董事會網絡密度與董事會規模對公司價值之影響——以雙門檻迴歸模型分析

Threshold Analysis of the Relationship Between Board Network Density, Board Size and Firm Value

簡郁錚(Yu-Cheng Chien)

指導教授 ： 趙莊敏

國立臺北科技大學/管理學院/商業自動化與管理研究所/碩士(2007年)

https://doi.org/10.6841/NTUT.2007.00061

摘要

本文研究台灣上市上櫃公司董事會網絡密度與董事會規模對於公司價值的影響，以門檻迴歸模型分析，並且同時使用董事會網絡密度與董事會規模來當作門檻變數，研究結果可以將台灣上市上櫃公司分為五個區間。本研究發現，董事會網絡密度基本上對公司績效是呈現負向影響，特別是在董事會規模大於某一程度下（如區間3與區間5），此負向影響的效果又特別顯著，與董事會網絡密度的大小，並無顯著相關。可能如同Bacon (1973)指出，董事會規模與公司績效呈正相關（區間3與區間5之平均公司價值大於其他區間），其認為較多的董事人數有較寬廣的教育、技術與產業背景，且對於公司的經營決策能提出較多的看法與建議。另外在外部董監事的議題上，有許多學者皆認為外部董監事對於公司價值是有正面的影響(Hill and Snell, 1988; Zahra and Pearce, 1992)。本研究發現，在OLS模型下外部董監事比例越高對於公司價值是有正面的幫助，但是在用門檻模型區分下，在董事或網絡密度較低的情況下（如區間2與區間3），增加外部董監事比例對於增加公司價值才有顯著的影響。

關鍵字

董事會網絡密度 ； 董事會規模 ； 門檻迴歸 ； 公司價值

並列摘要

The purpose of this study is to find the relationship of board network density,board size and firm value with threshold analysis in Taiwan listing company . We use both of board network density and board size as threshold variable and split the sample to five regimes. The results show that density has negative effect on firm value basically, and it has stronger effect when the board size is over 1.599 (regime 3 and regime5). The negative effect is not relevant to the size of density. This result is like as Bacon (1973). Board size has positive effect on firm value (the average value of firm is high in regime 3 and regime5), because bigger board sizes have more education and industry background which can give more suggestion for operation. In the other hand, the subject of outside board directors, there are many scholars who suggest that outside board directors have positive effect on firm value (Hill and Snell, 1988; Zahra and Pearce, 1992). In our study, the result of OLS regression shows that higher outside board director ratio has positive effect on firm value. However, under the situation of sample split, only when the board network density is low (like regime 2 and regime 3), increasing the outside board director ratio is positive effect on firm value.

並列關鍵字

Board Network Density ； Board Size ； Threshold Regression ； Firm Value

參考文獻

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