實證結果發現，以資產報酬率和每股盈餘代表公司績效時，經理人薪酬比率和公司績效皆存在縱橫平滑移轉現象，並產生不同門檻值。大抵上當公司淨利雖為負，但虧損幅度並不大時，增加經理人薪酬，能為公司帶來獲利，使獲利轉虧為盈，但當公司淨利虧損過多或公司已呈現叫高淨利時，增加經理人的薪酬並不能將虧損的公司轉虧為盈，或是帶領高淨利的公司再創高峰。而控制變數在不同的區間，分別對資產報酬率與每股盈餘產生不同的影響，分別在第四章節，實證結果部分詳敘。故建議公司經營者應於適當限度下，妥善應用經理人薪酬之給予，以達到公司價值有效極大化。 By employing panel smooth transition regression (PSTR), this research analyzes the impact of top executive compensation on firm performance. A total of 881 samples are collected from Taiwan Economic Journal and the sample period runs from 2005 to 2008.
The empirical findings show that when ROA and EPS are used to proxy for the firm performance, there exists smooth transition phenomenon for the relationship between the top executive compensation and firm performance. The evidence illustrate that increases of the top executive compensation will bring benefit to firm performance when firm is in a loss condition. On the contrary, when firm is in a comparative earning condition, increases of the top executive compensation can not bring any benefit to firm performance.
Moreover, the various effects of the control variables on the ROA and EPS are clearly illustrated in chapter 4 of this thesis. All the findings suggest that the firm’s operation should properly increase the top executive compensation to achieve the goals of maximization of firm value.
