本論文主要探討員工薪酬制度對公司價值的整體效應，研究聚焦於員工薪酬中位數，將此一指標作為企業對其一般員工薪酬待遇的代理變數，探討其對公司市場估值的影響。實證樣本為美國上市公司，藉由美國證券交易委員會（SEC）於 2017年開始實施之新式強制性資訊揭露規範，建構一個涵蓋美國上市公司的資料集，將員工薪酬中位數與執行長對員工薪酬中位數之比率，結合多項關鍵公司財務指標進行分析。實證結果顯示，在控制執行長薪酬及誘因結構、研發投資衡量指標，以及組織資本等影響公司價值的人力資本因素後，較高的員工薪酬中位數與企業市場估值仍呈現顯著正向關聯。研究結果亦通過傾向分數配對（PSM）樣本，與兩階段最小平方法（2SLS）之工具變數檢測，有效地降低了樣品偏差以及因果關係等內生性問題疑慮。進一步分析發現，員工薪酬對公司價值的正向效果主要透過更為穩定地的勞動力。較高的薪酬有助於提升員工留任率，並促進企業特有之人力資本的保存。橫斷面分析顯示，員工薪酬的正向影響，在財務狀況穩健、對人力資本高度依賴（例如研發密集型企業），以及內部薪酬不平等程度較低的公司中，效果更為明顯。整體而言，本研究突顯基層員工在企業價值創造中的關鍵角色。員工薪酬的提升對公司價值有正面效益，但過高的內部高低階薪酬不平等，會降低此正面效果。

This dissertation investigates the comprehensive implications of corporate employee remuneration practices by focusing specifically on median employee compensation, which serves as a proxy for a firm’s monetary treatment of its typical employees, as a critical driver of market valuation. Leveraging the novel mandatory disclosures enacted by the SEC in 2017, a large-scale dataset of U.S. public firms is developed, pairing the median employee pay and the CEO-to-median-pay ratio with key corporate financial metrics. The core empirical evidence reveals that higher median compensation is strongly associated with superior subsequent firm valuation, a relationship that holds robustly even when controlling for executive incentive structures, measures of R&D investment, and organizational capital. Methodological checks for endogeneity concern, including propensity-score matching (PSM) and two-stage least squares (2SLS) instrumental-variable estimation, support a causal interpretation. Channel analysis indicates that this value enhancement operates predominantly through better workforce retention, as increased pay aids in the preservation of firm-specific human capital. This positive effect is significantly amplified in cross-sectional tests, manifesting most strongly in firms that possess robust financial health, demonstrate high reliance on human capital (e.g., R&D intensity), and maintain a lower degree of internal pay inequality. In totality, this research underscores the critical, value-creating role of the rank-and-file workforce. Higher employee pay could enhance firm value, while larger vertical pay disparity within the firm would mitigate this positive effect.

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