學術產出-學位論文
| 題名 | 薪資差距與企業績效及價值之關聯性 The Relationship between Pay Disparity and Firm Performance and Value |
| 作者 | 洪若婷 Hung, Jo-Ting |
| 貢獻者 | 戚務君 Chi, Wu-Chun 洪若婷 Hung, Jo-Ting |
| 關鍵詞 | 垂直薪資差距 水平薪資差距 企業績效 企業價值 員工流動率 vertical pay disparity horizontal pay disparity firm performance firm value employee turnover |
| 日期 | 2021 |
| 上傳時間 | 2-三月-2021 14:18:19 (UTC+8) |
| 摘要 | 本研究以臺灣 2019 年度上市櫃公司為研究對象，探討薪資差距與企業績效及價值之間的關聯性，同時也探討薪資差距與員工流動率之關聯性。本文將薪資差距區分為垂直薪資差距與水平薪資差距，垂直薪資差距為高階主管與基層員工之間的薪資差距，水平薪資差距為基層員工之間的薪資差距。實證結果發現，不論是垂直薪資差距或是水平薪資差距，皆與企業績效呈現顯著正相關，但兩者皆不影響企業價值。此外，不論是垂直薪資差距或是水平薪資差距，皆與員工流動率無顯著相關。為了使比較基礎一致，將垂直與水平薪資差距換算成PR 值，PR 值的計算方法是將解釋變數進行排序後，分成一百等分，各個解釋變數落在第幾個等分中。實證結果顯示，相較於水平薪資差距的 PR 值，垂直薪資差距的 PR 值對企業績效的影響較大，然而兩者同樣不影響企業價值。本文實證結果並無證據證明較高薪資差距會損害企業績效的論述，也沒有證據顯示員工會因為企業較高的薪資差距而選擇離職。 In this article, I take Taiwan`s listed companies in 2019 as the research object. I mainly study the the correlation between pay disparity and firm performance and value, and also explores the correlation between pay disparity and employee turnover. This article divides the pay disparity into vertical pay disparity and horizontal pay disparity. The vertical pay disparity is the pay disparity between the senior executives and the grassroots employees, and the horizontal pay disparity is the pay disparity between the grassroots employees. The empirical results found that whether it is vertical pay disparity or horizontal pay disparity both have a significant positive correlation with firm performance, but neither of them affects firm value. In addition, neither the vertical pay disparity nor the horizontal vertical pay disparity is significantly related to employee turnover. In order to make the comparison basis consistent, the vertical and horizontal pay disparity are converted into PR values. The PR value is calculated by sorting the explanatory variables and dividing them into one hundred equal divisions, and each explanatory variable falls in which division. The empirical results show that compared to the PR value of the horizontal pay disparity, the PR value of the vertical pay disparity has a greater impact on firm performance, but the two also do not affect firm value. The empirical results of this article have no evidence to prove that a higher pay disparity will harm the firm performance, and there is no evidence that employees will quit because of the company’s higher pay disparity. |
| 參考文獻 | 中文部分 林揚舜、鍾俊文（2005）。員工分紅配股與員工流動率間之關係。貨幣 觀測與信用評等，52。88-98。 步丹璐、白曉丹（2013），「員工薪酬、薪酬差距和員工離職」，《中 國經濟問題》，第1 期，100-108。 趙蓮儀（2019）。高階經理人薪酬對公司績效之影響。國立中央大學財 務金融學系在職專班碩士論文。 蔡秉翰（2014）。員工薪酬與績效之關聯性：企業社會責任之調節效 果。東海大學會計學系碩士論文。 劉美纓、丁碧慧、朱奐聿（2014）。企業社會責任與公司治理、公司績 效之關連性研究。第17 屆科際整合管理研討會。 英文部分 Adams, J.S. 1963. Toward an understanding of inequity. Journal of Abnormal Psychology 67: 422-436. Adams, R. B., and Ferreira, D. 2007. A Theory of Friendly Boards. Journal of Finance 62(1): 217-250 Akerlof, G.A.,and Yellen, J. L. 1990. The fair wage-effort hypothesis and unemployment. Quarterly Journal of Economics 105 (2): 255-283 Bebchuk, L.A, and J. Fried. 2004. Pay Without Performance: The Unfulfilled Promise of Executive Compensation. Cambridge, MA: Harvard University Press. Bebchuk, L. A., K. M. Cremers, and U. C. Peyer. 2011. The CEO pay slice. Journal of Financial Economics 102(1): 199-221. Bloom, M., and J. Michel. 2002. The relationships among organizational context, pay dispersion, and managerial turnover. Academy of Management Journal 45 (1): 33-42. Cheng, Q., Ranasinghe, T., Zhao, S. 2017. Do high CEO pay ratios destroy firm value? Working Paper. Cotton, J. L., & Tuttle, J. M. (1986). Employee turnover: A meta-analysis and review with implications for research. Academy of management Review 11(1): 55-70. Cowherd, D., and D. Levine. 