本研究主要探討非擔任主管職務員工薪酬與公司市場績效間之關聯性，使用台灣證券交易所2019年5月所公布薪酬最新資料，以2018年台灣上市櫃公司為研究樣本，實證結果發現：非主管員工薪酬對公司市場績效具有顯著正向影響；此外，本研究亦進一步將外部就業市場之同業公司員工平均薪酬水準納入考量，探討公司非主管員工薪酬在市場上的相對定位及薪酬公平性對公司市場績效之影響，兩者結果亦呈現顯著正相關，顯示企業於制定薪酬政策、擬定薪酬水準時，需考量同業平均水準，使薪酬制度發揮激勵、吸引及留任人才之效果，使員工願意為組織注入心力、齊心協力達成公司策略目標；此外，公司更應視員工為一珍貴的無形資產、是一項可以帶來企業價值的創新資源，如此將能使公司人力資本產生獨特性、專用性及不可替代性，進而創造公司整體價值及高市場績效。

This study examines the effects of non-executive employee compensation on corporate market performance. We use Ordinary Least Squares (OLS) regression and analyzing employee compensation data from a sample of the listed companies in Taiwan in 2018. We find a positive relationship between employee compensation and corporate market performance. Besides, this study further compares company employee compensation with the market average. Compared to the peer companies, the results indicate that the higher compensation employees earn, or the degree of pay equity employees feel, the market performance will be better. Our results suggest that when enterprises set employee salary levels and develop a salary policy, they should treat employees as an important assets. Designing an employee compensation scheme with incentive effect, talent selection, and fairness can make the company's human capital be unique, specific, and irreplaceable, thereby enhancing corporate overall value and performance.

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