董事會結構與企業風險管理之關聯性研究

本文意旨探討台灣上市（櫃）公司的董事會結構對企業風險管理之影響。根據COSO之風險管理整合架構：策略、營運、報導以及遵循等四目標作為衡量企業風險管理之綜合指標，以此來檢測企業風險管理是否會分別受到董事會規模、董事會獨立性、董事持股比例以及董事長兼任總經理之影響。研究結果顯示，董事會獨立性、董事持股比例越高確實有助於提升企業風險管理之績效，而董事會規模與董事長兼任總經理則皆與企業風險管理呈現正相關，但不具統計上顯著性。除此之外，本研究進一步以公司規模將樣本拆分為大規模與小規模樣本進行迴歸，以探討在不同規模下，董事會結構對企業風險管理之影響有何差異。在規模較大的公司樣本中，董事會規模、董事會獨立性與企業風險管理呈現顯著正相關，董事持股比例、董事長兼任總經理則與企業風險管理呈現顯著負相關；而在規模較小的公司樣本中，董事會獨立性、董事持股比例與企業風險管理呈現顯著正相關，而董事會規模則與企業風險管理呈現顯著負相關。本研究結果希冀能提供政府作為未來訂定相關法規之參考依據，同時亦能使得公司願意投入更多資源致力於強化董事會功能，並增加投資人選擇董事會結構良好公司投資的意願。

關鍵字

董事會結構；董事會規模；董事會獨立性；董事持股比例；董事長兼任總經理、企業風險管理

並列摘要

This study aims to explore the relationship between the board structure and enterprise risk management (ERM) in Taiwan. Based on four constructs of ERM developed by COSO, which consists of strategy, operation, reporting, and compliance, the study is to examine whether the enterprise risk management will be respectively affected by board size, board independence, shareholding by directors and CEO duality. Our empirical results indicate that the higher the board independence or the proportion of shareholding by directors, the better the firm’s performance in ERM. Further, we examine the difference of board-structure-ERM-effect between larger firms and smaller firms. The results indicate that the higher the board size or the board independence, the better the ERM performance for the larger firms, however, the proportion of shareholding by directors or the existence of CEO duality could weaken the ERM performance. On the other hand, the additional results indicate the higher the board independence or the proportion of shareholding by directors, the better the ERM performance for the smaller firms, while the higher the board size in the smaller firms could weaken the ERM performance. Finally, the study findings can supply government the references to develop laws, they can also stimulate the firm’s willing to invest more resources in developing the board structure well and encourage the investors’ willingness to invest a firm with a well-structured board.