全球對於強化公司治理機制的研究眾多，有效的薪酬契約可提升代理人的激勵效果，促使代理人提高努力程度，為股東創造財富，而薪酬委員會屬公司治理機制中重要的一環，國外研究證明在薪酬委員會制度的建立之下，強化對於董監事或高階經理人薪酬的監督機制，增加薪酬與績效間的敏感度(Pay-Performance Sensitivity)，使提高薪酬契約的激勵效果，減輕資訊不對稱造成的代理問題。
2010年，台灣增訂證券交易法第14條之6，強制台灣上市(櫃)以及興櫃公司設置薪酬委員會，希望藉由增強公司治理機制，薪酬委員會成員透過職權檢視董監事的實際績效表現以強化薪酬的合理性，並提出建議於董事會。此制度建立後，使董監事薪酬的訂定過程透明化且保障股東的權益。本文使用台灣2008年至2011年上市(櫃)以及興櫃公司的資料，探討薪酬委員會對於董監事薪酬與公司績效間敏感度的影響程度。實證結果發現，公司在設置薪酬委員會後，會計績效指標(即EPS)與平均每位董監事薪酬間的敏感度減弱。即在薪酬委員會成立後，對於每增加一單位EPS之績效時，公司支付給每位董監事薪酬平均有減少的現象。另一方面，董監事薪酬與市場績效表現(即RET)間的敏感度有提升的現象。即公司價值及董監事薪酬的連結程度有強化的現象。此結果說明在薪酬委員會設置後，或許透過強化公司治理機制的監督效能，因而有效的連結董監事薪酬與公司績效指標。

Previous research indicated that effective compensation contracts can improve the incentive effect for agents, prompting agents to make their best effort to increase shareholder wealth. The Compensation Committee plays an important role in corporate governance mechanism. Prior studies have shown that the establishment of the Compensation Committee can enhance the compensation’s oversight of directors, supervisors and managerial officers, thereby increasing the sensitivity between pay and performance, strengthening the effects of pay contract, and reducing information asymmetry caused by agency problems.
In 2010, Taiwan modified the Securities Exchange Act, requiring companies whose stock is listed in the Taiwan stock exchange (TSE) or traded over-the-counter (OTC) shall set up a Compensation Committee. This study uses samples companies in Taiwan from 2008 to 2011 to investigate the influence of Compensation Committee establishment on the pay-performance sensitivity. The empirical results show that after Compensation Committee is established, the accounting-based performance measures (i.e. EPS) has a negative incremental impact on the average director and supervisor compensation. By contrast, the association between market-based performance measures (i.e. RET) and the average director and supervisor compensation enhances significantly after the implementation of Compensation Committee. The results indicated that the establishment of Compensation Committee strengthens the link between the director and supervisor compensation and company performance as evident by the higher degree of pay-performance sensitivity.

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