本研究探討會計和市場績效、風險因子等變數與高階經理人薪酬間之關係，被解釋變數包括全體總薪酬、董監事總薪酬、總經理/副總薪酬等高階經理人薪酬改變量；解釋變數包含會計績效之資產報酬率改變量和股東權益報酬率改變量、市場績效之股票報酬率、以及四個風險因子：資產報酬率標準差、股東權益報酬率標準差、報酬率標準差、負債比率改變量，並在總資產週轉率改變量、淨值市價比改變量、總資產改變量等三個控制數下，分別針對全部樣本與電子產業樣本進行分析，並比較兩結果之異同。
結果顯示，不同的會計績效衡量指標對高階經理人薪酬之增加幅度有完全不同之影響方向，其中高階經理人薪酬改變量與資產報酬率改變量間呈現顯著之正向關係；反之，高階經理人薪酬改變量與股東權益報酬率改變量間呈現顯著之負向關係。不過，市場績效指標結果一致顯示當股票報酬愈佳時，則高階經理人薪酬改變量愈高。
至於，風險因子之結果顯示除了資產報酬率標準差外，其餘三個風險因子均是呈現高階經理人薪酬變動是隨著企業的風險增加而降低。以及本研究結果顯示三個控制變數均與高階經理人薪酬改變量之間存在正向關係。最後，電子產業樣本所得之結論與全部樣本之結果相同。

This study discusses the relationship between accounting, market performance, risk factors and other variables and the remunerations of senior managers. The explained variables include the variations in remunerations of total staff, total remunerations of directors and supervisors, total remunerations of general manager/deputy general managers and other senior managers; the explaining variables include the variations in ROA and ROE of the accounting performance, variations in return on stock of the market performance, and the variations in four risk factors: standard deviation of ROA, standard deviation of ROE, standard deviation of return rate, and debt ratio. All samples and the samples of the electronics industry will be analyzed through the three control numbers: variation in total asset turnover, variation in net market price and variation in total assets, and the results of the two will be compared to find out the differences and similarities. 
The results show that different accounting performance indicators influence the increases in the remunerations of senior managers in completely different ways: it shows a significant positive relationship between the variations in remunerations of senior managers and the variation in ROA; conversely, it shows a significant negative relationship between the variations in remunerations of senior managers and the variation in ROE. However, the results of market performance indicators consistently show that the variations of the remunerations of senior managers are higher when there are better stock returns. 
As for the risk factors, except for the standard deviation of the ROA, the results of other three risk factors all show that the variations in remunerations of senior managers decrease along with the increased risk of the enterprises. And the results of this study show a positive relationship between the three control variables and the variations in remunerations of senior managers. Finally, the conclusions from the samples of the electronics industry are the same with the results of all samples.

目錄                  頁次
第一章 緒論  1
第一節 研究動機與背景  1
第二節 研究目的  4
第三節 研究架構  7
第四節 研究流程  8
第二章 文獻探討  9
第一節 公司治理對高階主管薪酬契約之影響  9
第二節 績效衡量指標對高階主管薪酬契約之影響  14
第三節 風險特性對高階主管薪酬契約之影響  17
第四節 公司特性對高階主管薪酬契約之影響  20
第三章 研究方法  22
第一節 理論架構  22
第二節 研究假說  23
第三節 變數定義與研究模型  28
第四章 實證結果與分析  34
第一節 研究資料  34
第二節 全樣本公司之敘述性統計分析  37
第三節 全部樣本公司之相關性分析  41
第四節 所有樣本迴歸分析結果  43
第五節 電子業樣本敘述性統計與相關性分析  49
第六節 電子產業樣本之迴歸分析結果  53
第五章 結論與建議  57
第一節 研究結論  57
第二節 研究建議  61
參考文獻  62

表目錄                           頁次
[表3-1] 被解釋變數統整表  29
[表3-2] 自變數統整表  32
[表3-2] 自變數統整表(續)  33
[表4-1] 全部樣本公司的彙總整理  35
[表4-2] 電子產業樣本公司的彙總整理  36
[表4-3] 全部樣本公司之薪酬水準  38
[表4-4] 全部樣本公司之績效水準變數  39
[表4-5] 全部樣本公司之風險變數  40
[表4-6] 全部樣本公司之控制變數  40
[表4-7] 各研究變數間之相關係數矩陣-全部樣本  42
[表4-8] 全體總薪酬改變量之迴歸分析結果-全部樣本  44
[表4-9] 董監事總薪酬改變量之迴歸分析結果-全體樣本  46
[表4-10] 總經理/副總薪酬改變量之迴歸分析結果-全體樣本  48
[表4-11] 電子產業樣本公司之薪酬水準  49
[表4-12] 電子產業樣本公司之績效水準變數  50
[表4-13] 電子產業別的樣本公司之風險變數  50
[表4-14] 電子業樣本公司之控制變數  51
[表4-15] 各研究變數間之相關係數矩陣-電子產業樣本  52
[表4-16] 全體總薪酬改變量之迴歸分析結果-電子產業樣本  54
[表4-17] 董監事總薪酬改變量之迴歸分析結果-電子產業樣本  55
[表4-18] 總經理/副總薪酬改變量之迴歸分析結果
         -電子產業樣本  56
[表5-1] 各產業別假說實證結果彙整  58
[表5-2] 電子產業假說實證結果彙整  59

圖目錄                     頁次
[圖1-1] 研究架構  8
[圖3-1] 理論架構  22

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