本研究旨在討論董事持股比、獨立董事席次比與營運績效間之關聯性,以及董事長兼任總經理對此關聯性之調節效果。本研究係以2009年至2017年台灣上市櫃電子業為研究對象,實證結果顯示當內部董事持股比率上升時,公司營運績效會上升;獨立董事席次比愈高,有助於公司營運績效提升;董事長兼任總經理調節董事持股比及獨立董事席次比與營運績效之關聯性。另外,實證結果顯示董事持股比與營運績效不受董事長兼任總經理調節之影響,呈現無顯著關聯性,而董事長兼任總經理調節獨立董事席次比,則有助於公司營運績效提升。本文除了補充台灣目前股權結構、獨立董事席次比對營運績效影響相關文獻外,亦可提供投資大眾投資電子產業之參考。
The dissertation aims to discuss the association amongst ownership structure (shareholding proposition by directors), independent directors, and the firm’s financial performance. Using the Taiwanese listed companies in the electronic industry from 2009 to 2017, the empirical results show that the increase of the directors shareholding ratio and independent director ratio brings about the rise of firm’s operating performance. However, the board duality moderately affecting the association between director independence and operating performance, while the association between ownership structure and operating performance is not statistically affected. Finally, besides supplementing the corporate governance literature in Taiwan regarding the association amongst ownership structure, director independence, board duality, and financial performance, this study provides a reference for investing in the public investment electronics industry.