本研究主要探討我國企業薪資的決定因素，以企業特質作為主要變數，研究
企業特質對薪資的影響，並透過分量迴歸模型探討企業特質對各條件分量的薪資
是否具有不同的影響效果。之後則進一步將產業分類為高科技產業、傳統產業及
服務業，分析產業間企業特質對薪資影響之差異。本研究以我國 2010 年至 2018
年之上市上櫃公司為研究對象，研究發現我國企業前期稅後淨利、生產力及研發
的投入對任何條件分量的薪資均具正向顯著的影響，顯示該三項變數確實為影響
企業薪資的重要因素。後續進一步探討不同產業間企業特質對薪資影響的差異，
研究結果發現高科技產業的企業除了企業年齡對薪資為負向的影響，其他公司特
質的變數對於其薪資均為顯著為正的影響，其中又以研發投入對薪資的影響最為
顯著；而傳統產業除了研發投入與企業年齡對於薪資沒有影響以外，其他皆對薪
資有正面的影響，其中又以企業規模對薪資的影響效果最大；最後，服務業的實
證結果則顯示除了企業獲利以外的變數對於薪資皆具有正向的影響。總結以上可
以發現企業特質對不同產業的薪資確實具有不同的影響效果，然而，無論是何種
產業，均顯示我國企業存在規模-薪資溢價，規模較大的公司仍會給予員工較高
的薪資，且生產力均為影響薪資重要的因子。

This study mainly discusses the firm-level determinants of wage in Taiwan. Using
firm characteristic as the main variable to investigate the influence on wage. Through
quantile regression model, we explore whether the firm characteristic has different
effects on the wage of each conditional quantile. In addition, we further divide the
industries into high-tech industry, traditional industry and service industry then
analyzes the variance of wage influence from firm characteristic between the industries.
This study takes the listed firms in Taiwan from 2010 to 2018 as the research
subject and finds that the lagged net income, productivity and R&D input have
significant positive effect at each wage level. It suggests that the three variables are
surely the important factors of firm wage. Furthermore, this study examines the
variance of wage influence from firm characteristics between different industries. The
result suggests that all the firm characteristic has positive effect on wage while the firm
age has negative effect in high-tech industry. Among the characteristics, the R&D input
has the most statistically significant effect on wage. For traditional industry, all the firm
characteristics have positive effect on wage except for R&D input and firm age have
no effect, and the firm size has the strongest influence. At last, the result of service
industry suggests that all the firm characteristics have positive effect on wage except
firm profit. As stated above, the firm characteristic certainly has different effect on
wage of different industries. However, whichever industry has size-wage premium in
Taiwan firms. The larger firms yet pay higher wage to their employees, and productivity
is always an important factor of firm wage.

目錄
論文審定書.....................................................................................................................i
摘要................................................................................................................................ii
Abstract........................................................................................................................ iii
目錄...............................................................................................................................iv
圖次................................................................................................................................v
表次...............................................................................................................................vi
第一章 緒論..................................................................................................................1
第一節 研究背景..................................................................................................1
第二節 研究動機..................................................................................................5
第三節 研究目的..................................................................................................6
第二章 文獻探討..........................................................................................................7
第一節 企業特徵對薪資決定的影響..................................................................7
第二節 公司規模與產業特性對薪資決定的影響..............................................9
第三章 研究方法........................................................................................................11
第一節 研究架構................................................................................................11
第二節 研究問題................................................................................................11
第三節 樣本選取與資料來源............................................................................15
第四節 研究模型與變數定義............................................................................16
第四章 實證結果........................................................................................................20
第一節 敘述統計................................................................................................20
第二節 共線性檢定............................................................................................23
第三節 實證結果................................................................................................26
第五章 結論與建議....................................................................................................33
第一節 結論........................................................................................................33
第二節 研究限制與建議....................................................................................34
參考文獻......................................................................................................................36
附錄..............................................................................................................................39

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