高階管理團隊.董事會特性與企業績效之關聯性研究

The Association Between the Feature of Top Management Team,Board of Director,and Firm Performance

黃詩敏(Shin-Min Huang)

指導教授 ： 陳玉麟

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800369

摘要

美國學術界自1930 年代起，即開始探討有關公司治理之課題，而亞洲地區的國家，則直到1997 年金融風暴以後，才逐漸體認到公司治理制度的重要性，並開始呼籲企業加以重視。所謂「公司治理」（Corporate Governance），其主要之內涵，乃藉由法律的制衡、管控與設計，以使企業在經營權與所有權分離的組織體系中，有效監督其營運活動、加強運作的健全，並防止脫法行為的經營弊端，以追求企業社會責任的高度目標。
Hambrick 於1984 年首先提出「高層理論（upper-echelons theory）」，開創了以高階管理團隊（Top Management Team, TMT）組成特性來了解組織經營績效的先驅，因此高階管理團隊不僅為組織和環境間的連繫，更是決定組織產出的重要因素。除高階管理團隊外，董事會亦為公司治理的內部核心，董事會成員應本著忠誠、謹慎及高度注意的態度，以企業利益為前提，對於評估企業的經營策略、風險管理、年度預算、業務績效及監督主要資本支出、併購等重大事項皆須善盡職責。故高階管理團隊與董事會成員皆屬企業內部相當重要的職務。
集團企業對世界各國的經濟發展，佔了相當重要的位置，對台灣而言，也是如此。然而，獨立企業對台灣的經濟貢獻，亦不容忽視。因此本研究將企業的經營型態與高階管理團隊、董事會成員特性作連結，以探討在不同的經營型態下，高階管理團隊與董事會成員特性之交互作用，對於企業的經營績效是否產生效果。
本研究以2000年至2004年的台灣上市、上櫃、興櫃及其他非上市櫃公開發行之公司為研究樣本，實證結果發現：
1、企業經營型態屬獨立企業者，其績效表現將優於大規模集團企業。
2、在大規模集團企業的經營型態下，高階管理團隊教育程度與兼職程度、經歷異質性與任期、教育程度異質性與經歷程度的交互作用對企業的經營績效都產生負向效果。而教育程度與經歷異質性的交互作用，對企業的經營績效則有正向效果。
3、在大規模集團企業的經營型態下，董事會成員教育程度與任期、教育程度異質性與兼職程度、經歷程度與任期的交互作用對企業的經營績效有正向效果。而經歷異質性與兼職程度、教育程度異質性與經歷程度的交互作用，對企業的經營績效則有一負向效果。
4、獨立企業的經營型態下，董事會成員教育程度與任期的交互作用對企業的營運績效產生負向效果。

關鍵字

公司治理 ； 高層理論 ； 高階管理團隊 ； 董事會 ； 集團企業

並列摘要

Since 1930s, it had started to discuss the issue of coporate governance in American academic field. On the contrary, Asian countries didn’t beware that the importance of coporate governance until Asian financial crisis in 1997, and boost enterprises to focus on it. The main content of so-called “Coporate Governance” is by means of counteraction, management and control, design of laws, to make enterprises supervise operational activities effectively, enhance operational completeness in organizational environment of the separation of management and ownership. Finally, it can avoid breaking laws through operating organization, and pursue the highest goal of social responsibilities of enterprises.
In 1984, Hambrick propose “upper-echelons theory” firstly, and became a pioneer of understanding operational performance of organizations by characteristics of top management team. Therefore, top management team is not only the connection between organizations and environment, but also an important factor of organizational output. In addition to top management team, board of directors is also the internal core of coporate governance; hence, the members should keep royalty, deliberateness, and high bewareness attitude. Regard profit as antecedent, thet should pay responsibility to evaluate operational strategy, risk management, annual budget, sales performance, and supervise capital expenditure, merger and acquisition. Thus, top management teams and members of board of directors are both important roles in enterprises.
Affiliate groups stand for very important position to economic development of countries all over the world, and so is Taiwan. However, economic contribution of non-affiliate groups also cannot be ignored in Taiwan. Therefore, the research makes a connection among operational types, top management team, and the characteristics of members of board of directors, to discuss whether the interaction can generate effects to operational performance of enterprises under different operational types.
The research samples are listed company at stock exchange market, at over-the-counter market, at emerging stock market and other non-listed company from 2000 to 2004 in Taiwan, and the research findings are:

1、The performance of non-affiliate groups is better than large scale group coporates.
2、Under the large affiliate groups, the interaction between top magement team educational level and the degree of part, background heterogeneity and tenure, educational level heterogeneity and background level all have the negative effects on operational performance. On the other hand, the interaction between educational level and background heterogeneity has positive effect.
3、Under the large affiliate groups, the interaction between members of board of directors educational level and the tenure, education level heterogeneity and degree of part, background level and tenure all have the positive effects on operational performance. On the other hand, the interaction between background heterogeneity and degree of part, educational level heterogeneity and background level all have the negative effects.
4、Under the non-affiliate groups, the interaction between members of board of directors educational level and the tenure has the negative effect on operational performance.

並列關鍵字

Board of directors ； Affiliate groups ； Coporate governance ； Upper-echelons theory ； Top management team

參考文獻

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