董事會功能影響投資者決策之研究

A study of the effects of board of directors’ functions on investment decision of investors

黃貫一(Huang, Kuan-I)

指導教授 ： 謝錦堂

國立臺北大學/商學院/企業管理學系/碩士(2010年)

摘要

董事會是否發揮其功能是公司治理之核心議題，尤其在國際間的企業財務舞弊事件不斷發生，例如英國霸菱銀行、荷蘭國際性零售集團公司皇家阿荷德、美國安隆事件。近來國內力霸集團的掏空案等，都與公司治理有關，因而使得公司治理愈來愈受重視。

董事會在企業經營上的重要性已有很多理論強調及實證證實，然而，就國內投資者而言，是否將董事會的功能實踐納入其投資決策之考量因素?目前尚無實證探討，本研究因此針對機構投資者及自然人投資者，探討董事會功能對其投資決策之影響，以作為實務及政策制定之參考依據。具體而言，本研究目的試圖分析：
1.董事會功能對投資者投資意願之影響。
2.機構投資者或自然人投資者對董事會功能與投資者決策間關係之差異。

為達研究目的，本研究試圖採用問卷訪查方法，蒐集實證資料。蒐集之實證資料先作敘述性分析，再以結構方程模式來驗證研究假說，所使用的資料分析工具為SPSS17.0版及LISREL8.51版。

研究結果顯示，董事會的服務功能若得到發揮，將對投資人產生正面的影響，意即當公司的董事會服務功能較佳時，投資人願意以較高的價格購買該公司股票。而不論投資者類型為何，其對於董事會功能與投資意願間的關聯性並沒有不同。

關鍵詞：董事會功能、公司治理、投資決策

關鍵字

董事會功能、公司治理、投資決策

並列摘要

That the functions of board of directors could be fulfilled is the core subject of corporate governance, especially several financial scandals successively occurred, such as English Barings Bank event, Dutch Royal Ahold event, American Enron event, and Taiwan Reba Group scandals. They were all related with corporate governance. Thus the importance of corporate governance had been emphasized in theories and empirical results.

The importance of the directorate for business management had been emphasized in theories and empirical results. However, do the domestic investors look upon the function as their investment decisions? The issue is hard to study in Taiwan. Therefore, this study focuses on the domestic institutional investors and the natural person investors, to explore how the functions affect their investing decisions. And it can provide a reference for practice and policy formulation. Upon the objective, the subjects will be analyzed as followed:
1. The effects of the board of directors’ function on the investors’ investment decisions.
2. The type of investor’s moderating effects on the correlations between the board of directors’ function and the investment decisions.

The questionnaire survey method is used to collect experimental data in this study. Structural Equation Modeling (SEM) with LISREL 8.53 and SPSS 17.0 applied to test the research hypotheses. And the research results show that there are significant and positive correlations between service function and investment decisions. It means that if one company’s service function of the board of directors is fulfill, than the investors are willing to pay higher price to buy its stocks. And the research results also show that the type of investors has no moderating effect on the relationship between the board of directors’ function and the investment decisions.

Keywords: Corporate Governance, Functions of Board of Directors, Investment Decision

並列關鍵字

Corporate Governance, Functions of Board of Directors, Investment Decision

參考文獻

2. 王志誠（2006），「董事會功能性分工之法制課題」，政大法學評論，第92期，301-394。

8. 杜文嘉（2004），公司治理與外資持股關聯性之研究，未出版碩士論文，國立台灣大學會計學研究所。

11.林玉娟、林玉珠（2008），「股票投資人對台灣上市上櫃企業公司治理之認知研究」，美和技術學報，第27卷第1期，103-119。

15.陳依蘋、徐佳炾（2004），「強化董事會功能衡量董事會績效-平衡計分卡在公司治理之運用」，會計研究月刊，第224期，166-171。

18.彭苾棻（2008），領導魅力對公司表現及外部投資者的投資意願影響，未出版碩士論文，臺灣大學商學研究所。