請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/32556
標題: | 董監事機制及其獨立性與公司經營績效之關聯性研究 An Empirical Study on the Relationship between Corporate Performance and Board and Supervisors’ Mechanism and Independence |
作者: | Chung-Chia Liu 劉仲嘉 |
指導教授: | 柯承恩 |
關鍵字: | 董監事,獨立董監事,公司治理, Board of Directors and Supervisors,Independent Directors and Supervisors,Corporate Governance, |
出版年 : | 2006 |
學位: | 碩士 |
摘要: | 隨著美國安隆(Enron)公司爆發財務醜聞案,國內的訊碟及博達等掏空公司資產案亦接連不斷發生,引發各界對加強公司治理的呼聲。而我國董監事機制為公司治理的核心所在,故強化董監事機制為國內當務之急。因此,台灣證券交易所及櫃檯買賣中心分別在民國91年2月22日與91年2月25日修訂上市、上櫃審查準則,規定自即日起,初次申請有價證券上市、上櫃公司須聘請二席以上獨立董事及一席以上獨立監察人,否則不予上市、上櫃。
本研究以民國91至93年台灣上市、上櫃公司為研究對象,並排除金融業,藉由敘述性統計及多元迴歸分析,探討董監事規模、董監事持股比率、董監事股票質押比率、獨立董監事席次比率、自願或強制設置獨立董監事、獨立董監事兼職情況及獨立董事職業背景與公司經營績效(ROA、ROE、EPS及Tobin,s Q)之關聯性。實證結果如下: 1、董監事規模與公司經營績效呈顯著的負相關。 2、董監事持股比率與公司經營績效呈顯著的正相關。 3、董監事股票質押比率與公司經營績效呈顯著的負相關。 4、獨立董監事席次比率與公司經營績效呈顯著的正相關。 5、自願設置獨立董監事公司的經營績效顯著優於未設置者。 6、強制設置獨立董監事公司的經營績效顯著優於未設置者。 7、強制設置獨立董監事公司的經營績效顯著優於自願設置者。 8、獨立董事由其他公司高階管理者、專業學者及專門職業人員擔任與公司經營績效呈顯著的正相關。 9、獨立董監事兼任其他公司董監事情形與公司經營績效呈顯著的負相關。 After the scandals such as Enron in the U.S, and InfoDisc, ProComp in Taiwan, the board of directors and supervisors have become the main issue when talking about corporate governance. It is urgent to strengthen the board of directors and supervisors mechanism in Taiwan. On February 22 and 25, 2002, Taiwan Stock Exchange Corporation (TSEC) and Over-the-Counter (OTC) amended “Criteria for Review of Securities Listings” and ”Criteria Governing Review of Securities Traded on OTC Markets”, forcing that the corporations before IPO should have at least two independent directors and one independent supervisor in order to become public hold companies or be traded on OTC market. In this research, the samples are all the companies in the Taiwan Stock Exchange Corporate (TSEC) and Over-the-Counter market (OTC) from 2002 to 2004, and financial industry is excluded. We would like to discuss the relationship between the corporate performance (ROA, ROE, EPS and Tobin’s Q) and characteristics of the board of directors and supervisors through descriptive statistics and OLS regression analysis. The independent variables including the size of the board, the shareholding structure, the percentage of shares pledged, the percentage of independent directors and supervisors and whether they are voluntary or compulsory, the existence of other jobs held by independent directors and supervisors, and their occupational background. Our empirical results show that 1. The size of the board of directors and supervisors is significantly negatively associated with corporate performance. 2. The shareholding structure of the board members and supervisors is significantly positively associated with corporate performance. 3. The percentage of shareholding pledged by board members and supervisors is significantly positively associated with corporate performance. 4. The percentage of independent directors and supervisors is significantly positively associated with corporate performance. 5. The corporate performance of the companies with voluntary independent directors and supervisors is significantly better than those without independent directors and supervisors. 6. The corporate performance of the companies with compulsory independent directors and supervisors is significantly better than those without independent directors and supervisors. 7. The corporate performance of the companies with compulsory independent directors and supervisors is significantly better than those with voluntary independent directors and supervisors. 8. Independent directors who are scholars, experts or top managers in other companies are significantly positively associated with corporate performance. 9. The existence of other jobs held by independent directors and supervisors is significantly negatively associated with corporate performance. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/32556 |
全文授權: | 有償授權 |
顯示於系所單位: | 會計學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-95-1.pdf 目前未授權公開取用 | 700.43 kB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。