會計績效衡量指標盈餘與現金流量，用於企業價值評估與績效評估都是很有用 的指標。但在之前的研究當中，只有少數的研究會去探討這兩種指標是否能同時達 成企業價值評估與經理人薪酬決定的目的。本研究透過實證方法，探討這兩種指標 的價值攸關性(企業價值評估功能)與薪酬敏感性(經理人的績效評估功能)是否存在特 定的關聯性，本文以2006 年至2016 年的上市、上櫃公司為研究對象，分別以盈餘 與現金流量的價值攸關性對薪酬契約敏感性進行迴歸分析，以探討之間的關係，之 後再以現金流量與盈餘的增額價值攸關性對薪酬敏感性的變化方向，以探討之間的 關係。本研究提供了證據證明，會計績效指標的價值攸關性與薪酬敏性之間確實存 在特定的關聯性。

Accounting performance measures such as earnings and cash flows are useful for both valuation and performance evaluation purposes. However, in previous studies, only a few of the studies to explore these two indicators for the fulfillment of the corporate value assessment and the manager's remuneration for the purpose of determining. The research method through which to explore these two indicators that the value of the information relating to the nature (corporate value assessment function) and sensitivity (the human performance assessment capabilities) Are there specific related in this article for 2006 to 2016, the container on the market research company said, with the surplus and cash flow of information relating to the nature of the price to pay deed sensitivity for roving classified analysis to explore the relationship, and then to the cash flow and surplus in relation to the amount of the price to pay for the sensitivity of the change of direction in order to explore the relationship. This research provides evidence to testify that, accounting performance indicators that the value of the information relating to the nature and sensitive, is real, and certain related nature.