董事會結構、產業群聚與公司績效之關聯性分析：以台灣上市、上櫃資訊電子業赴大陸投資為例

Board Structure, Industrial Clustering and Corporate Performance: An Empirical Study of Taiwan IT companies listed on the TSEC and OTC Investing in China

林允斌(Yun-Pin Lin)

指導教授 ： 林江亮 ； 顏怡音

中原大學/商學院/會計學系/碩士(2008年)

https://doi.org/10.6840/cycu200800356

摘要

按董事會結構之強弱，係公司治理機制之重要一環，其會影響公司營運決策及績效。而隨著中國大陸新興經濟體之崛起，台灣上市、上櫃公司紛紛經董事會決議赴大陸投資，其投資區位之選定，已由華南地區，轉向華東地區，並漸次轉向華北及西南地區，且產業群聚之現象益加明顯。鑑於產業群聚之區位，可能影響公司之績效，惟過去學者鮮少將董事會結構、產業群聚與公司績效之關聯，一併納入實證模型中加以探討，本研究則彌補此方面文獻之不足。

　　本研究以董事會結構(包括董事會規模、董事持股比率、董事質押比率、獨立董事席次比率、董事長兼任總經理等變數)、產業群聚(包括產業群聚於華南、華東、華中及華北地區)，等構面分析對公司績效之影響。實證結果發現，董事持股比率、獨立董事席次比率、產業群聚於華東及華南地區，對公司績效會產生顯著正向之影響；至其他變數，則對公司績效，並無顯著之影響。是以，董事會成員持有公司之股權愈高，其監督管理者之誘因愈高，愈能提高公司之績效。而獨立董事之地位超然，其所佔之席次愈多，愈能發揮監督管理之作用，進而提升公司之績效。至產業群聚於華東及華南地區者，因該等地區資源豐富、人才、資金與技術聚集，因而產生知識及技術外溢等綜效，可供企業赴大陸投資決策之參考。

關鍵字

產業群聚 ； 董事會結構 ； 績效 ； 大陸投資

並列摘要

The structure of board of directors plays an essential role in corporate governance, which would affect the firm decision and performance. Following the economic boom of Chinese economy, a large number of the publicly-listed and OTC-listed firms have continued to invest substantially in China. The investment destinations have moved to eastern China from southern China, even gradually to northern China and southwestern China. The effect of industrial clustering has emerged accordingly with their investments across the country. In view of the possible impact of industrial clustering on firm performance, we add the structure of board of directors as an important factor into the research model, combining industrial clustering and firm performance to regress an empirical result.

We use two dimensions combining the structure of board of directors (including variables of the board size, director’s equity holding ratio, director’s share mortgaged ratio, ratio of outside director, and chairman as CEO), with industrial clustering (including those clustering in southern, eastern, central and northern China) to explore the impact on firm performance. We evidence that director’s equity holding ratio, ratio of outside director, as well as clustering in eastern and southern China all produce positive impacts on firm performance. Therefore, the board of directors holding more shares would produce a positive impact on firm performance, as a result of a higher incentive to monitor the firm. In addition, the higher ratio of outside director also benefits the firm performance. For clustering in southern and eastern China, the areas are ideal for making investment, as the resources there, including labor, capital, technology are very good, and technical and knowledge spillover effects are forming there too.

並列關鍵字

Performance ； Investment in China ； Board Structure ； Industrial clustering

參考文獻

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