產業專家之獨立董監事對信用評等之影響

The influence of Industry Expertise of Independent Directors and Supervisors on Taiwan Corporate Credit Risk Index

呂靜婷(Ching-Ting Lu)

指導教授 ： 廖益興

中原大學/商學院/會計研究所/碩士(2016年)

https://doi.org/10.6840/cycu201600356

摘要

本研究主要探討公司董事會聘雇產業專家之獨立董監事對信用評等之影響。由於現今法規有明確規定公司要設立獨立董監事或審計委員會監督管理階層，但未明確規定其身分背景的要求，本文加入產業專家的條件觀察對公司整體影響，樣本取自2009至2014年台灣上市上櫃公司，台灣企業信用風險指標(Taiwan Corporate Credit Risk Index，TCRI)資訊則來自於台灣經濟新報社(TEJ)；利用Heckman兩階段估計法檢測產業專家與信用評等的關聯，以獨立董監事忙碌程度及進修時數設為外生工具變數，透過Logit估計IMR，帶入Order Logit測試信用評等之表現。研究結果發現公司在獨立董監事當中加入具有相關產業背景經歷的專業人才將可有效發揮董事會監督效果，同時達到降低財報重編或盈餘管理的目的，藉此加強財務報表品質及可信度，提升外部投資人對公司的信心，同時因產業專家所提供之專業建議，使信評機構會因此給予公司較佳的信用評等成績，本文有助於政府未來制定相關條例，或是公司在聘雇獨立董監事時增加參考相關工作經歷的依據。

關鍵字

信用評等、產業專家、獨立董監事

並列摘要

This paper researches the effect of industry expertise of independent directors and supervisors on Taiwan corporate credit risk index(TCRI). According to regulatory requirements, the company must set up an independent directors and supervisors or audit committee to supervise management, but there is no specific requirements about their identity or background. In this article we added conditions of industry experts to observe the overall company influence. The study collected research data from 2009 to 2014 of the listed companies in Taiwan. TCRI and the other related data came from Taiwan Economic Journal (TEJ).We used Heckman's two-stage method to explore the relationship between industry experts and credit rating. The exogenous variableare number of part-time and training hours of independent directors and supervisors. The first stage which we estimated IMR through Logit model, and the results of the first stage were then used in Ordered Logit to test the hypothesis.

The empirical results show that the independent directors and supervisors who has professional background with relevant industry experience that might have better effect of board oversight in company. And at the same time, it can reduce earnings restatement or earnings management. Thus it can strengthen the quality and reliability of financial statements and the external investors will enhance confidence in the company. Due to professional advice which provided by industry experts that credit rating agency will give the company a better score. This article will help government make regulations in the future or when companies hire independent directors and supervisors, they will consider their relevant work experience.

並列關鍵字

TCRI, Industry Expertise, Independent Directors and Supervisors

參考文獻

丁秀儀與陳于欣，2010，公司獨立董事為何忙碌?，管理學報，27(3)：291-318。

吳貞慧，2013，董監事進修與公司績效：台灣實證研究，財務金融學刊，21(4)：59-89。

林宜勉、呂惠民與盧其群，2010，會計師審計品質與財務報表重編之關聯性，中山管理評論，18(2)：407-445。

林美鳳、金成隆與林良楓，2009，股權結構，盈餘保守性和信用評等關係之研究，台大管理論叢，20(1)：289-333。

林郁翎與黃建華，2009，考慮公司治理之企業財務危機預警模型，東吳經濟商學報，64：23-56。