在知識經濟的時代裡，對企業而言，最龐大且最無窮的資源就是人，而這群人的核心就在於經理人。為了要有效的運用經理人這項資源，並使其為股東們累積財富，企業必須確實犒賞經理人，然而經理人是否真的朝向股東權益最大化的目標努力呢？本研究的焦點就在探討經理人的總薪酬與其貢獻的相關性，意即以經理人總薪酬為因，公司績效為果。 本研究的資料主要取自於台灣經濟新報社(TEJ)之資料庫，並輔以公開資訊觀測站的資料，確保資料之準確性。本研究以台灣證券交易所全體上市(櫃)之非金融業產業公司為研究對象，研究期間為西元2004年至2005年。依據樣本選取標準並排除資料不齊全之公司後，最終樣本包含1264筆資料。整體而言，經理人薪酬與公司績效的表現具有顯著性的正相關係，將樣本依上市櫃及產業分群，經理人薪酬與公司經營績效的關係，皆與整體樣本的方向一致。 This paper use the non-financial listed companies in Taiwan Stock Exchange from 2004 to 2005 as samples. Data comes from TEJ database and the market observation post system. We investigate the relationship between the executive’s compensation and the companies performance, using executive’s compensation as the independent variable. The focal point of this research is whether executive’s compensation tallied with their contributes. Our main findings are as follows: All the models reveal that the significant positive relationship between executive compensation and firm performance diminishes as executive compensation, as a percentage of asset, increases. On the other hand, firm performance is significantly negatively associated with the square of percentage of executive’s compensation in all models.
