本文藉由研究2006年至2013年台灣高科技產業公司所做的購併案，探討主併公司CEO薪酬結構與購併績效間的關係。
2008年金融海嘯過後，「肥貓」一詞被廣泛的討論著，原因是美國的一些大企業在接受政府抒困的同時，仍領取高薪。台灣或許沒有像美國一樣需要藉由政府抒困來幫助瀕臨倒閉的企業，但卻存在著企業獲利與經理人薪酬不成正比的現象。因此本研究2006年至2013年台灣高科技產業公司所做的購併案，以購併案宣告日當天主併方的異常報酬率作為衡量經理人績效的標準，並計算主併方經理人的薪酬結構，探討兩者間的關係。
本研究發現，主併方購併宣告日前一天至購併宣告日當天的累積異常報酬率與主併方CEO的薪酬結構間存在著正向並且顯著的關係。薪酬結構的係數為0.01326且顯著，表示當其他條件不變，薪酬結構變數每上升一單位，主併方購併累積異常報酬率會上升1.326%。本文對此現象的解釋為，由於主併方CEO的薪酬結構中，來自股票的薪酬比例越高，CEO與股東間的利益越一致，降低代理問題發生的可能性，有助於公司價值的提升。本文另外將事件窗口改為主併方購併宣告日前兩天至購併宣告日當天，結果與事件窗口為主併方購併宣告日前一天至購併宣告日當天相似。

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