1992. Product quality and pay equity between lower-level employees and top management: An investigation of distributive justice theory. Administrative Science Quarterly 37 (2): 302-320 Ethan, R. 2020. Rethinking Measurement of Pay Disparity and Its Relation to Firm Performance. The Accounting Review 95(1): 343-378 Gayle, G., and R. Miller. 2009. Has moral hazard become a more important factor in managerial compensation? American Economic Review 99 (5): 1740-1769. Gompers, P., Ishii, J., and Metrick, A. 2003. Corporate governance and equity prices. Quarterly Journal of Economics: 107-155. Han, I. and C. M. Chuang. 2011. The impacts of R&D investment on company performance: US vs. Taiwanese technology-intensive industry. Review of Pacific Basin Financial Markets and Policies 14 (1): 171-194. Jensen, M. C., and W. H. Meckling. 1976. Agency costs and the theory of the firm. Journal of Financial Economics 3(4): 305-360. Lang, L. H. P., and Stulz, R. M. 1994. Tobin’s q, corporate diversification, and firm performance. Journal of Political Economy 102(6): 1248-1280. Lazear, E. P., and Rosen, S. 1981. Rank-order tournaments as optimum labor contracts. Journal of political Economy 89(5): 841-864. Martin, J. 1982. The fairness of earnings differentials: An experimental study of the perceptions of bluecollar workers. The Journal of Human Resources 17(1): 110-122. McConnell, J. J., and H. Servaes. 1995. Equity ownership and the two faces of debt. Journal of Financial Economics 39(1): 131-157. Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20(1-2): 293-315. Mohan, B., Norton, M. I., and Deshpandé, R. 2015. Paying up for fair pay: Consumers prefer firms with lower CEO-to-worker pay ratios. Harvard Business School Marketing Unit Working Paper:15-091. Mueller, H., P. Ouimet, and E. Simintzi. 2017. Within-firm pay inequality. Review of Financial Studies 30 (10): 3605-3635. Patton and Baker. 1987. A. Patton and J.C. Baker, Why won`t directors rock the boat? Harvard Business Review 65: 10-18. Peng, M.W., S. Zhang, and X. Li. 2007. CEO Duality and Firm Performance during China`s Institutional Transitions. Management and Organization Review3(2): 205-225. Ridge, J., F. Aime, and M. White. 2015. When much more of a difference makes a difference: Social comparison and tournaments in the CEO’s top team. Strategic Management Journal 36 (4): 618–636. Securities and Exchange Commission 17 CFR Part 229 and 249 Release Nos. 33-9877; 34-75610 File No. S7-07-13 Wade, J. B., O`Reilly III, C. A., and Pollock, T. G. 2006. Overpaid CEOs and underpaid managers: Fairness and executive compensation. Organization Science 17(5): 527-544. Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40(2): 185-211. |
| 描述 | 碩士 國立政治大學 會計學系 107353114 |
| 資料來源 | http://thesis.lib.nccu.edu.tw/record/#G0107353114 |
| 資料類型 | thesis |
| dc.contributor.advisor | 戚務君 | zh_TW |
| dc.contributor.advisor | Chi, Wu-Chun | en_US |
| dc.contributor.author (作者) | 洪若婷 | zh_TW |
| dc.contributor.author (作者) | Hung, Jo-Ting | en_US |
| dc.creator (作者) | 洪若婷 | zh_TW |
| dc.creator (作者) | Hung, Jo-Ting | en_US |
| dc.date (日期) | 2021 | en_US |
| dc.date.accessioned | 2-三月-2021 14:18:19 (UTC+8) | - |
| dc.date.available | 2-三月-2021 14:18:19 (UTC+8) | - |
| dc.date.issued (上傳時間) | 2-三月-2021 14:18:19 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0107353114 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/134017 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計學系 | zh_TW |
| dc.description (描述) | 107353114 | zh_TW |
