’ business performance assessment tends to be measured by financial data and involves accounting assessment principles. In terms of executive range changes in compensation, the proportion of executives with high compensation showed a decreasing trend after the compensation committee was established, while the proportion of executives with low compensation showed a rising trend, because the compensation committee reviewed the executive compensation objectively with the purpose of preventing having fat cats in the organization, which implies that the establishment of the compensation committee still has an impact on the executive compensation committee to some extent. In summary, the setting up of a compensation committee and its structure and members’ background are indeed constructive to corporate governance mechanism, thus enhancing executive compensation and business performance sensitivity.

目錄
第一章  緒論	1
第一節 研究動機與背景	1
第二節 研究目的	5
第三節 研究架構及流程圖	7
第二章 文獻探討與研究假說	9
第一節 薪酬委員會設置緣由	9
第二節 薪酬委員會成員結構	12
第三節 薪酬委員會與高階主管薪酬敏感度之關聯性	14
第三章 研究設計	19
第一節 樣本選取與資料來源	19
第二節 變數定義	21
第三節 實證模型	27
第四章 實證結果與分析	30
第一節 敘述性統計及相關性分析	30
第二節 迴歸分析結果及成對樣本T檢定	34
第五章 研究結論、限制與建議	40
第一節 研究結論	40
第二節 研究可能限制與建議	41
參考文獻	42

圖目錄
圖1-1研究架構圖    8

表目錄
表3-1 觀察值之產業分布      20
表3-2 研究樣本       21
表4-1 薪酬委員會成立前後對於高階主管薪酬與經營績效之敘述統計      31
表4-2 薪酬委員會成立前後對於高階主管薪酬與經營績效之相關性分析      33
表4-3 薪酬委員會設置前後對於董監事薪酬與經營績效影響之迴歸分析      35
表4-4 薪酬委員會設置前後對於經理人薪酬與經營績效影響之迴歸分析      36
表4-5 薪酬委員會成員結構對於董監事薪酬與經營績效影響之迴歸分析      37
表4-6 薪酬委員會成員結構對於經理人薪酬與經營績效影響之迴歸分析      38
表4-7 薪酬委員會設置前後對於董監事薪酬級距之成對樣本T檢定 39
表4-8 薪酬委員會設置前後對於經理人薪酬級距之成對樣本T檢定 39

參考文獻
中文部分：
李彥興、郭政弘及李坤璋，2011，薪酬委員會實務手冊，頁10。
林仁光，2005，董事會功能性分工之法制課題-經營權功能之強化與內部監控機制之設計，臺大法學論叢，第35卷，第 1 期，頁192。
李馨蘋與鄭誌偉，2008，從管理者薪酬與機構法人持股之觀點看企業創新投資之影響因素，東吳經濟商學學報，第62期，頁47-68。
林淑惠與胡星陽，2003，上市公司高階經理人之酬勞結構，經濟論文，第 31 卷，第 2 期，頁171-206。
洪玉舜與王泰昌，2005，績效衡量指標在高階主管現金薪酬契約中之相對重要性，證券市場發展季刊，第17卷，第2期(7月), 頁35-100。
章民馨，2010，從解決核心代理問題角度思考兩岸公司治理未來發展方向，法學新論，頁68 。
陳玉麟，2012，企業策略、非財務績效衡量與總經理薪酬：電子業證據，會計評論，第54 期，頁117-150。
陳俊仁，2009，超越興利防弊功能之迷思-獨立董事與審計委員會地位之再建構，月旦法學雜誌，第 172 期，頁82。
陳春山、李彥興及陳清祥，2011，強制設置薪酬委員會之影響，新學林出版。
黃于庭與蕭雨萱，2011，薪酬委員會與公司治理：政府應該要求所有上市上櫃公司設置薪酬委員會嗎？，國立中央大學人力資源管理研究所未出版論文。
葉旻其，2009，公司治理機制對企業績效與董監薪酬之影響，國立政治大學會計學研究所，碩士論文。
廖益均，2013，我國薪酬委員會設置現況概述，公司治理專題，頁57~64。
臺灣證券交易所與財團法人中華民國證券櫃檯買賣中心，2013，薪資報酬委員會        
    運作效益之衡量與評估，調查報告。
劉連煜，2011，新證券交易法實例研習，第 9 版，頁57。
蔡昌憲，2012，評我國強制設置薪酬委員會之立法政策-從經濟分析及美國金融改革政策，中研院法學期刊，第 11 期，頁249~340。
蔡柳卿，2007，依會計盈餘時效性設計高階主管薪酬契約：董事會所扮演的角色，會計評論，第44期，頁61-94。
鄧穎懋與李秀玲，2012，薪酬委員會之功能及運作模式: 評析證劵交易法第14 條之6，朝陽商管評論，第 11 卷，第 1 期，頁69-85。
盧冠佑，2011，審計委員會財務專家與CEO誘因薪酬:對公司績效與盈餘管理之影響，國立中央大學會計學研究所，碩士論文。
戴銘昇，2011，薪資報酬委員會之組織與職權-兼評我國證券交易法2010年增訂之第14條之6，證交資料，第 585 期，頁31~55。
蘇媺雅，2013，薪酬委員會設置與高階經理人薪酬績效敏感度之關聯性，國立成功大學財務金融研究所，碩士論文。

