本研究旨在探討經濟政策不確定性是否影響經理人薪酬績效指標的權重，採用「2013年至2022年間台灣上市櫃公司」作為研究對象。研究結果顯示，經濟政策不確定越高，經理人資產報酬率的薪酬權重越高，但股票報酬率的薪酬權重效果卻不顯著。此結果意謂著經濟政策不確定性越高，公司越傾向使用「會計績效指標」，而非「市場績效指標」來決定經理人薪酬水準。可能的原因為市場績效指標對經濟政策不確定性有較高波動性，導致指標的雜訊較高；相對地，企業在不確定環境中，使用資產報酬率之會計績效指標，較能揭示公司內部經營成果，更能反映經理人的努力水準。

The objective of this study is to investigate the influence of economic policy uncertainty (EPU) on the allocation of performance metrics that are employed to determine executive compensation. The research endeavors to determine whether firms modify their compensation structures during periods of increased policy uncertainty by concentrating on publicly listed Taiwanese companies between 2013 and 2022. The study employs regression models to examine how global EPU, as measured by the index developed by Baker, Bloom, and Davis (2019) affects the relative compensation weights of accounting-based and market-based performance metrics. The results indicate that firms are more inclined to prioritize accounting metrics, such as return on assets (ROA), over market-based metrics, such as stock returns (RET), which are more volatile and susceptible to external economic influences, when EPU is high.

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