為使自身具有競爭力，企業往往不惜提供高階主管高額的薪資報酬，但此政策使得高階主管與基層員工之薪資往往具有驚人的差距。因此，本研究針對高階主管與基層員工薪資差距之成因，以及其對企業績效之影響作探討。本研究以台灣上市櫃企業為研究對象，並蒐集其自2009至2018年之相關資訊，共計908家企業，連續10年共9080個觀察值，兼具橫斷面(當年度各企業之資料)以及時間序列(個別企業之各年度資料)，以追蹤資料(Panel Data)中的隨機效果模型進行分析。
實證結果顯示，公司治理機制對高階主管與基層員工薪資差距具有顯著正向效果；國內機構法人持股比例對高階主管與基層員工薪資差距具有顯著負向效果；環境不確定性對高階主管與基層員工薪資差距具有顯著負向效果；企業生命週期對高階主管與基層員工薪資差距具有顯著效果；高階主管與基層員工薪資差距與企業績效具有相關性。因此，就本研究之結果可了解高階主管與基層員工之薪資差距是由各種成因綜合而成的結果，且與企業績效相關，故企業可透過適當的薪資差距對企業績效產生正向影響力。

In order to make the company competitive, companies often provide high-level managers with high pay, but there is often an alarming gap between the pay of high-level executives and grass-root employees. Therefore, this study focuses on the causes and the impact on firm performance of the pay gap between high-level managers and grass-root employees. This study takes Taiwan listed companies from 2009 to 2018 as the research object, total of 908 companies, and total of 9,080 observations for 10 consecutive years. This study has both cross-section (data of each company in the current year) and time series (annual data of individual companies), analyzed with random effect model in the tracking data (Panel Data)
The empirical results show that the corporate governance mechanism has a significant positive effect on the pay gap between high-level managers and grass-root employees; the shareholding ratio of domestic institutional investors has a significant negative effect on the pay gap between high-level managers and grass-root employees; environmental uncertainty has a significant negative effect on the pay gap between high-level managers and grass-root employees; the corporate life cycle has a significant effect on the pay gap between high-level managers and grass-root employees; the pay gap between high-level managers and grass-root employees is related to firm performance. Therefore, we can realize that the pay gap between high-level managers and grass-root employees result from various causes and relates to firm performance. In conclusion, companies can have a positive impact on corporate performance through appropriate pay gaps.

一、中文文獻
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4.陳明園與石雅慧（2004）。高階經理人薪酬－代理理論與競賽理論之實證研究。臺大管理論叢，15(1)，131-166。
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