西文部份：
Aboody, D., and R. Kasznik, 2000, “CEO stock option awards and the timing of corporate voluntary disclosures”, Journal of Accounting and Economics, Vol. 29 , pp. 73-100.
Anderson, R., and J. Bizjak, 2003, “An empirical examination of the role of the CEO and the compensation committee in structuring executive pay”, Journal of Banking and Finance, Vol. 27, No. 7, pp. 1323-1348.
Baber, W., S. Janakiraman, and S. Kang, 1996, “Investment opportunities and the structure of executive compensation”, Journal of Accounting and Economics, Vol. 21, pp. 297-318.
Balkin, D. B., G. D. Markman, and L. S. Gomez-Mejia, 2000, “Is CEO pay in high-technology firms related to innovation?”, Academy of Management Journal, Vol. 43 , pp. 1118-1129.
Baysinger, B., and R. Hoskisson, 1990, “The composition of boards of directors and strategic control: effects on corporate strategy”, Academy of Management Review, Vol. 15 , pp. 72-87. 
Bebchuk, L.A., J. M. Fried, and D. I. Walker, 2002, “Managerial power and rent extraction in the design of executive compensation”, The University of Chicago Law Review ,Vol. 69 , pp. 751-846.
Bebchuk, L. A., and J. M. Fried, 2003, “Executive compensation as an agency problem”, Journal of Economic Perspectives, Vol. 17, No. 3 , pp. 71-92.
Bebchuk, L. A., and J. M. Fried, 2004, “Pay without performance:The unfulfilled promise of executive compensation”, Harvard University Press.
Booth, J. R., M. M. Cornett, and H. Tehranian, 2002, “Boards of directors, ownership, and regulation”, Journal of Banking & Finance, Vol. 26 , pp. 1973-1996.
Bowen, W. G, 1994, “Inside the boardroom”, Publisher New York: Wiley.
Bryan, S., and L. Hwang, 1997, “The Economic determinants of the CEO compensation-performance sensitivity”, Working Paper, Baruch College, CUNY.
Bushman, R., Q. Chen, E. Engel, and A. Smith, 2004, “Financial accounting information, organizational complexity and corporate governance systems”,Journal of Accounting and Economics, Vol. 37 , pp. 167-201.
Bushman, R., R. Indjejikian, and A. Smith, 1996, “CEO compensation: The role of individual performance evaluation”, Journal of Accounting and Economics, Vol. 21 , pp. 161-193.
Chhaochharia, V., and Y. Grinstein, 2009, “CEO compensation and board structure”, Journal of Finance, Vol. 64, No. 1 , pp. 231-261.
Coase, R., 1937, “The nature of the firm”, Economica, Vol. 4 , pp. 386-405.
Conyon, M., and S. Peck, 1998 , “Board Control, Remuneration Committees, and Top Management Compensation”, Academy of Management Journal, Vol. 41, No. 2 , pp. 146-157.
Core, J. E., R. W. Holthausen, and D. F. Larcker, 1999, “Corporate governance, chief executive officer compensation and firm performance”, Journal of Financial Economics, Vol. 51, No. 3 , pp. 371-406.
Daily, C., J. Johnson, A. Ellstrand, and D. Dalton, 1998, “Compensation committee composition as a determinant of CEO compensation”, Academy of Management Journal, Vol. 41 , No. 2 , pp. 209-220.
Ezzamel, M., and R. Watson, 2002, “Pay comparability across and within UK boards: An empirical analysis of the pay cash awards to CEOs and other board members”, Journal of Management Studies, Vol. 39 , pp. 207-232.
Fama, E. F, 1980, “Agency problems and the theory of the firm”, Journal of Political Economy, Vol. 26 , pp. 327-349.
Fama, E. F., and M. C. Jensen, 1983, “Separation of ownership and control”, Journal of Law and Economics, Vol. 26 , pp. 301-325.
Fisher, J. W, 1986, “Crafting policy for performance and rewards”, Directors & Boards, Vol. 10 , No. 2 , pp. 26-29. 
Gerhart, B.,and G. T. Milkovich, 1990, “Organizational differences in managerial compensation and financial performances”, Academy of Management
    Journal, Vol. 3 , No. 4 , pp. 663-691.
Hartzell, J. and L. Starks, 2003, “Institutional Investors and Executive Compensation”, Journal of Finance, Vol. 58 , pp. 2351-2374.
Ittner, C. D., D. F. Larcker, and M. Rajan, 1997, “The choice of performance measures in annual bonus contracts”, The Accounting Review, Vol. 72 , pp. 231-255.
Jensen, M. C., and W. H. Meckling, 1976, “ The theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3 , pp. 305-360.
Jensen, M. C, 1986, “Agency costs of free cash flow, corporate finance and takeovers”,American Economic Review, Vol. 76 , pp. 323-339.
Jensen, M. C., and K. J. Murphy, 1990, “ Performance pay and top management incentives”,Journal of Political Economy, Vol. 98 , No. 2 , pp. 225-264.
Jensen, M. C., and K. J. Murphy, 2004, “Remuneration: where we’ve been. How we got to here, what are the problems, and how to fix them”, Finance Working Paper No. 44/2004.
John, T. A., and K. John, 1993, “Top-management compensation and capital structure”,Journal of Finance, Vol. 48 , pp. 949-974.
Kesner, I. F, 1988, “Directors characteristics and committee membership: An investigation of type, occupation, tenure, and gender”, Academy of Management Journal, Vol 31 , pp. 66-84.
Lambert, R. A., and D. F. Larcker, 1987, “An analysis of the use of accounting and market measures of performance in executive compensation contracts”, Journal
of Accounting Research, Vol. 25 , pp. 85-125.
Lee, C., S. Rosenstein, N. Rangan, and N. Davidson, 1992, “Board composition and shareholder wealth: The case of management buyouts”, Financial Management, Vol. 21, No. 1 , pp. 58-72. 
Li. H. and Y. Qian, 1997, “Outside CEO directors on compensation committees: whose side are they on?, Review of Accounting and Finance, Vol. 10, No. 2 , pp. 110-133.
Lorsch, J. W., and E. MacIver, 1989, “Pawns or potentates-The reality of America's corporate boards”, Harvard Business School Press.
Mangel, R., and H. Singh, 1993, “ Ownership structure, board relationships and CEO compensation in large US corporations”,Accounting and Business Research, Vol. 23 , pp. 339-350.
Newman, H., and H. Mozes, 1999, “Does the composition of the compensation committee influence CEO compensation practices?”, Financial Management, Vol. 28 , pp. 41-53. 
O'Reilly, C. A., B. G. Main, and G. S. Crystal, 1988, “CEO compensation as tournament and social comparison: A tale of two theories”, Administrative Science Quarterly, Vol. 33 , pp. 257-274. 
Perry, T., and M. Zenner, 2001, “Pay for performance? Government regulation and the structure of compensation contracts”, Journal of Financial Economics, Vol. 62 , pp. 453-488. 

