本論文探討高階層管理者和其員工的薪酬差距與公司績效之關聯性，並進一步研究商業策略(Business Strategy)對於薪酬差距與績效之調節影響。鑒於員工薪資以中位數衡量可以排除極端值之干擾，本研究以總(副總)經理平均薪資相對於員工薪資中位數之倍數衡量垂直薪酬差距，並以Tobin's Q作為公司績效之代理變數。由於金融監督管理委員會強制要求我國上市櫃公司於2019 年起揭露員工薪資中位數，故本研究以 2019 年之台灣上市櫃公司為研究對象進行迴歸分析。研究結果顯示，採用探勘者策略(Prospector)之公司，垂直薪酬差距與公司績效之間無顯著結果，不支持假說一；採用防禦者策略(Defender)之公司，垂直薪酬差距與公司績效呈顯著負向關係，支持假說二。另外，更改Tobin's Q之計算方式後，結果仍維持一致。此結果表示，採防禦者策略之公司，當垂直薪酬差距越大，可能導致員工因感受到較嚴重的不公平感而誘發負面行為，造成公司績效越差。

This study examines whether a firm's strategic priorities influence its relationship between pay disparity and firm performance. I construct 1,126 instances from the listed companies in Taiwan during the period of 2019. I then employ a linear regression approach to examine the consequences. My results show that, following a defender strategy, pay disparity causes resentment among lower-level employees, leading poor performance. However, I find no statistically significant relation between pay disparity and firm performance when companies adopt a prospector strategy. In addition, after changing the measurement of Tobin's Q, the results remain robust.

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