董事會特徵對資本結構影響之動態面板分析

Abstract

本研究採用系統性廣義動差法（System Generalized Method of Moments, System-GMM）探討臺灣非金融上市櫃公司之資本結構調節速度。實證過程中，以負債比率（Debt to Asset Ratio, D/A ratio）作為資本結構變數進行分析，同時將靜態估計法下可能影響資本結構的董事會特徵變數納入。實證結果發現，臺灣的非金融上市櫃公司資本結構調整速度約為每年18.54%，符合動態權衡理論中的部分調整模型假設，同時發現平均需要5.4年時間才能將資本結構調整回到最適區間。此外在動態面板估計下，董事會規模、董事會獨立性以及董事會議次數對資本結構存在顯著正向解釋力；獨立董事人數則存在顯著反向解釋力；CEO雙重性則並未發現顯著解釋力。根據結果建亦當企業欲提升財務槓桿時，可考慮擴大董事會規模、提升董事會獨立性以及增加董事會議次數；欲降低槓桿使用改善資本結構時，可考慮增加獨立董事人數。

This study employs the System Generalized Method of Moments (System-GMM) to investigate the capital structure adjustment speed of non-financial listed companies in Taiwan. The empirical analysis uses the Debt-to-Asset ratio (D/A ratio) as the capital structure variable, incorporating board characteristics that may influence capital structure under static estimation. The results show that the capital structure adjustment speed of non-financial listed companies in Taiwan is approximately 18.54% per year, consistent with the partial adjustment model assumption in the dynamic trade-off theory. It is also found that it takes an average of 5.4 years to adjust the capital structure back to the optimal range. Additionally, the dynamic panel estimation reveals that board size, board independence, and the number of board meetings have significant positive explanatory power on capital structure, while the number of independent directors has a significant negative explanatory power. CEO duality does not show significant explanatory power on the D/A ratio. The findings suggest that to increase financial leverage, companies may consider expanding board size, enhancing board independence, and increasing the number of board meetings. To reduce leverage and improve capital structure, increasing the number of independent directors can be considered.