隨著全球科技與經濟快速變遷的環境，高階經理人(Executives)位居公司管理階層最高職位，高階經理人在現代組織中扮演著重要的策略性角色。美國證管會（SEC）視高階經理人酬勞為2006年公司治理首要重視的議題，於2006年1月17日一致通過提議，要求上市公司詳細揭露主管與董事會成員的津貼、退休福利以及整體薪酬情況，這是14年來美國公司薪酬揭露規則最大幅度的修改。 為能深入探討C公司與五家比較公司之高階經理人薪酬趨勢，本研究使用兩種迴歸模型：遞延模型與一階差分模型，並將資料分為兩組族群：五家比較公司與包含C公司之六家公司，資料區間為1998年至2007年。 研究結果顯示，C公司與五家比較公司的高階經理人薪酬決定因素之趨勢一致。本研究驗證結果為：『公司前期規模越大，總經理的薪酬水準越高』；『前期公司的經營績效越高，則本期的高階經理人變動薪資占全薪的比例越高』；『前期投資機會越高，當期的高階經理人長期激勵薪資占全薪的比例越高』。關於公司治理結構因素對於高階經理人薪酬之影響，本研究探討總經理兼任董事長時，高階經理人薪酬水準越高，外部董事席次占董事會之比例越高，則高階經理人變動薪資占全薪的比例越高，均未獲得顯著影響之結果。 整體而言，總經理的薪酬決定因子，明顯地受到公司規模與財務績效指標之影響。然而，公司治理結構因素雖然對高階經理人薪酬水準未有顯著的影響效果， 有可能受到某些制度環境之限制。 未來如果能更擴大研究樣本個數與較豐富變數的內涵及種類，對於高階經理人薪酬決定因素之探究必能帶來更大的貢獻。 With the fast changing of global technology and economic environment, the executives in the corporate lead the most important strategic role in the organization. In 2006, the U.S. Securities and Exchange Commission (SEC) took the executive compensation the first priority issue for corporate governance and unveiled new rules for disclosing executive compensation. These new rules go further than ever before in revealing just how much executives are paid, making transparent previously hard-to-find information such as pension and estimated severance package totals. In order to analyze the trend of the CEO compensation determinants, this study used two regression models: lagged model and change model and separated the study data into two groups: five comparison companies and six companies included C company. The company data were collected from the company annual reports, proxy statements during the year of 1998 to 2007. The study result indicates that the trend of CEO compensation determine trend of C Company is the same as the other 5 comparison companies. The study also examined “corporate size is found to be the major explanatory variable to the level of executive pay.” ; ”corporate performance has positive effect on the percentage of variable payment.” ; “ corporate investment opportunity has positive effect on the percentage of long term incentive payment.”. Nevertheless, the impacts of board’s composition and the chairman of board acting the company CEO on CEO compensation determinants are more mixed. In this study, I cannot find significant effect of corporate governance to CEO compensation determinants. Overall, corporate size and financial performance indicators are the most significant determinants of CEO pay determinants. Although the variables of corporate governance have no significant effects on the CEO compensation determinants in this study due to some environmental restrictions, in the future studies, it can be further examined by using larger sample sizes and more variables.
