本研究在探討董事會結構、股權結構與企業舞弊之關聯性,本研究以2002年至2013年台灣上市(櫃)公司發生舞弊起訴事件為研究樣本。研究結果顯示,當經理人持股比例越高,對董事會的控制力越強,越容易發生舞弊。當公司內部存有金字塔持股,會使公司代理問題嚴重,讓公司監督機制弱化,因此公司容易發生舞弊。股份盈餘偏離差越多時,公司同樣會有代理問題,使得公司監督機制弱化,公司也較容易發生舞弊。當董監事規模越大,會使得董事會效率變差,進而發生舞弊。大股東持股比例越高,大股東越有動機和權力去監督管理階層,進而減少舞弊。當機構法人持股比例越高,機構投資人有足夠的誘因,去監督管理階層,讓自己的權益不會受到損失,進而減少舞弊。董監事持股比例越高,董監事會更關心公司經營績效,更有動機監督公司,因此董監事持股比率越大,發生舞弊機會就越小。
This study investigates the association between board structure, ownership structure and corporate fraud. This study uses Taiwan listed and OTC companies with prosecution of fraud occurred during 2002-2013 as research samples. The results show that the higher the proportion of managerial ownership, the stronger manager's control of the board, thus the company is prone to fraud. The company with pyramid structure has serious agency problem, which further weakens oversight mechanisms, so the company is inclined to fraud. The larger the divergence between control rights and cash flow rights, the greater the company's agency problems, weakening the oversight mechanisms of company, thus the company tends to fraud. The larger the board size is so that the board of directors and supervisors oversight efficiency deteriorates, further causing fraud. The higher proportion of large shareholders, large shareholders have more motivation and power to oversee the management, thereby reducing fraud. When the proportion of institutional ownership is higher, institutional investors have more incentive to monitor management, so that their interests will not suffer loss, thereby lowering fraud. When the proportion of directors' shareholding is higher, director board is more concerned about corporate performance and more motivated to oversee the company, therefore the greater the directors' shareholding ratio, the less opportunity for fraud.