Singh, H., and F. Harianto, 1989, “Top management tenure, corporate ownership structure and the magnitude of golden parachutes”, Strategic Management Journal, Vol. 10 , pp. 143-156. 
Sloan, R., 1993, “Accounting earnings and top executive compensation”, Journal of Accounting and Economics, Vol. 16, No. 1-3 , pp. 55-100.
Smith, C., and R. Watts, 1992, “The investment opportunity set and corporate financing, dividend and compensation policies”, Journal of Financial Economics, Vol. 32, No. 3 , pp. 263-292.
Sun, J., and S. Cahan, 2009, “The effect of compensation committee quality on the association between CEO cash compensation and accounting performance”, Corporate Governance: An International Review, Vol. 17 , No. 2 , pp. 193-207.
Vafeas, N., 2003, “Further evidence on compensation committee composition as a determinant of CEO compensation”, Financial Management, Vol. 32 , No. 2 , pp. 53-70.
Wan-Hussin.W.N., and B. Salim, 2009, “Remuneration committee, ownership structure and pay-for-performance: evidence from nalaysia”, Working Paper, College of Business Universiti Utara Malaysia. 
Williamson, O., 1985, “The economic institutions of capitalism: Firms, markets, relational contracting”, Free Press, New York.
Zhu, Y., G. Tian, and S. Ma, 2010, “Executive Compensation, Board Characteristics and Firm Performance in China: The Impact of Compensation Committee”, Working Paper, University of Wollongong.