- 學位論文
外資持股、外資董事與公司績效相關性之研究
The Relationship among Foreign holder, Foreign director and Performance
摘要
為促使證劵市場的自由化與國際化，我國政府逐步開放外資來台投資，使得外資持有股票佔台灣股票市場之比重，從2002年的15.30%急劇增至2012年的30.3%，且其交易金額亦佔三大法人持股的80%以上。由於外資持股水平越來越高，使得台灣公司董事會的成員不單僅限於本國法人或自然人董事，連外資也擁有董事席次。本研究之樣本期間係自2002年證期局規定“新上市櫃之公司須設置兩席獨立董事”起，至2012年底止。期間又分成兩小段，以2007年為標準。主要係依據證期局在2007年更改政策所致。 本研究的主要目的，係分別探討外資董事、外資持股、獨立董事及外資獨立董事對於公司績效的影響。由於本研究所採用的為橫斷面與時間序列混合資料，故使用追蹤型資料(Panel Data)加以分析，經由F-test、LM test與Hausman test之驗證後均顯示各模型都適用於以固定效果模型為實證分析的依據。 本研究結論彙總如下： 1. 外資持股比例對資產報酬率(ROA)呈顯著正相關，但外資持股比例對股東權益報酬率(ROE)卻無任何顯著影響； 2. 外資獨立董事對公司績效並無直接顯著影響，但若加上董事會規模的限制條件後，本研究發現外資獨立董事席次會隨著董事會規模的大小與公司績效呈現顯著負相關的情形； 3. 外資董事在2002年至2006年的小樣本中，與公司績效呈顯著負相關的現象； 4. 獨立董事席次比對資產報酬率(ROA)所有樣本皆無顯著影響，但在全樣本期間，對於股東權益報酬率(ROE)的樣本則呈顯著負相關。
並列摘要
In order to facilitate liberalization and internationalization of Taiwanese securities market, the stock market in Taiwan has been open to foreign investments since 1991. For the past decade, the holdings of foreign investments in Taiwanese stock market rose dramatically from 15.3% in 2002 to 30.3% in 2012, and the total number of transactions of foreign investments was about 80% of the three institutional investors. Accompanying the increase of foreign ownership, more and more foreigners are on the board of directors of local companies. This study examines the impact of (i) the percentage of foreign ownerships to total outstanding shares; (ii) the percentage of foreign directors to total directors; (iii) the percentage of independent directors to total directors; and (iv) the percentage of foreign independent directors to total directors on corporate performance. This study examines all these aspects using the fixed-effect models for our panel data, with sampling periods reflecting the policy changes in Taiwan in 2002 and 2007. Empirical findings are listed below: 1. The percentage of foreign ownership to total outstanding shares has significantly positive correlation with the rate of return on assets (ROA) of the companies. However, the percentage of foreign ownership to total outstanding shares does not have significant correlation with the return on equity (ROE). 2. The percentage of foreign independent directors to total directors of the companies do not have direct impact on corporate performance; but if coupled with board size restrictions, this study finds that the percentage of foreign independent directors to total directors has significantly negative correlation with corporate performance as the size of the Board of Directors increases. 3. The percentage of foreign directors to total directors has significantly negative correlation with corporate performance for the small sample size from 2002 to 2006. 4. The percentage of independent directors to total directors does not have any significant correlation with the ROA of the companies. However, this percentage is negatively correlated with the ROE of the companies.