人口紅利對經理人薪酬影響之研究

Abstract

本論文主係研究公司營收比例分配地區及該地區人口紅利高低，對公司經理人薪酬之影響。過去大量文獻普遍著重於績效薪酬制度的效果，而人口紅利是近年才被熱烈討論之新議題，於2007-2008年之金融海嘯後更為廣泛研究；故本篇論文首度嘗試結合此績效薪酬制度與人口紅利的創新議題，探討人口紅利對經理人薪酬之影響。本論文認為，人口紅利高的地區隱含高消費能力之族群，因此公司若能積極拓展具高人口紅利之新興市場，應能於未來帶入可觀之潛在營收。從經理人薪酬角度探討，經理人應致力於開發新市場，拓展顧客群，藉此可以透過績效薪酬制度提升經理人薪酬外，亦可因人口紅利的提升，隱含公司未來潛在營收而獲得額外經理人薪酬。另本篇論文亦進一步探討金融海嘯及產業對該效果之影響，發現該效果於金融海嘯後更為顯著，另相較於製造業，服務產業公司更能彰顯此效果。

With the previous literature about pay-for-performance effect and the new notion, demographic dividend, brought up in recent years, this paper firstly seeks to link two concepts together. High demographic dividends suggest powerful spending capacity, and exploring emerging market with high dividends may bring in considerable potential revenue for the enterprises. Therefore, we derive that CEO should engage in extending the consumer base to emerging markets with higher demographic dividends rather than just operating the existing markets. With new markets attaining, CEO may improve his compensation because of higher revenue and also higher demographic dividend which implies potential revenue. Moreover, this paper also suggests that the positive relation between demographic and CEO compensation is more obvious after the worldwide financial crisis in 2007-2008 and for service industry, especially the general service industry excluding finance and insurance.