董事會開會頻率與企業績效-以台灣上市櫃公司為例

Abstract

本研究以台灣2007年至2023年的上市櫃公司為樣本，排除財務特性較不同的金融產業，首先研究董事會開會頻率與企業市場價值之相關性，並進一步將企業績效拆分為資產報酬率及股票報酬，分析董事會開會頻率和企業前後績效之關係。 實證結果發現，董事會開會頻率最少的企業，也就是僅進行例行性董事會的企業表現最差，開會頻率位於中間的企業表現最好。而透過迴歸模型，可以發現董事會開會頻率與企業之市場價值呈顯著正相關，顯示董事會具一定之監督效果。 另外，本研究透過分析過往資產報酬率對開會頻率的影響發現，過去資產報酬率表現不佳的企業開會頻率異常高，顯示開會可以作為改善企業營運之危機應變手段，而董事會開會頻率高，確實能使資產報酬率得到顯著改善，顯示台灣上市櫃公司召開董事會對於企業未來的營運表現有顯著幫助。最後，透過分析過往股票報酬對開會頻率的影響發現，過去股票報酬表現良好的企業開會頻率也異常高，顯示企業可能會因股票報酬良好，開會討論投資擴張或股利發放政策等議題，但董事會開會頻率高，則會使股票報酬下降，顯示台灣上市櫃公司可能在股價增長召開董事會後，因董事會的過度自信及投資人的過高預期，使股價表現下滑。 綜上所述，對台灣上市櫃公司而言，董事會開會同時具備監督及危機應變之功能，且對於企業之市場價值有正向影響，但對於資產報酬率及股票報酬之影響則不盡相同。

This study investigates the relationship between board meeting frequency and firm value using a sample of listed companies in Taiwan (excluding those in the financial industry) from 2007 to 2023. The analysis first investigates the association between board meeting frequency and firm market value, and further explores the relationship between meeting frequency and firm performance by decomposing performance into return on assets (ROA) and stock returns. The empirical results reveal that firms with the lowest board meeting frequency exhibit the poorest performance, whereas firms with a moderate frequency of board meetings achieve the best performance. Regression analysis shows a significantly positive relationship between board meeting frequency and firm market value, suggesting that the board of directors plays an effective monitoring role. Moreover, the study finds that firms with poor historical ROA tend to increase board meeting frequency as a reactive governance response to operational challenges, and such increases in frequency are associated with subsequent improvements in ROA. This indicates that board meetings contribute positively to the performance of Taiwanese listed companies. In contrast, firms with strong past stock returns are more likely to increase meeting frequency to discuss topics such as investment expansion or dividend policy. However, this increase is associated with subsequent declines in stock returns, suggesting that following periods of strong stock performance, board activity may be driven by overconfidence or investor overreaction, resulting in market corrections. In summary, for listed companies in Taiwan, board meetings serve both monitoring and crisis-response functions, and they exert a positive influence on firm market value. However, their effects on accounting-based and market-based performance measures—ROA and stock returns—may differ.