本研究以公司治理的角度出發,探討董事會特性、股權結構對企業捐贈的影響,以1997年至2011年台灣證券交易所公開發行上市、上櫃公司為樣本,並以Panel Data Regression進行實證。本文之研究結果茲述如下: (一)、當董事會席次愈多、內部人士持股比率愈高,且董事長兼任總經理時,企業進行捐贈的意願愈高;而公司有獲利時,法人董事席次愈多、席次盈餘偏離差愈大、法人持股比率愈高、負債比率愈高,則會使企業捐款的意願降低。 (二)、當公司有獲利時,且公司規模愈大、內部人士持股比率愈高、員工薪資比率愈高,企業捐款的程度愈高;而公司處於負債比率較高時,法人董事席次愈多、法人持股比率愈高,則企業捐款的程度愈低。 關鍵詞:公司治理、企業捐贈、代理理論
The purpose of this study is to find out and analyze how the attributes of the board of directors,the equity structures affect the policies of corporate giving from the viewpoint of corporate governance. I select TSEC listed firms and OTC companies during 1997-2011 period as empirical samples to examine factors of corporation giving with Panel Data Regression, the findings of this paper are as follows: I. According to the empirical findings, Corporates will have a strong will for donation, while those with larger board size, a higher percentage of insider shareholding and the president serving as a general manager at the same time. Corporates with a higher profit, more juristic-person director members, much deviation of shareholders’ controlling right from cash flow right, a higher percentage of institutional shareholding and a higher debt ratio, they will have a poor will to make charitable donations. II. The empirical findings show that corporates will donate more, while those with a higher profit, a larger enterprise size, a higher insider shareholding ratio and employee salaries ratio. Corporates with a higher debt ratio, more juristic-person director members and a higher percentage of institutional shareholding, they will donate less. Keywords: Corporate Governance, Corporate Giving, Agency Theory.