董事會特性、股權結構與企業合併績效關聯性之研究

A study on the relationship among the attributes of directors, corporate ownership structure and corporate finance performance after merger and acquisition

曹恩榮(En-Ron Tsao)

指導教授 ： ARRAY(0xbc4d140)

中原大學/商學院/會計研究所/碩士(2009年)

https://doi.org/10.6840/cycu200900736

摘要

本研究旨在了解台灣上市公司採取企業合併時其董事會特性、股權結構與企業合併績效是否有關聯性，以台灣股票上市公司為調查對象，排除金融產業類股及資料不全者，共計77個樣本。本研究採取敘述統計、變異數分析、相關分析及迴歸分析等方法，探討上市(櫃)公司之董事會特性、股權結構與企業合併績效有關聯性。
過去研究多探討董事會特性及其與合併經營績效的關係，屬於較靜態之研究，本研究考量股權結構對合併企業績效的影響並非短期可見等因素，將納入時間效果，處理時間序列問題以檢視短期觀點與長期觀點的差異。最後，本研究針對學者對董事會成員持股比率與企業績效間線性關係或非線性關係的不同見解，分別進行一次項分析，以釐清台灣上市櫃公司董事會成員持股比率與合併企業績效之關係與方向性。
本研究主要檢視股權結構、董事會組成、資本結構等公司治理機制與合併企業績效之關係。由於公司治理對不同的績效指標敏感程度不同，是以，本研究採用多個指標衡量公司績效，共包括股東權益報率及資產報酬率—生產力指標兩種。另外，不同產業型態與績效表現優劣兩因素，可能會影響公司治理對企業績效之關係，故本研究亦檢視上述之關係式是否因考量產業型態、績效優劣因素而有所改變。
本研究發現董監事持股比例越高，利益越與企業結合，企業經營績效也越好，此現象與本研究假設1相符合，而目前台灣雖有立法規定董監事之持股比例，但由於隨著公司業務規模成長、資本額日益擴增，股權結構亦愈為分散，部分公司的董監事持股比例甚至已低於法定標準，因此本研究建議政府應加強管理，維持董監事持股占公司股份至一定比例，如此可避免董監事利用公司股票在市場上抄作或大量賣出公司股票，做出對公司危害的行為。
整體而言，公司治理的確會影響企業績效之高低，不同的產業型態存在不同的績效表現水準，高科技產業的績效表現不論於獲利性指標、生產力指標、市場指標中皆優於傳統企業，但績效的高低並不會影響到公司治理機制與企業績效的關係式。股權結構、董事會組成與資本結構亦存在交互作用，企業可透過不同公司治理機制的安排以提昇整體企業之績效表現。

關鍵字

股權結構 ； 董事會特性 ； 企業合併績效

並列摘要

This study intends to understand Taiwan listed company whether the relationship among the attributes of Board of Directors, Corporate Ownership Structure and Corporate Finance Performance after merger and acquisition. There are seventy-seven cases based on Taiwan listed company, and not including financial holding companies and incomplete information applicant. The methods used including descriptive statistics, ANOVA analysis, correlation analysis and regressions methods. to confer listed company's relationship among the attributes of Board of Directors, Corporate Ownership Structure and Corporate Finance Performance after merger and acquisition.

Since most of the previous researches focused on the relationship between the attributes of the board and the corporate performance, which implies a relatively static approach This study considers the factors were not observable in a short matter of time for corporate ownership structure's effect on corporate finance performance after merge and acquisition. Therefore it will subsume time in order to see the difference views between short-term and long-term. This study aims to the different point of view of scholars about ownership of boards of directors and linear Relation or Nonlinear Relation of the corporate performance. It was dividedly proceeded to analysis the relationship and aspect of Taiwan listed companies' ownership of boards of directors and the corporate performance.

This study is primarily focus on the relationship between Equity Structure, board composition, Capital Structure and corporate governance and the corporate performance. Due to the difference between the corporation's administration to dissimilar performance index. Therefore, this study adopted several indicators examine the corporate performance, Including ROE and ROA, which are two kinds of productivity indicators. In addition, diverse industry and performance may cause corporation administration's relationship with its own performance. As a result, this study also analysis whether the change by considering industry and performance with the above relationship.

This study discovers higher the percentage of ownership of boards of directors , the more advantages and better performance to the corporation. This discovery equivalent to hypothesize 1 of this study. Taiwanese government has set regulation on the percentage of ownership of boards of directors , but as the business growing, asset increasing and Equity Structure separating, has made several corporations' ownership of boards of directors lower than the regulation. Thus, this study suggests the government should reinforce the management to keep the percentage to the standard level, in order to avoid boards of directors take advantages on manipulating or selling out stocks and jeopardize its own company.

In general, the management do has the effect on corporation performance, the different industry has different performance standard. The performance of high technology industry is better than traditional business in many ways, including Profitability and Marketability. However, the performance does not effect of corporate governance and the corporate performance. Equity Structure, board composition and capital Structure are closely reciprocated. By different arrangement of corporate governance could advance its performance.

並列關鍵字

Corporation ownership structure ； Corporate performance ； Attributes of board

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