董監事持股對績效指標價值攸關性之影響

The effect of the Stockholding of Directors and Supervisors on the Performance Indicators of Value-Relevance.

楊佑菖(Yo-Chang Yang)

指導教授 ： 丁緯

中原大學/商學院/會計研究所/碩士(2014年)

https://doi.org/10.6840/cycu201400249

摘要

摘要
公司通常會給予董事及監察人適當報酬以作為其監督職責的慰勞，而董監事是否能發揮其最大之監督效果實為重要議題。由於董事會是公司治理中重要的一環，而國內過去探討董監事與經營績效關係之研究相當多，但較少著重於對績效指標價值攸關性的影響，而因董監事持股高低有可能影響其參與公司經營的強弱程度，故本研究著重探討董監事持股比例不同對於綜合損益表各項盈餘指標之相對價值攸關性以及增額攸關性之關聯。透過分析盈餘組成項目及營業活動現金流量等績效指標的價值攸關性，可了解於公司治理中哪些盈餘組成之項目是管理者所重視。本研究結果發現在董監事持股超過20%之各項績效指標價值攸關性顯著優於董監事持股20%以下，代表當持股數達可控制公司情形下各項績效指標相對於營業活動現金流量於董監事持股高低間具有顯著差異。在持股比例20%-50%與50%以上兩組間累計至稅前息前折舊前淨利具有顯著正相關，代表此項績效指標於此兩組間具有正向增額價值攸關性。表示公司持有高股數之股東對於稅前息前折舊前淨利此項績效指標較為看重。

關鍵字

績效指標 ； 董監事持股 ； 價值攸關性

並列摘要

Abstract
Companies usually gave adequate remuneration to directors and supervisors as reward it’s oversight responsibilities, and the directors and supervisors are able to maximize their effectiveness of supervision is an important issue.In the past literature, many scholar investigate the relationship between Directors and Supervisors and business performance, but less focused Directors and Supervisors on the performance indicators of value-relevance. Due to the level of directors' shareholding is likely to affect the strength of their company's participation, we study focus on Directors and Supervisors shareholding for different proportions how to affect earnings indexes’ relative and incremental value relevance. By analyzing the components of earnings and cash flow from operating activities, we can realize which components of earnings are managers to overvalue.
The results of our study found when Directors and Supervisors’ shareholdings more than 20%, all the performance indicators of value-relevance significantly better than Directors and Supervisors’ shareholdings below 20%. Means that when the number of holdings under the control of the company, all of the performance indicators relative cash flows will be affect by level of directors’ shareholding. Between shareholdings 20%-50% and more than 50%, we can find cumulative EBITDA has significant positive correlation, means the high level shareholders more valued on this performance indicators.

並列關鍵字

value-relevance. ； Directors' shareholding ； performance indicators

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