董監事海外學歷差異與公司績效關聯性探討

近年來，愈來愈多台灣莘莘學子選擇在畢業後至海外學習與進修，他們相信較高的學歷及海外的學歷能讓他們在工作機會的選擇上更加豐富與多元。然企業是否傾向聘任海外高學歷的人才來經營公司，將取決於海外高學歷是否真的對於企業的績效有正面顯著的影響。本研究中以2009年1月1日至2015年12月31日均為台灣證券交易所普通股上市的647家公司（惟排除金融管制行業）為樣本，探討同時兼具為公司興利（領導公司整體方針）與除弊（監督公司）的董監事，其海外學歷是否作為影響該公司績效（ROA及Tobin’s Q）的重要因素，而將該海外學歷做不同面向的分類以做更細緻且深入的研究。不同的海外學歷分類面向包括海外學歷取得地、海外學歷科系背景及海外學歷學位程度。然因顧慮海外學歷與公司績效之間可能存在的因果倒置(Reverse Causality)問題，故在本研究中以兩階段最小平方法作為主要研究模型，處理該因果倒置問題。本研究發現整體董監事海外學歷比例對於公司績效有顯著正面影響；董監事擁有美國及加拿大的學歷對於公司績效有顯著正面影響；董監事海外商管經濟背景的學歷對於普遍公司績效有顯著正面影響；董監事海外生技醫療科系背景的學歷對於台灣生技醫療產業的公司績效有顯著正面影響；而董監事海外博士與碩士學歷對公司績效亦有顯著正面影響。本研究也進行穩健性檢驗，並發現主要結果仍均成立。

關鍵字

公司績效；海外學歷；公司治理；留學；董監事

並列摘要

Statistics have shown that studying overseas has become a rapidly growing trend among students in Taiwan in recent years. The purpose of this thesis is to examine the influence of the overseas educational qualifications of board members on the performance (ROA and Tobin’s Q) of Taiwan’s non-financial listed firms during the period between 2009 and 2015. The thesis also examines whether important features of overseas educational qualifications of board members, such as the country from which the degree is issued, the major of the degree, and whether the degree is undergraduate or post-graduate, can affect firm performance. To alleviate the concern for reverse causality between the overseas educational qualifications of board members and firm performance, the thesis conducts both the ordinary least square (OLS) and two-stage least square (2SLS) regressions. This thesis finds the following empirical results. First, the percentage of board members who receive overseas degrees is positively related to firm performance. Second, the firms with more directors/supervisors who receive degrees from the U.S. and Canada have better performance. Third, for the firms in the biotechnology industry, firm performance is better if more of their directors/supervisors have overseas biotech/medical degrees. Finally, overseas Ph.D. and master degrees of board members can also improve firm performance. The thesis undertakes several robustness tests, and the main results are unchanged.