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  • 學位論文

董事會規模、董事會組成與公司價值

Board Size, Board Constitution, and Firm Value

指導教授 : 倪衍森

摘要


本研究探討以台灣上市公司董事會規模及內部董事、獨立董事、外資董事等項目對公司價值之影響。現有的文獻多數為探討已開發國家之公司資料,而本研究樣本具有電子產業佔半數及中小企業家族控股之台灣產業特性,二者差異頗大,所以選定2010年到2014年作為研究期間。實證結果發現獨立董事的監督功能可以有助於發揮公司治理效能也提升了公司獲利,而董事會規模大且內部董事掌握多數股權的公司其公司價值並不高,可說明政府參照歐美先進國家引進推行公司治理及獨立董監事制度有明確的成效。

並列摘要


This study explores whether various variables in term of director board including board size, insider dirctors, independent directors, and foreign directors would affect firm value. We use Taiwan data as our sample due to the developed counties widely explored in the relevant studies; in addition, the chareteristics of TWSE-listing firms are that almost half of listing firms are electronic firms as well as most of SMEs are family-controlled firms, which are far different from the constitution of listing firms for developed contries. The results reveal that independent dirctors would not only enhance corporate governance but also raise profits for enterprises; however, higher board size and shareholding controlled by insiders might not enhance firm value. The results imply that recruiting independent director as suggested by developed contries would matter for enterprises in Taiwan.

並列關鍵字

Board Size Board Constitution Firm Value

參考文獻


Acemoglu, D., Johnson, S. 2005. Unbundling institutions. Journal of Political Economy 113 (5), 949-995.
Acemoglu, D., Johnson, S., Robinson, J.A. 2002. Reversal of fortune: geography and institutions in the making of the modern world income distribution. Quarterly Journal of Economics 118, 1231-1294.
Adams, R.B., Hermalin, B.E.,Weisbach, M.S. 2010. The role of boards of directors in corporate governance: A conceptual framework and survey. Journal of Economics Literature 48, 58-107.
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Bai, C., Liu, Q., Lu, J., Song, F.M., Zhang, J. 2004. Corporate governance and market valuation in China. Journal of Comparative Economics 32 (4), 599-616.

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