家族企業之董事會結構與資訊透明度對公司績效之影響--以台灣傳統產業為例

Effects of Family Firm Board Compositions and Information Transparency on Firm Performance–The Case Study of the Traditional Industries

沈建州(Chien-Chou Shen)

指導教授 ： 洪進朝

長榮大學/管理學院/經營管理研究所/碩士(2017年)

摘要

本研究探討家族企業之董事會結構與資訊透明度對公司績效之影響，並以台灣傳統產業為主要研究對象。結果顯示董事會結構對績效影響的假說均一致性的成立，以董事會規模而言，結果顯示董事人數越多，對經營績效將造成負面結果；但獨立董事比例的增加，對績效卻有正面的助益。尤其對於以家族型態經營的傳統產業，是一個值得考慮的方向。在與董事總持股比例的關連上，所有分群樣本所顯示的結果均與績效呈正相關，尤其是家族型傳統產業最為明顯。不過在資訊透明度方面，原本預期藉由提高資訊揭露程度來增加經營績效的假說，在所有分類樣本中並無法成立，其中在家族傳統產業及所有家族企業的分類樣本中並不顯著，而在整體傳統產業及全體產業的樣本裡甚至呈現顯著負相關，後二者顯然在提升透明度後所得的資金成本降低等效益，無法彌補所投入的成本。雖說單就此變項所得結果不如預期，但透明度的提升對於一般股東卻是有利的，除了降低代理問題外，對於獨立董事監督功能的發揮也有相當的幫助。

關鍵字

家族企業 ； 董事會結構 ； 資訊透明度 ； 傳統產業

並列摘要

This study explores the influence of the structure and transparency of the board of directors on the performance of the company, and takes the traditional industry in Taiwan as the main object. The results show that the structure of the board of directors on the performance of the hypothesis is consistent with the establishment of the size of the board. It shows that the more the number of directors, the more negative results will be produced by performance; but the increase in the proportion of independent directors can benefit the performance, hence, this is a development model worth trying, especially for the traditional family busuness. In relation to the shareholding ratio of the directors, the results of all the subgroups are positively correlated with the performance, especially in the most traditional family business. However, in terms of transparency of information, the hypothesis that the performance of business has been improved by increasing the degree of information disclosure is not established in all the sample categorization, which is not significant in the classification of the traditional family and all family enterprises. Traditional industries and all industries in the sample even show a severe negative correlation. The latter two are clearly in the promotion of transparency after the reduction of capital costs and other benefits, which can not make up for the cost of inputs. Although the results of this change is not as good as expected, but the promotion of transparency for the general shareholders is beneficial. In addition to reducing the problem to be handled, the independent director of the supervisory function is also a considerable help.

並列關鍵字

Family Firm ； Board Composition ； Information Transparency ； Traditional Industries

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