本研究主要探討高管及基層員工的總薪酬和公司槓桿比例之間的關係，證實用四種方式衡量之槓桿(Market leverage、Book leverage、Alternative market leverage、Alternative book leverage)，全都和高管及基層員工的總薪酬呈現正向顯著關係，證 實當公司債務水準愈高時會出於補償風險支付高管及基層員工較高的總薪酬。本研究也考慮可能導致反向關係的因素進行迴歸分析，並歸納出當公司財務遇到危機時，相比財務安全的公司，槓桿影響基層員工總薪酬的力度會降低二倍左右。再者，考量員工專業性影響薪酬和公司槓桿的特性，結果顯示，高離職率的公司，在當公司槓桿增加時，基層員工所得到薪酬的補償較無離職率的公司高。為了解決內生性問題，運用二階段迴歸分析，在考量了內生性問題之後，公司槓桿和基層員工總薪酬還是有呈現正相關。最後，加入具有台灣特色的出口比例變數，探討全球景氣影響導致台灣出口衰退此一外生衝擊是否影響公司槓桿和高管總薪酬關係，結果顯示當出口導向的公司遇到危機時，公司槓桿和高管總薪酬正相關減弱或甚至不存在。;This study focus on the effect of leverage on human capital costs. We apply for total managerial compensation and total employee pay as the human capital cost in the company. The results show that leverage has a significantly positive effect on total managerial compensation and total employee pay. In addition, we also examine whether there is a negative effect of leverage on human capital costs or not. We find that the impact of leverage on total employee pay will twice weaker when firms are financially distressed. Moreover, in subsample analysis, we prove that firms face high quit rate will pay more for their employee. For caution′s sake, we want to examine potential endogeneity of leverage by applying 2SLS. We find that after accounting for the concern, book leverage continues to be a positive and significant to total employee pay. Finally, we analyze if the leverage of Taiwanese firms still has a significantly positive effect on total managerial compensation as an external shock that is the global export recession. The results show that when there is an external shock, the significantly positive effect of leverage on total managerial compensation will be weaker or even disappear in export-oriented firms.
