有關肥貓董事坐領高薪的新聞屢見不鮮，而政府為有效遏止此類風氣，於2002年引入獨立董事制度一思維，並於2014年全面法制化，期許藉獨立董事之「獨立性」特質，以監督公司董監事與管理階層，保障利害關係人權益，避免董監事與經理人過度自利，從而有損企業價值。

本研究欲探討董監事異常薪酬、獨立董事占比與財務報導品質之關聯性，採2014年至2018年我國上市（櫃）公司，共7,171筆觀察值為樣本，以檢視董監事之異常薪酬是否會對企業財務報導品質產生影響；並能否藉提高獨立董事占比來抑止管理階層為獲取異常薪酬而對財務報導品質所致之負面影響。本研究採裁決性應計數之絕對值作為財務報導品質的代理變數。

實證結果如下：
(一) 當董監事領取異常薪酬程度越高，裁決性應計數較大，意指該企業財務報導品質較差;
(二) 基於有效監督假說，獨立董事占比增加得降低裁決性應計數，並改善財務報導品質; 及
(三) 獨立董事占比越高，得弱化董監事異常薪酬與財務報導品質間之負向關係。

It is commonplace to see stories about directors receiving the “fat-cat” pay from companies. To curb the situation from getting worse, the government had introduced the “independent directors regime” in 2002, and made it fully legalized in 2014, expecting independent directors could monitor boards of directors and managers with his/her "independence" to protect the stakeholders' rights, while also preventing directors and managers from being overly self-interested and eventually devaluing the business.

The research is with the aim of clarifying the relationship among abnormal directors’ compensation, ratio of independent director to the board of directors, and financial reporting quality. We take a sample set which is composed with 7,171 observations of Taiwan-listed companies from 2014 to 2018, testing whether the abnormal directors’ compensation would affect the financial reporting quality. Furthermore, we are also interested in whether the effect to financial reporting quality arose from abnormal directors’ compensation would be mitigated or not by the incremental ratio of independent director to the board of directors. And, discretionary accruals (DA) are used as the proxy for financial reporting quality (FRQ) in the research.

The empirical results are reported below:
(a) Directors, receiving more abnormal compensation, would result in greater amounts of discretionary accruals (DA) which represent the poor financial reporting quality;
(b) Based on the efficient monitoring hypothesis, the incremental ratio of independent directors to the board of directors would lower the number of discretionary accruals, improving the financial reporting quality; and
(c) As the ratio of independent directors to the board of directors rises, the negative effect on financial reporting quality arose from abnormal directors’ compensation would be mitigated.

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