獨立董監事特性與企業經營績效之關聯性研究

Abstract

本文旨在探討獨立董監事的品質與特性是否能有效提升企業經營績效。結果顯示，(1)高「專業性」或(2)高「獨立性與聲譽效果」的獨立董監事能有效提升「營運績效」、「市場價值」、「財務健全程度」。本文進一步發現，若是企業專注於提升「營運績效」時，應優先考慮聘僱具有「四大會計師事務所合夥人經歷」者擔任企業的獨立董監事職務；若是專注於提升企業「市場價值」時，應優先考慮聘僱具有「會計或財務專長背景」者；若是專注於改善「財務健全程度」或是提升企業創新與銷售能力時，應優先考慮聘雇「大專院校之教授職人員」。最後，本文實證結果指出，即使在中小企業、家族企業、董事長兼任總經理等公司治理或投資人保護機制較差的環境中，高品質的獨立董監事更可以顯著的發揮其職能。本研究的結論能提供實務界更為具體的獨立董監事選任策略。

This thesis investigates the impacts of the quality and characteristics of independent directors and supervisors on the firm performance. The results show that companies hiring more professional, independent and reputationable independent directors and supervisors can improve operating performance, market value and financial health. This thesis also discovers that companies aiming to enhance operating performance should hire independent directors and supervisors who have been the partners of big 4 audit firms; companies aiming to enhance market value should hire independent directors and supervisors who are accounting or financial experts; companies aiming to improve financial health, innovation, or selling capacity should hire independent directors and supervisors who are professors. Finally, this thesis indicates that the above mentioned results are still significant in the same direction when companies are small and median entities, family firms or duality CEO and Chairman as one role, which are regarded as worse corporate governmance. Our empirical results might provide useful implications for companies to hire appropriate independent directors and supervisors.