過去已有不少文獻研究台灣低薪的成因，多由產業結構與勞動市場條件等原因切入，本研究則從公司控制型態與股權結構出發，推論具有家族色彩之公司是導致低薪的原因之一。本研究從台灣上市上櫃公司財報、以及台灣經濟新報資料庫收集資料，建立一公司追蹤資料庫進行實證估計，估計方法為普通最小平方法與分量迴歸。估計結果顯示家族控制型態、二團體以上共治型態之公司其平均員工薪酬水準均顯著較低，專業經理人治理型態的公司平均員工薪酬水準居中，而公股主導型態之公司之平均員工薪酬水準最高；其中，家族控制型態與公股主導公司之平均員工年薪酬水準相差達30萬左右。此外，在相對低薪的樣本公司族群中，家族控制型態、二團體以上共治型態的公司往往提供更低的薪酬水準，在相對高薪的樣本公司族群中，其抑制效果則更為強烈。台灣的上市上櫃企業中有高達近七成是屬於家族控制型態，在中小企業中由家族持有的情況更是普遍，要如何有效改善低薪現象，是政府與全民的一大挑戰。
在其他股權結構方面，估計結果顯示當董監持股比例有提升時，員工薪酬水準往往會被壓低，在相對高薪的公司，其壓縮效果更為強烈；當外資持股比例有提升時，員工薪酬水準往往會被抬高，在相對低薪的公司，其拉抬效果更為強烈；當機構法人持股比例有提升時，在相對低薪的公司，其會對員工薪酬水準產生負面影響，在相對高薪的公司，其會對員工薪酬水準產生正面影響。其他變數，包含股東權益報酬率、Tobin’s Q、負債比、公司治理評鑑等級、員工生產力、公司規模、公司年齡、服務業對於員工薪酬水準均有顯著的影響。

Numerous studies in the past have investigated the causes of low wages in Taiwan, largely focusing on industry structure and labor market conditions. This study, however, proposes that the prevalence of family-controlled companies is one of the contributing factors to low wages. Using financial reports from publicly listed companies in Taiwan, as well as data from the Taiwan Economic News Database, a company panel database was created to empirically estimate the impact. Both Ordinary Least Squares (OLS) and quantile regression methods were used for estimation.
The estimation results indicate that companies with a family-controlled structure, or those governed by two or more groups, tend to have significantly lower average employee salary levels. Companies managed by professional managers have median wage levels, while state-controlled companies have the highest average wage levels. The average annual wage of family-controlled companies is about 300,000 less than that of state-controlled companies. Moreover, within the sample of relatively low-paying companies, family-controlled and jointly governed companies often provide lower wage levels, and this suppressive effect is even more pronounced in relatively high-paying companies. Nearly 70% of publicly listed companies in Taiwan are family-controlled, a trend even more common in small and medium-sized enterprises. Addressing this challenge of low wages is a significant issue for both the government and the public.
As for other equity structures, the results show that as the proportion of shares held by directors and supervisors increases, the wage level is often suppressed, with this effect being more pronounced in relatively high-paying companies. When the proportion of shares held by foreign investors increases, the wage level are often elevated, with this uplifting effect more noticeable in relatively low-paying companies. When institutions and legal persons increase their shareholding, it has a negative impact on wages in low-paying companies, and a positive impact in high-paying companies. Other variables, including shareholder return on equity, Tobin's Q, debt ratio, corporate governance rating, employee productivity, company size, company age, and service industry, all have a significant impact on employee wage levels.

目錄
論文審定書i
致謝ii
中文摘要iii
英文摘要iv
目錄vi
圖次viii
表次ix
第一章　研究問題與動機1
第二章　文獻與理論回顧8
2-1 控制型態與員工薪酬8
2-2 其他可能影響員工薪酬水準的因素18
2-3 小結23
第三章　資料與研究方法24
3-1 資料來源24
3-2 研究方法24
3-2-1 研究假說24
3-2-2 估計模型25
3-2-3 變數的定義與衡量27
3-3 資料初析31
第四章　估計結果與討論36
4-1 敘述性統計、共線性檢定與相關性分析36
4-1-1 敘述性統計36
4-1-2 共線性問題之檢測38
4-1-3 相關性分析39
4-2 迴歸分析結果討論43
4-3 分量迴歸結果討論48
第五章　結論與建議56
參考文獻59

圖次
圖 3 1. 2012−2021年平均每人用人費用與平均每人薪酬水準（仟元）31
圖 3 2. 2012−2021年基層與高管薪酬水準差異圖（仟元）32
圖 3 3. 持股比例之歷年平均數（單位：%）34
圖 3 4. 獨立董事比例之歷年平均數（單位：%）35

表次
表 1 1. 台灣受僱者薪資與企業利潤相對比例（單位：百萬台幣）1
表 1 2. 工業及服務業受僱員工全年總薪資中位數2
表 2 1. 各屆評鑑指標及分配權重22
表 3 1. 四種控制型態之企業占全體的歷年百分比（%）32
表 4 1. 敘述性統計表36
表 4 2. VIF檢定表39
表 4 3. Pearson相關係數表41
表 4 4. OLS估計結果：影響員工薪酬之因素47
表 4 5. 分量迴歸估計結果：以平均每人用人費用為被解釋變數54
表 4 6. 分量迴歸估計結果：以平均每人薪酬水準為被解釋變數55

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