台灣上市櫃公司獨立董事與經營績效研究

Abstract

台灣已經有很多關於獨立董事是否能提升公司經營績效的論文研究，但針對上市櫃公司做長期的研究不多見。本文研究將著重在驗證2002年至2010年間，獨立董事制度對公司經營績效的影響，並驗證獨立董事制度的效果。(經營績效指標：資產報酬率(ROA)、股東權益報酬率(ROE)、每股盈餘(EPS)、公司價值變數(Tobin’s Q) ) 本研究首先以台灣2002年至2010年上市上櫃公司為樣本，再依有無設置獨立董事將樣本資料分類，剔除績效指標不齊全的公司，做統計檢定。分析設置獨立董事公司及未設立獨立董事公司其經營績效是否有顯著差異。本研究以圖表統計數據、平均數差異性檢定的驗證顯示：有獨立董事的公司經營績效較佳，無獨立董事公司經營績效較差 -以短期、中期及長期比較。 其次就2002年至2010年上市上櫃公司做長期實證-若獨立董事設立比率愈高是否其經營績效愈高。針對各產業以圖表數據及相關係數分析結果顯示，大部分產業在四項績效指標上，具有顯著的相關性。

Many released studies have been focusing on how influential the independent directors are in regards to their contribution towards the company performance, however, long-term studies on stock-listed companies are rarely seen. This study will be focusing on the time interval of year 2002 through 2010, on how independent directors are affecting the company performance by the valuation of business indicators: Return On Assets (ROA), Return On Equity (ROE), Earnings Per Share (EPS), and Firm Value Variable (Tobin’s Q). Statistical samples are picked from stock-listed companies within year 2002 to 2010 by eliminating companies with incomplete performance indicators, then categorizing the rest into adopting or not adopting the independent director system, and analyze how company performance is differed. Statistical figures will be shown in comparative graphics to demonstrate superior business performance with independent director system versus poor business performance without independent director system. To further prove the importance of independent director system, on how it affects the company performance, involvement of independent directors will be put in the assumption. In this case, stock-listed companies between years 2002 to 2010 are set as the sampling bases. As a result of independent director involvement in the business, statistical evidence shows significant co-relation with the involvement level of independent director in many market segments