- 學位論文
外部董監事對公司價值之影響－以企業規模之門檻效果分析
Outside Board, Corporate Values, and Firm Size: New esults from the Threshold Analysis
摘要
在文獻中，對於外部董監事對於公司的價值有各種不同的說法與實證結果，國內外皆有不同的結論，而究竟外部董監事的設立是否有助於公司價值之達成，抑或只是讓眾多投資人安心的手段，或者與其它董事互相勾結、營私武弊，使得企業價值反較原本為差，是證期會設立此項法律後，各界學者所想積極驗證的重點。本研究利用Hansen （1999）的縱橫門檻迴歸模型進行研究，旨在探討外部董監事比例和公司價值的門檻效果，而本研究加入企業規模作為門檻變數，探討在不同企業規模下，解釋變數（外部董監事）與被解釋變數（企業價值）之關係。 本研究所驗證之結果，可知外部董監事對於企業價值有一定的影響，然在不同企業規模下，有不同的作用及影響方向。當公司之資本額小於31.9億時，由於小規模的公司股權較集中且這些公司年齡較短，公司能利用外部董監事他們的專業與能力，提升企業價值。然而當資本額大於31.9億或小於127.8億時，由於上櫃上市時間較長，在財務報表及董事會結構，已有一定的成規或積習，若貿然引進外部董監事，反而導致經營決策變得緩慢或是財務報表之變動，使得投資人失去信心，企業價值反而降低。而當公司資本額大於127.8億，引入外部董監事能夠提升企業價值，一方面能以其專業提供建議，另一方面這些企業將更容易受法人青睞而提升價值。不過與規模第一區間之企業相比，外部董監事之效益仍然不大，推究其原因，由於企業規模愈大，外部董監事在企業內能代表之監控能力相對較小。
並列摘要
Even at home and abroad, there are many statements and conclusions with the value of outside directors. Is the setting up of outside directors good to the achievement of company’s value, or is it just a trick to make stockholders relieved, Or it is only a way to collude with other directors, to engage in activities for personal gain、and make the company’s value worse. And this is the key point which scholars want to verify after SFB setting up this law. This paper which try to confer the threshold effect of the ratio of outside directors and company’s value make use of Hansen’s Threshold Regression. And we add Firm Size to be a threshold variable. We try to confer the relation between explained variable「outside directors」and being explained variable 「Company’s value」 under different enterprise scopes. We can find that outside directors does affect company’s value in this research. But we also find that under different enterprise scopes, it has different influences. When the company’s capital are less the 31.9 hundred million，because of the stocks are centralized，companys could make use of outside directors’s professional ability to promote their value. When the company’s capital are between 31.9 hundred million and 127.8 hundred million，because the time of list are longer and they have fixed practices and old habits. Rashly lead in outside directors will lead to slow down operate policy or change financial report。It will make investors lose their faith and reduce company’s value. When the company’s capitals are larger then 127.8 hundred million, Outside directors could provide professional suggestions and. But compare to the scale of the first degree, outside directors value are small. It is because the larger of the enterprise copes, the less control of outside directors can do to the enterprise.