近年來在永續發展的浪潮之下，為提升永續績效之治理，臺灣金融監督管理委員會發布上市櫃公司永續發展行動方案，鼓勵高階主管薪酬與ESG績效連結，作為高階主管的激勵效果。本研究以2019年至2023年台灣上市櫃公司作為研究對象，探討ESG績效連結高階主管薪酬與公司價值的關聯，並加入ESG委員會作為調節效果，探討加入了負責推動、執行與監督公司永續政策的ESG委員會後會如何改變ESG績效連結高階主管薪酬與公司價值的關係。實證結果顯示，ESG績效連結高階主管薪酬與公司價值的關係在當期、滯後幾期均呈現正面影響。而考量設置永續發展委員會的影響，發現有設置的公司相較於未設置ESG委員會的公司，ESG連結高階主管薪酬對公司價值的正向效果會減弱；進一步將樣本拆分成高科技與非高科技產業，發現在高科技產業中設置ESG委員會其實並不會改變ESG績效連結高階主管薪酬與公司價值的關係；然而在非高科技產業中設置ESG委員會會削弱ESG績效連結高階主管薪酬對公司價值的影響。

In recent years, driven by the trend of sustainable development, Taiwan's Financial Supervisory Commission has launched the Sustainable Development Roadmap, promoting the integration of ESG performance into executive compensation as an incentive system. This study will use Taiwan-listed companies from 2019 to 2023 to investigate the relationship between ESG-linked executive compensation and firm value. This study also explores the inclusion of the ESG committee as a moderating variable that affects the relationship between ESG-linked executive compensation and firm value, considering the committee’s responsibility for promoting, implementing, and monitoring sustainability policies.
The research findings suggest that ESG-linked executive compensation is positively associated with firm value in the current and subsequent periods. When considering the influence of having a sustainability committee, the results indicate that firms with an ESG committee experience a weakened positive effect of ESG-linked executive compensation on firm value compared to those without an ESG committee. Furthermore, by separating the sample into high-tech and non-high-tech industries, it is found that an ESG committee does not alter the relationship between ESG-linked executive compensation and firm value in high-tech industries. However, in non-high-tech industries, the establishment of an ESG committee weakens the impact of ESG-linked compensation on firm value.

林倩如，2023。董事會監督效能與高階主管薪酬誘因對ESG績效之影響，國立中興大學會計學系未出版碩士論文。
鄭皓文，2023。ESG連結經理人薪酬之研究，國立台灣大學法律學系未出版碩士論文。
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