Board Training and Firm Performance: Evidence from Taiwan

董監事進修與公司績效：台灣實證研究

吳貞慧(Chen-Hui Wu)

《財務金融學刊》 21卷4期 (2013/12) Pp. 59-89

https://doi.org/10.6545/JFS.2013.21(4).3

摘要

本研究探討董監事進修是否會造成公司績效上的差異。本文採用人工蒐集資料，經實證結果發現，董監事進修對會計基礎衡量的ROA、ROE，以及現金基礎衡量的現金流量對總資產之比率，有顯著正向的影響；然而針對營收基礎的銷貨收入對權益之比率及利潤率，則未有顯著的影響。至於董監事進修對市場基礎衡量的Tobin's Q 及股票報酬，經控制相關的公司及董監事特性，仍未發現有顯著之影響。此外，董監事進修會計及財務訓練課程被發現與ROE呈現正向關係。

關鍵字

董監事進修 ； 財務績效 ； 財務專業

並列摘要

Do firms with board training make a difference in firm performance? Using handcollected data, the empirical results show that board training has a significant positive impact on the accounting-based measures of ROA, ROE, and the cash-based measure of cash-flow to assets, and no eminent effect on sales-based measures of the sales-to-equity ratio and profit margin. It is also found that board training has no significant effect on the market-based measures of Tobin’s Q and stock returns after controlling for several firm and board characteristics. In addition, accounting and finance training courses undertaken by board members are positively related to ROE.

並列關鍵字

Board training ； financial performance ； financial expertise

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