| dc.description.abstract (摘要) | 本研究以臺灣 2019 年度上市櫃公司為研究對象，探討薪資差距與企業績效及價值之間的關聯性，同時也探討薪資差距與員工流動率之關聯性。本文將薪資差距區分為垂直薪資差距與水平薪資差距，垂直薪資差距為高階主管與基層員工之間的薪資差距，水平薪資差距為基層員工之間的薪資差距。實證結果發現，不論是垂直薪資差距或是水平薪資差距，皆與企業績效呈現顯著正相關，但兩者皆不影響企業價值。此外，不論是垂直薪資差距或是水平薪資差距，皆與員工流動率無顯著相關。為了使比較基礎一致，將垂直與水平薪資差距換算成PR 值，PR 值的計算方法是將解釋變數進行排序後，分成一百等分，各個解釋變數落在第幾個等分中。實證結果顯示，相較於水平薪資差距的 PR 值，垂直薪資差距的 PR 值對企業績效的影響較大，然而兩者同樣不影響企業價值。本文實證結果並無證據證明較高薪資差距會損害企業績效的論述，也沒有證據顯示員工會因為企業較高的薪資差距而選擇離職。 | zh_TW |
| dc.description.abstract (摘要) | In this article, I take Taiwan`s listed companies in 2019 as the research object. I mainly study the the correlation between pay disparity and firm performance and value, and also explores the correlation between pay disparity and employee turnover. This article divides the pay disparity into vertical pay disparity and horizontal pay disparity. The vertical pay disparity is the pay disparity between the senior executives and the grassroots employees, and the horizontal pay disparity is the pay disparity between the grassroots employees. The empirical results found that whether it is vertical pay disparity or horizontal pay disparity both have a significant positive correlation with firm performance, but neither of them affects firm value. In addition, neither the vertical pay disparity nor the horizontal vertical pay disparity is significantly related to employee turnover. In order to make the comparison basis consistent, the vertical and horizontal pay disparity are converted into PR values. The PR value is calculated by sorting the explanatory variables and dividing them into one hundred equal divisions, and each explanatory variable falls in which division. The empirical results show that compared to the PR value of the horizontal pay disparity, the PR value of the vertical pay disparity has a greater impact on firm performance, but the two also do not affect firm value. The empirical results of this article have no evidence to prove that a higher pay disparity will harm the firm performance, and there is no evidence that employees will quit because of the company’s higher pay disparity. | en_US |
| dc.description.tableofcontents | 中文摘要i 英文摘要ii 目錄iii 圖目錄iv 表目錄v 第壹章、緒論 1 第一節、研究背景與動機 1 第二節、研究問題與目的 3 第三節、研究架構 4 第貳章、文獻回顧與假說發展 5 第一節、美國CEO pay ratio 制度 5 第二節、臺灣非擔任主管職務之全時員工薪資規定 8 第三節、薪資差距與企業經營績效 10 第參章、研究方法 13 第一節、資料來源與樣本選取 13 第二節、變數定義與衡量 15 第三節、實證模型 20 第肆章、實證結果 22 第一節、敘述性統計 22 第二節、相關係數 26 第三節、實證結果 28 第伍章、研究結論與建議 37 第一節、結論與建議 37 第二節、研究限制 38 參考文獻 39 | zh_TW |
| dc.format.extent | 2321093 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0107353114 | en_US |
| dc.subject (關鍵詞) | 垂直薪資差距 | zh_TW |
| dc.subject (關鍵詞) | 水平薪資差距 | zh_TW |
| dc.subject (關鍵詞) | 企業績效 | zh_TW |
| dc.subject (關鍵詞) | 企業價值 | zh_TW |
| dc.subject (關鍵詞) | 員工流動率 | zh_TW |
| dc.subject (關鍵詞) | vertical pay disparity | en_US |
| dc.subject (關鍵詞) | horizontal pay disparity | en_US |
| dc.subject (關鍵詞) | firm performance | en_US |
| dc.subject (關鍵詞) | firm value | en_US |
| dc.subject (關鍵詞) | employee turnover | en_US |
| dc.title (題名) | 薪資差距與企業績效及價值之關聯性 | zh_TW |
| dc.title (題名) | The Relationship between Pay Disparity and Firm Performance and Value | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | 中文部分 林揚舜、鍾俊文（2005）。員工分紅配股與員工流動率間之關係。貨幣 觀測與信用評等，52。88-98。 步丹璐、白曉丹（2013），「員工薪酬、薪酬差距和員工離職」，《中 國經濟問題》，第1 期，100-108。 趙蓮儀（2019）。高階經理人薪酬對公司績效之影響。國立中央大學財 務金融學系在職專班碩士論文。 蔡秉翰（2014）。員工薪酬與績效之關聯性：企業社會責任之調節效 果。東海大學會計學系碩士論文。 劉美纓、丁碧慧、朱奐聿（2014）。企業社會責任與公司治理、公司績 效之關連性研究。第17 屆科際整合管理研討會。 英文部分 Adams, J.S. 1963. Toward an understanding of inequity. Journal of Abnormal Psychology 67: 422-436. Adams, R. B., and Ferreira, D. 2007. A Theory of Friendly Boards. Journal of Finance 62(1): 217-250 Akerlof, G.A.,and Yellen, J. L. 1990. The fair wage-effort hypothesis and unemployment. Quarterly Journal of Economics 105 (2): 255-283 Bebchuk, L.A, and J. Fried. 