近年高階經理人薪酬大幅成長，本篇論文受到該議題啟發，探討台灣上市櫃公司高階經理人薪酬比率之價值攸關性。本研究發現擁有較高經理人與非主管員工薪酬差距的企業擁有較高的市場價值。研究結果支持競賽理論的論述，顯示較高的薪酬差距能反映企業的留才能力，進而提升企業價值。然而，本文結合企業生命週期理論，並未發現高階經理人薪酬比率能為成長期的企業帶來更顯著的價值增益效果。

Motivated by the issue of rising executive compensation, the relationship between pay ratio and the firm valuation among Taiwan listed companies is examined, where it is found that firms with high pay disparities between executive and non-executive workers have higher firm value. This result is consistent with the tournament theory, indicating that high pay disparities reflect the ability to secure managerial talent, which in turn, leads to better firm valuations. However, combined with the firm life cycle theory, no evidence is found that executive pay ratios have a more pronounced relationship with firm value in the growth stage of the firm life cycle.

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