美國壽險業功能性委員會對公司經營績效之影響

The Impact of Functional Committee on Firm Performance of U.S. Life Insurance Industry

王欣平(Hsin-Ping Wang)

指導教授 ： 何佳玲

淡江大學/商管學院/保險學系保險經營碩士班/碩士(2018年)

https://doi.org/10.6846/TKU.2018.00234

摘要

本研究以1996年至2016年間23家美國上市壽險公司為樣本，探討公司治理及功能性委員會對公司經營績效的影響。功能性委員會包含審計委員會、薪酬委員會、提名委員會、執行委員會、財務委員會及風險管理委員會。實證結果顯示，壽險業設置執行委員會對公司經營績效為顯著正相關，但提名委員會規模與公司經營績效為顯著負相關。公司治理的部分，財務專家佔審計委員會之比例與公司經營績效為顯著正相關；機構投資人持股比例對公司經營績效影響之結果不一致，在考量設置功能性委員會時為顯著負相關，然考量功能性委員會規模時則為顯著正相關。業務集中度與公司經營績效為顯著負相關。
本研究進一步分析歷經沙賓法案通過及金融海嘯發生後功能性委員會設置、結構之變化對公司經營績效之影響。結果發現企業設置功能性委員會在沙賓法案通過後均對公司經營績效沒有顯著影響。在歷經金融海嘯後相較於金融海嘯前財務委員會規模對公司經營績效為顯著負相關，風險管理委員會規模對公司經營績效為顯著正相關。

關鍵字

功能性委員會 ； 公司治理 ； 公司經營績效 ； 美國壽險公司

並列摘要

This paper examines the impact of a functional committee on firm performance. The research contains 23 U.S. publicly traded life insurance companies from 1996 to 2016. Functional committees include audit committee, compensation committee, nomination committee, executive committee, finance committee, and risk committee. The results indicate that establishing an executive committee has a significantly and positively related to firm performance. However, the scale of the nomination committee has a significantly and negatively related to firm performance. The proportion of financial expert on the audit committee is a significantly and positively related to firm performance. The influence of proportion of institutional investors’ ownership with firm performance is inconsistent. It appears to be a significantly and negatively related to firm performance when establishing functional committees. Nevertheless, it is a significantly and positively related to firm performance when considering the scale of the functional committee. Finally, Herfindahl has a significantly and negatively related to firm performance.
The researcher further examines the impact of establishments and scale of the functional committee on firm performance before and after the Sarbanes-Oxley Act and financial crisis. Results show that establishing functional committee after Sarbanes-Oxley Act does not have a significant influence on firm performance. The scale of a financial committee is a significantly and negatively related to firm performance before financial crisis rather than after. The scale of risk committee has a significantly and positively related to firm performance.

並列關鍵字

Functional Committees ； Corporate Governance ； Firm Performance ； Life Insurance Company

參考文獻

陳曉蓉、王詠惠，2006，機構投資人持股對股價反映未來盈餘資訊程度之影響-以台灣集團公司與非集團公司為例，會計與公司治理，第3卷第2期，頁69-100。

中文文獻

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