董事會結構與公司經營績效及董監事薪酬關係之研究—以台灣上市通信網路公司為例

An Empirical Study of the Relationship between Board Structure and Firm Performance, and Remuneration – Evidence from Taiwan Listed Companies in Telecommunication Network Industry

潘慧霙(Hui-Ying Pan)

指導教授 ： 嚴奇峰

中原大學/商學院/企業管理研究所/碩士(2013年)

https://doi.org/10.6840/cycu201300201

摘要

本文探討企業董事會中內外部董監事席次比例對公司經營績效(EPS)及董監事薪酬之影響，研究期間為 2005至2011年，研究對象為國內37家上市通信網路產業之公司，資料來源為TEJ（台灣經濟新報資料庫），資料型態為balanced Panel Data，經Hausman Test檢定後，選定固定效果模型，並以EViews 6.0軟體分析。本文將董事會區分為內部董事（如經理人兼任董監事與控制股東董監事）席次，與外部董監事（如獨立董監事與外資法人董監事）席次，分別探討其對公司經營績效及董監事薪酬的影響。實證結果顯示，在董事會中外部的外資法人董監事席次比例較高時，即可有效監督並代理股東們行使權益，進而保障股東們的利益而提升公司的經營績效。同時實證亦顯示外資法人董監事能透過優渥的薪酬制度，促進管理階層改善經營效率。在通信網路產業中，公司規模越大，越能產生規模經濟，公司績效也比較好，同時董監事薪酬也越高，然而董事會規模越大，則會造成經營效率不彰。本文欲透過本研究之實證結果，建議公司應努力的方向及內部改善的要點，例如適當提高外資法人董監事席次比例，改善董事會決策品質，可為通信網路公司提高經營績效。

關鍵字

董事會結構 ； 經營績效 ； 董監事薪酬 ； 通信網路產業

並列摘要

This paper discusses the internal and external directors and supervisors’ proportion of seats of the company's operating performance (EPS) and remuneration. The study period was during 2005 to 2011. Study object was 37 domestic private communications network industry companies. Source was from TEJ (Taiwan Economic Journal) database. Data type was balanced Panel Data. After verified by Hausman Test, selected fixed effects model, and used Eviews 6.0 software to analysis. In this paper, the board of directors divided into internal directors such as managers of individual directors’ seats and controlling shareholder directors’ seats; external directors and supervisors, such as independent directors’ seats and foreign corporate directors’ seats, and respectively effect on company performance and remuneration, further suggested that efforts should be made in the direction and the main points of the internal improvement. The empirical results showed the proportion of foreign corporate directors’ seats in external of the Board of Directors which exercised effective supervision and agency shareholders’ interests and enhanced the company's operating performance and to protect the interests of the shareholders. Evidence also showed foreign corporate directors and supervisors through excellent fertile remuneration to promote operational efficiency of the management. In the telecommunication network industry, the larger the company, the more it can generate economies of scale, better corporate performance, the higher the remuneration of the directors and supervisors. However, the larger the size of the Board will result in operating inefficiencies. According to the empirical results provided practical recommendations, appropriate investment and high proportion of foreign corporate directors and supervisors seats could elevate the communication network company to improve operating performance.

並列關鍵字

Telecommunication network industry ； Board structure ； Remuneration ； Performance

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