外部董監與家族持股對公司績效的影響 ─ 以台灣電子產業為例

Abstract

本篇研究將探究外部董監比率、家族董監比率以及家族持股比率對於公司績效的關連性進行分析。根據研究結果，外部董監比率與公司績效的關係將呈現倒U形，而吸收能力在此關係中將扮演一個調節作用的腳色。另一方面，家族董監比率與公司績效之間存在一個反向的直線關係；而家族持股與公司績效之間則是有一個正向的直線關係，本篇研究認為家族大股東願意讓出董事會的席次給予有足夠專業學識與背景的經理人，是造成此結果的一大主因。 本篇研究將以台灣上市電子公司為樣本，並利用台灣經濟新報所提供的次級資料進行迴歸分析。結論部份會提供本篇研究的管理意涵、研究限制與未來研究方向的建議。

This study examines the effects of outside directors, family ownership and absorptive capacity on corporate performance. From the research results, this study suggests an inverse U-shaped relationship between the proportion of outside directors and corporate performance. When adding two types of absorptive capacity- R&D intensity and marketing intensity- as moderators, the relationship between outside director percentage and corporate performance becomes strengthened or attenuated respectively. In addition, this study proposes that the proportion of family directors is negatively associated with the corporate performance; while the proportion of the family equity ownership is positively associated with the corporate performance. Comprehensive secondary data on all the electronic companies listed in the Taiwan Stock Exchange supports the prediction. This article also discusses the managerial implications and highlights future research directions in the end.