台灣新上市公司董事會穩定性與長期績效之實證研究

The Board Stability and Long-term Performance of IPOs in Taiwan

陳振遠(Roger C. Y. Chen) ； 王朝仕(Chao-Shi Wang) ； 林靖傑(Jing-Jie Lin) ； 徐銘志(Ming-Chih Hsu)

《經營管理論叢》 2卷2期 (2006/12) Pp. 85-103

https://doi.org/10.6872/OMR.200612_2(2).0005

摘要

過去實證研究顯示IPO公司短期與長期績效存在明顯的差異，而公司在上市後的股權結構、董事會組成結構與其他公司治理特徵也會有明顯的變化，再加上實證發現董事會穩定性攸關企業價值的高低，是以本研究擬由董事會穩定性的觀點，再檢視其與IPO公司長期績效之關聯性。本研究實證結果發現，初期績效不佳的IPO公司，其初期董事會穩定性亦較低，而即使是初期績效良好的IPO公司，若董事會穩定性無法繼續維持，則將阻礙其後續績效的提昇。此結果驗證了董事會穩定性會影響董事會發揮監督機制的有效性，進而影響IPO公司的長期績效。

關鍵字

新上市公司 ； 公司治理 ； 董事會穩定性 ； 相對財富 ； 長期績效

並列摘要

Previous studies have shown the substantial difference between IPOS' short- and long-term performances. Besides, the stock ownership, the composition of board of directors and other corporate governance features are also changed significantly after IPOs. Since empirical findings reveal the value-relevance of board stability, we reexamine the IPOs' long-term performance from this context. Our results demonstrate that the IPOs with poor initial performance will have lower initial board stability. However, with good initial performance, the IPOs will not have sustainable performances if the board stability cannot be maintained. This finding confirms that the stability of board will influence the effectiveness of monitoring mechanism of the board, and then has an effect on the IPOs' long-term performance.

並列關鍵字

IPOs ； Corporate Governance ； BoardStability ； WealthRelative ； Long-term Performance