董事會多樣性與企業經營績效之關聯研究--以策略變動為調節變數

本研究從公司治理的角度出發，探討董事會多樣性對企業經營績效之影響，並進一步考慮策略變動對董事會多樣性與經營績效之關係的調節效果。本研究將董事會多樣性區分為代表相對距離之「差距」，以呈現離散同業平均標準之董事會結構多樣性及代表「多種類」屬性之董事會成員多樣性；在董事會結構上，包括董事規模，董事持股比，獨立董事比及董事長是否兼任總經理。在董事會成員屬性上，包括性別，年齡，任期及專業背景多樣性。本研究以中國大陸上海及深圳證券交易所掛牌之A股高度裁量權產業上市公司為研究樣本，樣本期間為2014年，從初步取得之樣本3, 013家中扣除H股、B股、金融保險業、董事會變數、策略變動變數、經營績效、行業別資料缺漏及極端值，並排除中、低度裁決性行業之公司資料後，最後取得A股高度裁量權產業之公司1,131家(董事會結構多樣性)及666家(董事會成員多樣性)樣本進行分析，分別以多元迴歸模型，深入分析中國上市公司董事會多樣性與經營績效的關聯性。研究結果顯示，董事會結構多樣性與其企業經營績效呈現負向關係；即董事會結構多樣性(離散數)愈接近該產業的平均水準時，其經營績效表現愈佳，但若是董事會結構多樣性(離散數)遠離該產業平均數之極大或極小之企業，與其經營績效則呈現負向關係。但如果將策略變動因素加入考量後，策略變動差異較小之企業，其董事會結構多樣性與其經營績效為正向關係，而策略變動差異較大之企業，其董事會結構多樣性與其經營績效則為負向關係。另外，依據符合資源依賴理論，董事會成員多樣性與其企業經營績效呈現正向的關係。如果將策略變動因素加入考量後，策略變動差異較小之企業，其董事會成員多樣性與其經營績效為正向關係。本研究實證發現董事會多樣性確實會影響其經營績效，且策略變動確實會調節董事會結構多樣性與其經營績效之間的關係，並受策略變動幅度大小所影響，除在理論貢獻上可強化現有董事會與其經營績效關聯研究之發現，並可為公司治理的實踐提供了適當的理論解釋和進一步的參考。

關鍵字

董事會多樣性；經營績效；策略變動

並列摘要

This study, from the aspect of the integrated multi-dimensional board member’s structural and demography, attempts to explore the effect of board diversity on the firm’s operating performance of Chinese listed companies. It also examines whether the relationship between board diversity and operating performance is moderated by strategic change. We divide the diversity of the board into a structural diversity of boards (Disparity, that represents the relative distance) and a demographic diversity in boards (Variety, demographic diversity). In the structure of the board of directors, including the size of the directors, the shareholding ratio of the directors, the ratio of independent directors and whether the chairman is also the general manager. On the board member's attributes, including gender, age, tenure and educational background diversity. This study is based on the A-share high-discretionary industrial listed companies listed on the Shanghai and Shenzhen stock exchanges in mainland China. The sample period is 2014, and the H shares, B shares, and financials are deducted from the preliminary sample of 3,013. After the insurance industry, board of director’s variables, strategic changes, business performance, industry data gaps and extreme values, and excluding medium and low-discretionary corporation data, the company finally obtained 1,131 A-share high-discretionary corporations (board of diversity) A sample of 666 (diversity on board members) was analyzed, and multiple regression models were used to analyze the correlation between board diversity and operating performance of Chinese listed companies. The results show that the structural diversity of the board is negatively related to the performance of the enterprise; that is to say the closer the level of structural diversity of the board (which is a discrete level) is to the average level of the industry, the higher the level of operational performance. However, if the discrete level diversity of the board structure deviates far from the industry's average, these enterprises tend to have a negative operational performance. However, when taking into consideration the strategic change, the results shows those firms with larger strategic change tend to have a negative correlation, whereas firms with smaller changes in terms of strategy tend to have a positive correlation; and similar results have been observed in state-owned enterprises. The results show that the demography board diversity is positively related to the firm’s operating performance. Furthermore, when taking strategic change into consideration, we find that the firms with smaller strategic change tend to have a significant and positive association between board diversity and operating performance, while no evidence is found for the board-diversity-performance association exists in firms with larger strategic change. This study empirically finds that board diversity does affect its operating performance, and that strategic changes do regulate the relationship between board structure diversity and its operating performance, and are affected by the extent of the strategic changes, in addition to the theoretical contribution can strengthen the existing board of directors This study not only better identifies to what extent the diversity in the Chinese boardrooms affects the firm’s operating performance, but also provides appropriate theoretical explanations and further reference for the corporate governance practice.

並列關鍵字

Diversity of boards ； strategic change ； Firm performance

參考文獻

劉美纓, 丁碧慧, & 朱奐聿. (2014). 企業社會責任與公司治理, 公司績效之關連性研究. 科際整合管理研討會, 17-30.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.

參考文獻