台湾上市上柜公司治理特性研究

A Study on the Corporate Governance Characteristics of Listed Companies in Taiwan

探讨台湾上市上柜公司的董事会结构与股权结构对公司绩效和高层经理人薪酬的影响关系。研究结果发现:在董事会结构部分,董监事薪酬与公司绩效和高层经理人薪酬皆呈现显著正相关,另外董事会规模与高层经理人薪酬也呈显著正相关;在股权结构部分,董监事兼高层经理人持股比例高与公司绩效EPS呈现显著正相关。主要贡献在于当经营权与所有权重叠时,提高董监事持股,会鼓励董监事扮演管理者的角色。因此,认为在台湾企业经营权与所有权未分离下,提高董监事兼任经理人的持股,才能符合"利益收敛假说"。

The paper discusses the influence of the structure of board of directors and owner- ship structure on corporate performance ＇and the salary of senior managers in listed companies of Taiwan. Research results show that from the perspective of board of directors, the salary of board supervisors has significant positive correlations with corporate performance and the salary of senior managers. Besides, the size of board of directors has senior managers. From the perspective of ownership significant positive relations with the salary of structure, high stock holding proportion of board supervisors as well as senior managers has significant positive correlations with EPS of corpo- crease the share holding proportion of board supervisor can encourage the supervisors to play the role of managers. Therefore, under the condition in Taiwan that the management right and owner- ship right still stay together, increasing share holding proportion of board supervisors as well as managers is in line with the ＂convergence-of-interest hypothesis＂.