台灣觀光類股財務績效、股東權益與高階薪酬之整合分析

Integrated Analysis of Financial Performance, ROE and the Remuneration of Top Managers: A Case Study of Taiwan's Tourism Industry

本文為分析財務績效與股東權益及高階主管薪酬之間的關係，探討民國96年至民國99年11家上市櫃觀光類股公司，運用資料包絡分析法之超級效率模式，評估臺灣觀光公司財務績效，並與股東權益與高階薪酬整合分析。結果顯示，觀光業之平均淨值報酬率在所有產業中表現屬中等，而董監與高階經理人的平均薪酬為所有產業中最低。進一步發現，K、A與D三家公司在高階薪酬仍有很大的調整空間。在財務五力表現方面，高績效組之生產力、收益力、活動力表現最好；中績效組之安定力、成長力、收益力表現最佳；低績效組之安定力、收益力、成長力則表現並不理想。整合分析部分，ROE越高，效率則越高，而董監薪酬佔淨利比例，則不宜過高或過低。

This article describes the integrated analysis of financial performance, ROE and the remuneration of top managers. It’s aimed at the financial data of the publicly traded companies in the tourism sector in Taiwan between 2007 and 2010. The super efficiency model of Data Envelopment Analysis (DEA) was employed to evaluate the financial performances. The results show that (1) The ROE of the tourism industry is in the middle, and the remuneration of top managers of the tourism industry is at the lowest; Top managers remuneration in some (K, A and D) in the tourism industry can be a big adjustment. (2) The high-performance group had the most outstanding performance in activity, productivity, and earning power; the medium-performance group had the better performance in stability force, growth force, and earning power; the low-performance group had poor performance in stability force, growth force, and earning power. (3) The higher the ROE, the better the financial performance. The proportion of top managers’ remuneration in net income should not be too high or too low.