本研究探討了2004年至2021年間臺灣金融業主要併購公司對業績的影響，以及高階主管薪酬與併購績效之間的關係。研究方法包括事件研究和橫斷面分析。研究結果顯示，在併購事件公告日期前後，主併公司的股價累積異常報酬呈現顯著的負值。然而，研究也發現，高階主管的獎勵薪酬對併購期間的業績有正面影響。此外，金融業中高階主管與員工的薪資差距對併購績效也有顯著的正面影響。這些研究結果對金融業的投資者和高階主管具有重要的意義。獎勵薪酬可能對公司股價表現產生正面影響，因此公司應該謹慎設計獎勵制度，以激勵高階主管積極推動併購事件。

This study explores the impact of mergers and acquisitions (M&A) on the performance of major M&A firms in Taiwan's financial industry from 2004 to 2021, and the relationship between executive compensation and M&A performance. And the event study and cross-sectional analysis are used as research methods. The results show that the cumulative abnormal return of the stock price of the merged company is negative and significant before and after the announcement date of the merger event. However, the study also found that executive incentive compensation has a positive impact on performance during the merger period. In addition, the salary gap between executives and employees in the financial industry also has a significant positive impact on M&A performance. The findings of this study have important implications for financial industry investors and executives. Incentive payments may have a positive impact on company stock performance, so companies should carefully design incentive systems to motivate executives to actively promote M&A events.

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