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薪酬委员会之组成与运作对组织绩效的影响

【中文摘要】:薪酬委员会为公司董事会下设置的专门委员会,在公司治理扮演了相当重要的监督角色。而我国目前设置薪酬委员会制度尚不久,为进一步了解其成员背景、组成与运作方式与组织绩效之间的关係,因此本研究以代理理论为基础,探讨薪酬委员会的组成 (含委员人数、独立性与专业知识)是否会影响公司的绩效表现 (含EPS、ROA、ROE),并探讨薪酬委员会运作成效 (含开会次数与成立时间)是否会产生干扰效果。本研究coding公开资讯观测站资料库及台湾经济新报 (TEJ)资料库中民国101年度之薪酬委员会及财务资料,以当年度国内上市及上柜公司为研究样本,计有942笔资料。
研究发现:开会次数与成立时间确实会干扰薪酬委员会组成与组织绩效的关係。其中,开会次数越多时,委员专业度与ROE有正向关係;但开会次数越多时,委员独立性与组织绩效的关係则转为负向关係。另外,本研究发现,薪酬委员会成立的时间越长,委员独立性对组织绩效EPS的正向关係更强;但成立越久的薪酬委员会,其人数与EPS的关连性转为不显着。本研究亦针对结果之相关意涵,加以探讨之。
【英文摘要】:The compensation committee has played an important role on corporate governance in terms of effective management of top-manager compensation.
However, compensation committee system has just been applied in Taiwanese companies; the empirical evidence for the effect of compensation committee on organizational performance is still neglected. Therefore, the present study explores whether the composition of the compensation committee (including the number of members, independence and expertise) influence the company''s performance (including EPS, ROA and ROE) and examines the moderating effects of the operation of the compensation committee (including the meeting frequency and the time of committee establishment). In present study, the author coded the objective data regarding compensation committee composition and operation as well as the financial data from the databases of Market Observation Post System (MOPS) and Taiwan Economic Journal (TEJ) in 2012, there are 942 database as listed and OTC companies in that year.
The results of the hierarchical regression analysis showed that the meeting frequency and the time of committee establishment moderate the relationship between compensation committee composition and organizational performance. Specifically, when the compensation committee members meet more frequently, the expertise of committee members had a positive relationship with ROE. In addition, when the committee has been established for longer time, the independence of committee members is positively related to EPS. Implications of the research findings were further discussed.
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  • 来源:中山大学;作者:金宝仪
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