以2002年到2015年上市櫃公司資料,本文探討董監事特性和股權結構對於公司績效的關係。實證結果顯示董事會特性變數的董監總持股比率、獨立董監席次比率與公司績效有顯著正相關。就股權結構特性的變數來看,經理人總持股比例、法人持股比例與最終控制者個人持股比例對股東權益報酬率ROE在1%的水準之下,呈現顯著的正相關。 當將董監事特性和股權結構特性分別整合成董事會構面與股權結構構面時,全樣本與電子業的股權結構構面對於公司績效之影響高於董事會構面對於公司績效關係。當將董事會構面與股權結構構面在整合成綜合公司治理分數時,全樣本與電子業的綜合公司治理分數對於公司績效均有顯著影響。最後,本文實證也顯示家族企業的公司治理對公司績效的正面影響低於非家族企業。 關鍵字:董事特性、股權結構、公司績效
Using a large sample of firms listed on Taiwan Exchange Stock and Taipei Exchange for the period 2002–2015, this study examines the effects of board characteristics and ownership structure on corporate performance. The empirical results suggest that in the board characteristics the board ownership and seats of independent board are associated positively with corporate performance; in ownership structures the managerial, institutional, and ultimate controlling owners’ shareholdings are positively related to corporate performance. Further, this study consolidate the variables in the two board character and ownership structure into two comprehensive board and ownership index and find the effect of comprehensive ownership index on corporate performance for all samples and electronics industry is greater than the effect of comprehensive board index on corporate performance. After consolidate all variables in board characteristics and ownership structure into unique corporate governance index, this study documents the unique corporate governance index and corporate performance is positively related. Finally, the empirical results show link between corporate governance index and corporate performance is less profound for family firm than the nonfamily firms. Keyword: board characteristics, ownership structure, corporate performance