以營運資金的角度探討董事會特徵對公司績效之影響-以台灣半導體業為例

The Effect of Board Characteristics and Working Capital Management on Firm Performance – A Study of Semiconductor Industry in Taiwan

劉幸惠(Hsing-Hui Liu)

指導教授 ： 李瓊映

長榮大學/管理學院/經營管理研究所/碩士(2017年)

摘要

本研究希冀由公司治理中董事會結構的角度出發並結合營運資金管理之觀念探討與公司經營績效之關聯。研究對象為台灣證券交易所列示且截至2015年年底時仍存續之上市公司，透過變數資料的統計分析及迴歸實證，探討董事會結構對公司經營績效之關聯；亦從營運資金之角度，探討與公司經營績效之關聯。
本研究先將整體樣本做分析，其次將樣本依是否為半導體產業做區分，再者依據是否為家族企業做區分，最後針對半導體產業的樣本區分為是否為家族企業。實證結果顯示：(1)董事會股權結構對家族企業績效有著負向顯著影響；(2) 董事會規模與家族企業的公司經營績效，呈現規模愈大，績效愈差的負向顯著影響；(3) 董事會獨立性對家族企業績效為正向顯著影響，但在非家族企業卻無影響；(4) 董事長是否兼任總經理在半導體產業且為家族企業中，是正向顯著影響；但在非家族企業中，影響卻是相反的，董事長兼任總經理對企業績效不利；(5)現金轉換週期對半導體產業中不論是家族或非家族企業的影響，皆是負向的，表示現金轉換週期越長對半導體產業的企業績效越不利。

關鍵字

公司治理 ； 董事會特徵 ； 營運資金 ； 公司績效 ； 半導體產業

並列摘要

Beginning with the board structure in corporate governance and combining with the concept of operation capital management, the author hopes to discuss influences of corporate influences. Based on Taiwan Securities Exchange, the author still regards existing listed companies in the end of 2015 as research objects, discusses the correlation between board structure and corporate performance by narrating statistical analysis and regression analysis of variable data, and also discusses its influences on corporate influences from working capital.
The author analyzes samples as a whole, distinguishes them according to semiconductor industry and family business, respectively, and finally judges them as family business according to samples of semiconductor industry. The empirical study shows that (1) board structure has the significantly negative influences on family business performance; (2) Board size has the significantly negative influences on corporate performance;(3)Board independence has the significantly positive influences on family enterprise performance, but it has no influence on non-family enterprises; (4) Whether a chairman holds a concurrent post of general manager in semiconductor industry and in the family business, it has the significantly positive influences. However, in the family business, it is totally opposite. In other words, chairman holding a concurrent post of general manager is not good for corporate performance; (5) Cash conversion cycle has the negative influences on family or non-family business in semiconductor industry, showing that the longer cash conversion cycle is unfavorable.
Keywords:Corporate governance, board structure,working capital, Firm
performance, semiconductor industry

並列關鍵字

Corporate governance ； board structure ； working capital ； Firm performance ； semiconductor industry

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