本研究從公司治理及企業經營績效角度，分別探討其對高階經理人薪酬之影響。本研究以 2008 年至 2017 年間台灣上市公司資料進行實證，並使用橫斷面混合迴歸與追蹤資料迴歸進行分析。實證結果顯示當企業異常報酬波動越大時，會導致公司內部高階經理人的垂直薪酬差距增加，推論有可能是高階經理人承擔較高的企業風險，但無法論定其為肥貓。相對來說，資產規模會顯著增加產業水平薪酬差距，隱含公司規模越大，越有可能產生肥貓。
This study investigates whether the corporate governance and performance would affect the salary compensation of top managers. We use the data of public-list companies, the pooling regression and panel regression to examine our hypotheses. We find out that the higher firm-specific returns cause the larger vertical compensation differential inside company, because top managers have taken the higher enterprise operating risk. However, we are not able to conclude those top managers are fat cats. Alternatively, the value of assets increases the horizontal compensation differential in industry, implies that top managers will become the fat cats when firm size increases.
