高階經理人的薪酬設計對於組織來說影響甚鉅，因此有眾多文獻探討此議題，而其中被廣為討論的理論之一是Lazear and Rosen （1981）所提出的競賽理論，其認為將高階經理人團隊裡的薪酬差距擴大，能激勵高階經理人競爭，進而提升組織績效。而企業實際會在什麼樣的情況下擴大薪酬差距以產生經理人間的競爭是本研究所欲了解的，故本研究觀察三項薪酬級距決定因素與薪酬級距的關係以驗證競賽理論的觀點，三項薪酬級距決定因素分別為競賽程度、不確定性與企業生命週期。從台灣經濟新報中，蒐集124家上市公司連續7年的資料後，分析出競賽程度對於薪酬級距有顯著的正向影響效果，而不確定性展現在盈餘雜訊上時，對於薪酬級距的效果不明確，展現在企業風險時，則有顯著的正向關聯性。企業生命週期對於薪酬級距的關係則是當與成熟期相比時，無論成長期還是衰退期都有較大的薪酬級距。 另外，本研究也欲探討在策略內生性影響下，拉大薪酬級距對於組織績效是否如同競賽理論所預期能提高組織績效，因此將薪酬級距三項決定因素作為工具變數（IV）估計，分析薪酬級距與組織績效之間的關聯性，結果發現薪資層級的差距越大確實能提升組織績效。 ;The salary design of high-level managers has a great influence on the organization. Therefore, there are numerous literatures to discuss this topic. One of the widely discussed theories is the tournament theory proposed by Lazear and Rosen (1981) who believes that widening the pay gap can incentivize high-level managers to compete and improve organizational performance. And what kind of circumstances the company will expand the pay gap to generate competition among managers is what this study wants to understand. Therefore, this study examines the relationship between the three determinants of the pay gap and the pay gap to verify the view of tournament theory. The determinants of the pay gap are the level of competition, uncertainty and the life cycle of the company. After collecting data of 124 listed companies from TEJ for seven consecutive years, it is analyzed that the level of competition has a significant positive effect on the pay gap, and effect of uncertainty is unclear when we use noise in earning to evaluate uncertainty. However, there is a significant positive correlation between uncertainty and pay gap when we use firm risk to evaluate uncertainty. Then, the relationship between the company′s life cycle and the pay gap is that growth period and the recession period has a positive effect on the pay gap compared with the mature period. Considering endogenous factors, this study also want to know whether increasing the pay gap can improve organizational performance as tournament theory expected. Therefore, the three determinants of pay gap are used as instrumental variable (IV) to estimate the correlation between pay gap and organizational performance. It is found that the larger the pay gap, the better the organizational performance.