2004. Pay Without Performance: The Unfulfilled Promise of Executive Compensation. Cambridge, MA: Harvard University Press. Bebchuk, L. A., K. M. Cremers, and U. C. Peyer. 2011. The CEO pay slice. Journal of Financial Economics 102(1): 199-221. Bloom, M., and J. Michel. 2002. The relationships among organizational context, pay dispersion, and managerial turnover. Academy of Management Journal 45 (1): 33-42. Cheng, Q., Ranasinghe, T., Zhao, S. 2017. Do high CEO pay ratios destroy firm value? Working Paper. Cotton, J. L., & Tuttle, J. M. (1986). Employee turnover: A meta-analysis and review with implications for research. Academy of management Review 11(1): 55-70. Cowherd, D., and D. Levine. 1992. Product quality and pay equity between lower-level employees and top management: An investigation of distributive justice theory. Administrative Science Quarterly 37 (2): 302-320 Ethan, R. 2020. Rethinking Measurement of Pay Disparity and Its Relation to Firm Performance. The Accounting Review 95(1): 343-378 Gayle, G., and R. Miller. 2009. Has moral hazard become a more important factor in managerial compensation? American Economic Review 99 (5): 1740-1769. Gompers, P., Ishii, J., and Metrick, A. 2003. Corporate governance and equity prices. Quarterly Journal of Economics: 107-155. Han, I. and C. M. Chuang. 2011. The impacts of R&D investment on company performance: US vs. Taiwanese technology-intensive industry. Review of Pacific Basin Financial Markets and Policies 14 (1): 171-194. Jensen, M. C., and W. H. Meckling. 1976. Agency costs and the theory of the firm. Journal of Financial Economics 3(4): 305-360. Lang, L. H. P., and Stulz, R. M. 1994. Tobin’s q, corporate diversification, and firm performance. Journal of Political Economy 102(6): 1248-1280. Lazear, E. P., and Rosen, S. 1981. Rank-order tournaments as optimum labor contracts. Journal of political Economy 89(5): 841-864. Martin, J. 1982. The fairness of earnings differentials: An experimental study of the perceptions of bluecollar workers. The Journal of Human Resources 17(1): 110-122. McConnell, J. J., and H. Servaes. 1995. Equity ownership and the two faces of debt. Journal of Financial Economics 39(1): 131-157. Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20(1-2): 293-315. Mohan, B., Norton, M. I., and Deshpandé, R. 2015. Paying up for fair pay: Consumers prefer firms with lower CEO-to-worker pay ratios. Harvard Business School Marketing Unit Working Paper:15-091. Mueller, H., P. Ouimet, and E. Simintzi. 2017. Within-firm pay inequality. Review of Financial Studies 30 (10): 3605-3635. Patton and Baker. 1987. A. Patton and J.C. Baker, Why won`t directors rock the boat? Harvard Business Review 65: 10-18. Peng, M.W., S. Zhang, and X. Li. 2007. CEO Duality and Firm Performance during China`s Institutional Transitions. Management and Organization Review3(2): 205-225. Ridge, J., F. Aime, and M. White. 2015. When much more of a difference makes a difference: Social comparison and tournaments in the CEO’s top team. Strategic Management Journal 36 (4): 618–636. Securities and Exchange Commission 17 CFR Part 229 and 249 Release Nos. 33-9877; 34-75610 File No. S7-07-13 Wade, J. B., O`Reilly III, C. A., and Pollock, T. G. 2006. Overpaid CEOs and underpaid managers: Fairness and executive compensation. Organization Science 17(5): 527-544. Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40(2): 185-211. | zh_TW |
| dc.identifier.doi (DOI) | 10.6814/NCCU202100245 | en_US |