由於企業財務危機與地雷股的一一引爆，令投資者不禁納悶的是如此發生財務困難公司的高階經理人究竟是否盡責地履行其義務？到底憑藉著那一方面的因素而使得他們坐領高薪？公司管理階層為追求更高水準的薪酬，是否會藉由窗飾財務報表以突顯完善的經營績效，而成為一種高明隱蔽的斂財方法？

　　本研究利用財務報表附註揭露中的高階經理人薪酬水準來進行探討，蒐集民國八十四年至九十二年的財務性資料，取得有效樣本為49 家公司與 426 個樣本數，來自於十二個產業別。因此，分別對存在股東與管理階層之間的資訊不對稱與其所衍生的權益代理問題、企業經營績效、公司特性、CEO個人因素、公司監控機制與高階經理人薪酬水準之間的關係進行實證分析，以決定經理人是否物超所值。

　　研究結果顯示：高階經理人薪酬水準會受到市場模式殘差的標準差、會計基礎的績效衡量指標、市場價值、流動比率、研發密度、兼任董事或董事長職務、董監事持股比率與董事會規模的影響。但由於資訊揭露不足與代理變數衡量方式受限，使得高階經理人薪酬水準之決定因素的原貌仍有待開發。

　　Milgrom and Roberts（1992）提出設計誘因契約的決定原則：資訊性原則、誘因強度原則與監督強度原則。獎酬計畫應以是否可滿足此三設計的條件，使得高階經理人能追求公司價值最大化為目標。為了健全監控高階經理人行為與績效表現的管理控制系統，除了以資訊揭露及市場的外部力量外，也可由提昇內部公司治理績效著手。公司的董事會組成以及股權結構的機能是否稱職地扮演好監督經理人的角色將是相當關鍵的部份。

None

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