上市上櫃公司自願設置獨立董事之因素和效益

Abstract

本研究之樣本取自台灣上市上櫃公司(金融產業除外)，上市公司共550家，上櫃公司共176 家，樣本期間為2001年至2006年。本研究之第一部分為探究上市上櫃公司自願設置獨立董事之因素，以LOGISTIC模型做迴歸分析。本研究之第二部分為探究上市上櫃公司自願設置獨立董事之效益:財務績效(資產報酬率、股東權益報酬率、每股盈餘)及市場績效(TOBINQ、PROXYQ)，以多變數迴歸分析;上市上櫃公司自願設置獨立董事與公司營運危機發生之關聯性，以LOGISTIC模型做迴歸分析。 在自願設置獨立董事之因素部分，不論是上市公司或上櫃公司，外部大股東持股、機構投資人持股、控制權偏離均與公司自願設置獨立董事無顯著關係。 在上市上櫃公司自願設置獨立董事之效益部分，上市公司之財務績效與公司自願設置獨立董事呈顯著正相關;上市公司之市場績效與公司自願設置獨立董事呈顯著正相關;另外，上市公司自願設置獨立董事，確實能有效降低公司營運危機之發生。上櫃公司之市場績效與公司自願設置獨立董事呈顯著負相關；上櫃公司營運危機之發生與公司自願設置獨立董事呈負相關，與假說相符，惟不顯著。

In this research, the samples are all the companies in the Taiwan Stock Exchange Corporate(TSEC) and Over-the Counter market(OTC), and financial industry is excluded. The data consists of 550 companies from firms listed on TSE and 176 companies from firms on OTC in Taiwan from 2001 to 2006. The first part of this research is to find the factors for companies to voluntarily appoint independent directors.OLS is used in the first part of this research. The second part of this research is to find the effect of voluntary appointment of independent directors on performance, which include: financial performance (ROA, ROE and EPS)，market value (TOBINQ and PROXYQ)，and the relation to company operating crisis. OLS is used to test the effect on financial performance and market value. LOGISTIC model is used to test the relation between voluntary appointment of independent directors and company operating crisis. The empirical results are summarized as follow. First, outside blockholders, institutional investors, and the deviation between controlling right and cash flow right are all insignificantly associated with voluntary appointment of independent directors. Second, companies listed on TSE which voluntarily appoint independent directors do have higher financial performance and market value, while companies listed on OTC which voluntarily appoint independent directors have lower market value. Finally, companies which voluntarily appoint independent directors have lower risk of company operating crisis.