前期績效變動與公司股權對董事會成員異動影響之研究

Abstract

在瞬息萬變的經濟環境下，成立一間公司到IPO後還能穩健發展的因素到底是甚麼，綜觀層出不窮的舞弊案件，及這幾年來IPO後公司的成長僅寄託於消息面，其公司價值就如同雲霄飛車一般上上下下無法掌控。公司管理制度的最高權責董事會，對於整個公司的發展有著極為重要的影響。本研究以台灣經濟新報TEJ+中，大陸創業板公司為研究主體，選取2009-2018年間IPO新創公司為研究對象，透過實證資料分析來探討前期績效變動與公司股權對董事會成員異動影響之研究。透過蒐集的資訊利用迴歸分析來了解公司在IPO時，董事會成員的異動是否會受前期公司績效的影響，在公司股權變動中，國有企業股權比例增加與外資企業股權比例增加，對於董事會成員異動是否會產生顯著的影響性，都是本研究探討的重點。 本研究實證結果顯示，前期公司績效與董事會成員變動呈現負相關性。也就是說當前期公司績效表現越好的時候，董事會成員會變動的機率相對性也就越低。而國有企業股權持股數的增加，對於影響前期公司績效與董事會成員的變動並無顯著的相關性。其對於國有企業股權相乘的干擾效果影響下，顯示其對於前期公司績效與董事會成員異動的關係並不會產生顯著的調和影響。而在前期公司績效越好的狀況下，增加公司外資股權比例的持股，對於穩定董事會成員的異動是會產生出顯著效果的。

In the rapidly changing economic environment, what are the factors for the steady development of a company after the IPO. Overview of endless fraud cases and the growth of the company after the IPO have only depended on the news side in the past few years. The company value is generally unable to control feeling like sitting on a roller coaster, up and down. The highest authority and responsibility which controls company management system has a very important influence of the entire company. This study takes the Taiwan Economic Newspaper TEJ+ and China ChiNext as the main research subject, and selects IPO startups from 2009 to 2018 as the research object. Through empirical data analysis, the study explores the impact of previous performance changes and company equity on board members' changes. Through the collected information, use regression analysis to understand whether the company’s IPO changes will be affected by the company’s previous performance. In the company’s shareholding changes, the increase in the proportion of state-owned enterprises’ equity and foreign-funded enterprises’ shareholdings will affect the board’s changes. It will have a significant impact, is the focus of this study. The results of this study show that the company's performance in the early stage is negatively correlated with changes in board members, indicating the better the company's performance in the previous period, the lower probability of board member changes. An increase in the number of shares held by state-owned enterprises has no significant correlation with corporate performance changes and board composition in the initial period. In case the company has better prior performance, increasing the percentage of foreign equity ownership has a significant effect on the stability of the board of directors.