董監事機制及其獨立性與公司經營績效之關聯性研究

An Empirical Study on the Relationship between Corporate Performance and Board and Supervisors’ Mechanism and Independence

劉仲嘉(Chung-Chia Liu)

指導教授 ： 柯承恩

國立臺灣大學/管理學院/會計學研究所/碩士(2006年)

https://doi.org/10.6342/NTU.2006.01350

摘要

隨著美國安隆(Enron)公司爆發財務醜聞案，國內的訊碟及博達等掏空公司資產案亦接連不斷發生，引發各界對加強公司治理的呼聲。而我國董監事機制為公司治理的核心所在，故強化董監事機制為國內當務之急。因此，台灣證券交易所及櫃檯買賣中心分別在民國91年2月22日與91年2月25日修訂上市、上櫃審查準則，規定自即日起，初次申請有價證券上市、上櫃公司須聘請二席以上獨立董事及一席以上獨立監察人，否則不予上市、上櫃。
本研究以民國91至93年台灣上市、上櫃公司為研究對象，並排除金融業，藉由敘述性統計及多元迴歸分析，探討董監事規模、董監事持股比率、董監事股票質押比率、獨立董監事席次比率、自願或強制設置獨立董監事、獨立董監事兼職情況及獨立董事職業背景與公司經營績效(ROA、ROE、EPS及Tobin，s Q)之關聯性。實證結果如下：
1、董監事規模與公司經營績效呈顯著的負相關。
2、董監事持股比率與公司經營績效呈顯著的正相關。
3、董監事股票質押比率與公司經營績效呈顯著的負相關。
4、獨立董監事席次比率與公司經營績效呈顯著的正相關。
5、自願設置獨立董監事公司的經營績效顯著優於未設置者。
6、強制設置獨立董監事公司的經營績效顯著優於未設置者。
7、強制設置獨立董監事公司的經營績效顯著優於自願設置者。
8、獨立董事由其他公司高階管理者、專業學者及專門職業人員擔任與公司經營績效呈顯著的正相關。
9、獨立董監事兼任其他公司董監事情形與公司經營績效呈顯著的負相關。

關鍵字

董監事 ； 獨立董監事 ； 公司治理

並列摘要

After the scandals such as Enron in the U.S, and InfoDisc, ProComp in Taiwan, the board of directors and supervisors have become the main issue when talking about corporate governance. It is urgent to strengthen the board of
directors and supervisors mechanism in Taiwan.

On February 22 and 25, 2002, Taiwan Stock Exchange Corporation (TSEC) and Over-the-Counter (OTC) amended “Criteria for Review of Securities Listings” and ”Criteria Governing Review of Securities Traded on OTC Markets”, forcing that the corporations before IPO should have at least two independent directors and one independent supervisor in order to become public
hold companies or be traded on OTC market.

In this research, the samples are all the companies in the Taiwan Stock Exchange Corporate (TSEC) and Over-the-Counter market (OTC) from 2002 to 2004, and financial industry is excluded. We would like to discuss the relationship between the corporate performance (ROA, ROE, EPS and Tobin’s Q) and characteristics of the board of directors and supervisors through descriptive
statistics and OLS regression analysis.

The independent variables including the size of the board, the shareholding structure, the percentage of shares pledged, the percentage of independent directors and supervisors and whether they are voluntary or compulsory, the existence of other jobs held by independent directors and supervisors, and their
occupational background.

Our empirical results show that
1. The size of the board of directors and supervisors is significantly negatively associated with corporate performance.

2. The shareholding structure of the board members and supervisors is significantly positively associated with corporate performance.

3. The percentage of shareholding pledged by board members and supervisors is significantly positively associated with corporate performance.

4. The percentage of independent directors and supervisors is significantly positively associated with corporate performance.
5. The corporate performance of the companies with voluntary independent directors and supervisors is significantly better than those without independent directors and supervisors.

6. The corporate performance of the companies with compulsory independent directors and supervisors is significantly better than those without independent directors and supervisors.

7. The corporate performance of the companies with compulsory independent directors and supervisors is significantly better than those with voluntary independent directors and supervisors.

8. Independent directors who are scholars, experts or top managers in other companies are significantly positively associated with corporate performance.

9. The existence of other jobs held by independent directors and supervisors is significantly negatively associated with corporate performance.

並列關鍵字

Board of Directors and Supervisors ； Independent Directors and Supervisors ； Corporate Governance

參考文獻

14. 林宗輝，2004。公司治理與企業績效關聯性之研究，國立台灣大學會計學研究所碩士論文。

17. 洪顧紜，2005。獨立董監事與公司績效關聯性之研究，國立台灣大學財務金融研究所碩士論文。

23. 黃金蓮，2001。台灣上市(櫃)企業財務績效與外資持股比例之關聯性研究，中原大學會計研究所碩士論文。

16. 洪世馨，2003。設立外部董事與企業經營績效之關係，國立成功大學會計學研究所碩士論文。

18. 高蘭芬，2002。董監事股權質押之代理問題對會計資訊與公司績效之影響，國立成功大學會計學博士論文。