探討董事會結構影響公司經營績效之關鍵 因素研究 – 以台灣主機板上市公司為例

The Key Factors of the Board of Directors, Impact on Firm Performance – A Case Study of Motherboard Industry in Taiwan

林榆桑(Yu-Sang , Lin)

指導教授 ： 廖森貴

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)

摘要

之前太電與博達掏空公司資產案，最近有關聯華電子之背信案、中國信託銀行涉嫌利用複雜衍生性金融商品從事背信、內線交易不當行為，以及力霸集團掏空公司資產造成財務危機，與英華達與友達內線交易等接連發生。這些事件的發生不但造成企業危機也引發資本市場的動盪，歸咎其主要原因之一乃是公司治理的機制不夠健全所致。因此也引發各界對於董事會、獨立董監事及企業內部監控機制等議題之高度重視。綜合以上研究背景與動機所述，本研究將依董事會關鍵因素與公司治理績效進行探討。
本研究透過文獻研究與專家訪談確認董事會結構之關鍵為『設置獨立董事』、『董事持股』、『董事會規模及結構』、『股權集散程度』、『董事酬勞』五大構面，再利用訪談問卷調查專業人員計28人，再使用分析層級程序法(Analytic Hierarchical Process, AHP)探討影響公司經營績效之董事會結構關鍵關鍵因素。
本研究實證分析結果為：董事會結構中影響公司經營績效之關鍵因素以『機構法人比例』及『董事酬勞佔盈分配大小』最重要；另就『設置獨立董事』之一構面全體專家意見非常分歧，其中46% 的專家非常重視，但另外36% 的專家則持保留態度，此現象顯示對於獨立董事是否能有效監督公司經營運作，部份專家仍有認為很大疑慮。此外在董事酬勞構面中，『佔盈餘分配大小』其對董事會結構具有非常重要的影響力，而『法令規章」則較無重要影響。

關鍵字

董事會結構影響 ； 公司治理 ； 分析層級程序法

並列摘要

From those startling events of the asset operation such as ProComp Informatics Ltd., Pacific Electric Wire & Cable Co. and Rebar Enterprise Group, people had recognized how important the company governance is. However, recently fraud crimes and insider trading such as Chinatrust Bank, United Microelectronics Crop., Inventec Appliances and AU Optronics Crop., show us explicitly that we have to improve the capability of company governance. Otherwise, the negative results usually are around those firms. Therefore, this study will find out the relationship between the board of directors and operating performance. And those key factors also lead us to enhance the operating performance by reforming board of directors.
First of all, present study is designed to probe into literatures and through face-to-face interview of five scholars and experts. In addition, these scholars and experts confirmed five major aspects:“Independent Directors”, “Ownership of Board of Directors”, “Structure of Boards of Directors”, “Ownership Structure” and “Salaries allocated to the Boards of Directors”. Subsequently, the study aims at finding those key factors of Board of Directors in regard to its outstanding operating performance. With questionnaire survey, the researcher interviewed a total of 28 professionals. Accordingly, the researcher further looks into the key factors and acquires some results via one means of Analytic Hierarchical Process (AHP).
The major results are as follows:
1. The most important of key factors as firm performances are “Ownership of Outside Directors” and “Salaries allocated to the Boards of Directors”.
2. Those of experts have very different opinions at “Independent Directors” aspect. There are 46 percent of experts who believe in one fact that “Independent Directors” is one crucial issue, but another 36 percent of experts don’t recognize this aspect as the key factor.
3. Apply for feature of “Salaries allocated to the Boards of Directors”, the “Earning Distribution” will be more important than “Regulation”

並列關鍵字

The Board of directors ； Corporate Governance ； Analytic Hierarchical Process (AHP)

參考文獻

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