薪酬委員會為公司董事會下設置的專門委員會，在公司治理扮演了相當重要的監督角色。而我國目前設置薪酬委員會制度尚不久，為進一步瞭解其成員背景、組成與運作方式與組織績效之間的關係，因此本研究以代理理論為基礎，探討薪酬委員會的組成 (含委員人數、獨立性與專業知識)是否會影響公司的績效表現 (含EPS、ROA、ROE)，並探討薪酬委員會運作成效 (含開會次數與成立時間)是否會產生干擾效果。本研究coding公開資訊觀測站資料庫及台灣經濟新報 (TEJ)資料庫中民國101年度之薪酬委員會及財務資料，以當年度國內上市及上櫃公司為研究樣本，計有942筆資料。
研究發現：開會次數與成立時間確實會干擾薪酬委員會組成與組織績效的關係。其中，開會次數越多時，委員專業度與ROE有正向關係；但開會次數越多時，委員獨立性與組織績效的關係則轉為負向關係。另外，本研究發現，薪酬委員會成立的時間越長，委員獨立性對組織績效EPS的正向關係更強；但成立越久的薪酬委員會，其人數與EPS的關連性轉為不顯著。本研究亦針對結果之相關意涵，加以探討之。

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.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
目錄 v
圖目錄 vi
表目錄 vi
第一章 緒論 1
第二章 文獻探討 4
第一節 薪酬委員會的理論基礎 4
第二節 薪酬委員會組成與組織績效之關係 5
第三節 薪酬委員會運作成效對其組成與組織績效關係之干擾效果 8
第三章 研究方法 10
第一節 研究架構 10
第二節 研究樣本 10
第三節 研究工具 11
第四節 資料分析方式 15
第四章 研究結果 16
第一節 敘述性統計 16
第二節 薪酬委員會的成員獨立性及專業度對組織績效之影響 20
第三節 薪酬委員會開會次數對其組成與組織績效關係之干擾效果 21
第四節 薪酬委員會成立時間對其組成與組織績效關係之干擾效果 24
第五節 補充分析 25
第五章 討論與建議 28
第一節 理論貢獻 28
第二節 管理意涵 31
第三節 研究限制與未來研究建議 32
參考文獻 34

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