金融業董事會組成特性對公司經營績效之影響

本研究探討西元1996年至2017年台灣區上市櫃之金融業董事會組成及其結構與企業經營績效之關聯。以資產報酬率及股東權益率作為公司經營績效之代理變數，對董事會組成特性進行迴歸分析。實證結果顯示董事長兼任總經理之情形、董事規模及控制權與現金流量偏離程度對金融業經營績效並沒有顯著影響﹔董監持股比率上升，有助於股東權益報酬率的成長﹔董監持股之質押比率對資產報酬率及股東權益率有顯著負向影響﹔獨立董事席次增加對資產報酬率及股東權益率有顯著正向影響﹔最後董事兼任經理人則是對企業資產報酬率呈現負向的影響。

關鍵字

董事會組成；經營績效；金融業

並列摘要

This paper explores the relationship between board compositions/structures and operating performances of financial institutions listed on the Taiwan Stock Exchange and the Taipei Stock Exchange in 1996-2017. Return on assets and return on equity are referred to as the proxy variable for operating performances in the regression analysis on the influence of board compositions. The empirical results indicate no significant effects of the combined CEO and chairperson roles, board size, the deviation between control and cash flows on operating performances of financial institutions. In fact, a higher percentage of ownership by board directors and supervisors is beneficial to return on equity. The percentage of collateralized shares by directors and supervisors exhibits significant and negative influence on return on assets and return on equity. The increase in the number of independent directors reports a significant and positive effect on return on assets and return on equity. Finally, the combined role of directors and managers has adverse effects on return on assets.

並列關鍵字

Characteristics of board directors ； Firm operating performance ； Financial industry

參考文獻

Albuquerque, R. (2012). "Skewness in Stock Returns: Reconciling the Evidence on Firm Versus Aggregate Returns". The Review of Financial Studies, 25(5), 1630-1673. doi: 10.1093/rfs/hhr144

一、中文部分