近年來，經理人薪酬成為熱門討論議題，許多肥貓企業也紛紛浮上檯面。本研究之目的在於探討企業高階經理人薪酬之結構與其債務資金成本之關聯性，並檢視不同的經理人持股比例是否對於其債務資金成本之高低亦有影響。本文以代理理論為基礎，利用2016年至2019年期間台灣的上市櫃公司為樣本。實證結果顯示，在其他條件不變下，薪資結構中有較高現金基礎誘因薪酬的公司有較低的債務資金成本。有較高經理人持股比例之企業亦傾向有較低之債務資金成本。

This study examines how executive compensation affects the cost of debt financing. Using management pay data from Taiwan, companies with higher cash-like incentive compensation in the salary structure have lower costs of debt, ceteris paribus. Moreover, this study provides evidence that companies with higher managerial ownership tend to have lower debt costs. The result suggests that executive compensation and managerial stock ownership can be used when determining credit terms.

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