不同成長階段的台灣上市公司其董事兼任情況對績效的影響

本次研究將 2008-2019 年間的台灣上市櫃公司依照成長階段作為分類，並使用兩階段回歸分析，分別研究首次公開發行與資產規模大的公司，董事忙碌程度對於公司績效的影響。本次實證發現，不同公司特性、不同績效衡量方法、不同的忙碌定義皆會影響實證結果。其中，首次公開發行的公司，董事兼任程度對於公司績效的影響雖然沒有一致性，但對 Tobin'sQ 有顯著正向影響;而資產規模較大的公司，董事兼任程度對於公司市場績效有顯著正向影響，但對於公司會計績效卻有顯著負向影響，建議資產規模較大的公司忙碌董事為公司帶來更多投資機會的同時，應更小心監理公司營運狀況，將引入的外部資源更有效的運用。

關鍵字

董事；忙碌董事；公司績效；公司治理

並列摘要

This study classified Taiwan listed companies between 2008 and 2019 according to different stages. This research used a two-stage regression analysis to study IPOs and large scale companies separately, focusing on how busy directors affect the firm performance. It is found that different company characteristics, performance measurement methods, and different definitions of busy will affect the results. For IPO firms, they don't have the same significant relations between directors' busyness and all different financial performance indicators, but they have a significantly positive relation between directors' busyness and Tobin’s Q. Among large scale firms, they have significantly positive relations between directors' busyness and financial performance, but have significantly negative relations between directors' busyness and market performance. As a result, while the busy directors in large scale firms can bring more opportunities of investment to the company, they should be more careful to supervise the operations of firms, and should make sure the external resources are used more effectively.