本研究透過董事會結構與經理人薪酬等兩大面向,探討其對公司負債結構之影響。另外,在負債結構之衡量方面,則係以負債比率及長短期金融負債作為代理變數。此外,因公司超額現金持有程度係為影響公司負債程度之關鍵因素,故本研究進一步依超額現金持有之特徵進行分群,以進一步觀察上述之現象。 實證結果發現,當董事會規模愈高時,依據資源依賴理論,可強化與外界連結之機會。另獨立董事比率與董監持股比率愈高時,公司治理機制與利益收斂一致。上述現象皆有助於,提升公司經營績效有助於降低資金需求。故發現董事會規模、董監事持股比率與獨立董事比率等三個變數與負債比率呈負相關且達顯著水準。在經理人薪酬方面,當薪酬制度與公司績效牽連時,其為其自身利益考量,將提高負債比率,故兩者間呈現顯著正相關。 最後,當公司具超額現金之特徵時,因公司資金量相對充足,致使董事會可能忽視資金之重要性,導致結果與整體樣本不一致。但當公司無超額現金時,其在擬定決策時將相對較為注意,故其結果與整體樣本之推論較為一致。
This study was an analysis of the influences of executive compensation and the configuration of the board of directors on corporate debt structure; the overall samples were categorized according to excess cash holdings to observe the said influences. The empirical results revealed that the percentage of independent directors had a significant negative correlation with the debt ratio of the company. The same result was also observed regarding the shareholdings of directors, supervisors, and managers, as well as board members. Significant positive correlation existed between managerial compensation and debt ratios. In addition, categorizing the samples according to excess cash holdings revealed that when the company has insufficient cash, it has the same results as above. However, when the company had abundant cash, the result was different.