內部人、獨立董監與公司績效之實證研究

本研究利用統計科學方法建立預警模型，期能提前預測公司可能發生財務危機之機率。實證分析上，進一步針對是否實施公司治理，有否設置內部人獨立董監分類比較，找出影響公司績效之顯著變數，進而提高公司績效。實證結果發現，「未設置獨立董監」影響公司績效之主要指標有財務結構、償債能力、經營能力、獲利能力、現金流量與公司治理指標；「設置內部人獨立董監」影響公司績效之主要指標有財務結構、獲利能力、現金流量與公司治理指標；增加內部保留比率，可提高公司獲利能力；儘早更換會計師，重視外部人會計師之監督，可提高公司治理能力與公司績效；設置獨立董監，適當提高負債比率與總資產報酬率ROA，可改善財務結構提高獲利能力。準此、本研究之實證價值與管理意涵在公司治理、財務風險管理與財務預測。

關鍵字

內部人獨立董監；公司治理；財務風險管理；公司績效

並列摘要

This study uses statistical methods to establish an early- warning models to predict may occur to the probability of financial crisis. Empirical analysis, and further whether the implementation of corporate governance, independent directors and supervisors whether to set the internal classification to identify the significant variables affecting corporate performance, and to improve corporate performance. The empirical results show that the "independent directors and supervisors is not set corporate performance indicators of financial structure, solvency, management ability, profitability, cash flow and corporate governance indicators; set insider independent directors and supervisors affect the company's performance the major indicators of financial structure, profitability, cash flow and corporate governance indicators; to increase the internal retention ratio can improve company profitability; as soon as possible to replace the accountant, attach importance to the supervision of external accountants, can improve corporate governance and company performance; set of independent directors and supervisors, an appropriate increase in the debt ratio and return on total assets (ROA), can improve the financial structure to improve profitability. Therefore, the empirical value and managerial implications of this study in corporate governance, financial risk management and financial forecasting.