大專院校教師擔任董監事與公司績效關聯性之研究

Abstract

隨著我國推動獨立董事制度，並且逐年擴大獨立董事制度應適用之範圍，專任大專院校教師擔任獨立董事之情形大增，且聘請大專院校教師擔任董監事之公司數量以及大專院校教師佔整體董監事席次比例亦為上升趨勢。本研究除了探討專任大專院校教師擔任董監事與公司績效之間的關聯性，也分析不同任教背景分類下之專任大專院校教師擔任董監事對公司績效的影響。 實證結果發現，專任之大專院校教師擔任董監事對公司會計績效有顯著正面影響、但對於市場績效則無。專任教授擔任董監事對於公司會計績效有顯著正面影響，而專任講師則無。在一般與技職體系的部分，公司聘任一般體系之大專院校專任教師擔任董監事能提升會計績效，但聘任技職體系之大專院校專任教師擔任董監事卻可能導致公司市場績效變差。最後，在國立、私立與國外大專院校部分，實證結果無法支持國立背景者會對公司績效有正面影響，亦無強力證據支持國外背景者擔任董監事對公司績效有顯著正面影響。整體而言，不同屬性之專任大專院校教師擔任董監事對公司績效的確有不同的影響。

As independent director system was introduced to Taiwan in 2002 and expanding its requirement to more firms, there are more and more college teachers (including professors and lecturers) appointed as independent directors, directors and supervisors nowadays. This study not only examines the relationship between college teachers in the board of directors/supervisors and firm performance, but also analyzes such relationship if college teachers have different teaching background. The empirical result shows that college teachers in the board of directors/supervisors have positive influence on firm accounting performance (i.e. ROA) but not on the market one (i.e. Tobin’s Q). As for professors and lecturers, professors in the board of directors/supervisors have significant positive influence on firm accounting performance while lectures don’t. As to general and technical education system, the empirical result shows that teachers from general colleges serving in the board of directors/supervisors help firm accounting performance, but teachers from technical colleges serving in the board of directors/supervisors may lead to worse firm market performance. At last, for teachers from national, private and foreign colleges, the empirical result cannot support that appointing teachers from either national or foreign colleges as directors/supervisors has positive influence on firm performance. In conclusion, with different characteristics, college teachers in the board of directors/supervisors do have different interactive effects on firm performance.