摘要 公司治理已成為近年國內外學者所注重的課題,公司治理機制是否完善,是否能發揮監督功效,實為投資人及股東所關心的議題。本研究係以縱橫資料迴歸分析(Panel Data Regression)探討董事會組成與股權結構等公司治理機制與公司績效間的關聯性,董事會組成變數有董事會規模及董事會獨立性,股權結構變數有董監事持股比例、大股東持股比例、政府持股比例及外資持股比例等,公司績效則以Tobin’s Q作為衡量變數。 研究樣本為台灣50指數成分股,於剔出金融類股及資料不全者後共38家,資料期間為2007至2011年共190個觀察值。 實證結果顯示: (1)董事會規模與公司績效間呈顯著負相關; (2)董事會規模變數加入公司規模控制變數後,與公司績效間為顯著負相關; (3)董事會獨立性與公司績效間為顯著正相關; (4)政府持股比例變數加入上市年數控制變數後,與公司績效間呈顯著負相關。
Abstract Corporate governance has attracted a considerable amount of research. The corporate governance mechanisms are functioning well, to play a monitoring role effectively, is cared about by investors and shareholders. This research is mainly to provide examination on the relationship of board composition and ownership structure on the firm’s performance. This research is based on the panel data regression, 38 firms are selected from Taiwan 50 Index Constituents, set covering the year of 2007 to 2011. Our chosen corporate performance metric is Tobin’s Q. The results as below: 1.The board size has a significant negative relationship on firm’s performance. 2.The board size controlled by firm size has a significant negative relationship on firm’s performance. 3.Independent director ratio has a significant relationship impact on firm’s performance. 4.The state ownership controlled by firm age has a significant negative relationship on firm’s performance.