董事會特性、財務決策與財務績效關係之實證研究─以台灣上市上櫃光電產業公司為例

An Empirical Study of the Relationship among Board of Directors Characteristic, Financial Policy and Financial Performance ─ An Example of Taiwan Public Listed Companies in the Electro-optical Industry

謝志偉(Chih-Wei Hsieh)

指導教授 ： 詹毓玲

國立臺北大學/商學院/企業管理學系/碩士(2008年)

摘要

2007年發生力霸案，其為管理者掏空公司資產和董事會缺乏獨立性無法有效運行所造成，究其根本無非是公司治理的監控制度不彰，因為公司治理之主要目標在健全公司營運以及追求股東利益最大化。全球光電產業在各國政府的政策扶持及傳統光學、電子產業界的積極投入下，近十多年來處於高速發展趨勢，而在各國對光電市場未來成長潛力寄予厚望，積極投入發展的形勢下，光電產業將繼續呈現蓬勃而穩定的成長趨勢。因此隨著產業的蓬勃發展，公司治理的重要性必也隨之增加。故本研究藉由以台灣光電產業上市上櫃公司為研究對象，去探討董事會特性是否會對財務績效產生影響以及財務決策是否為董事會特性與企業財務績效關係間的顯著中介變數。收集擁有完整資料的66家台灣上市上櫃光電產業公司之財務資料，並利用近似無關迴歸模型來對假說進行驗證。其研究結果如下：(1) 董監事會規模與財務績效無關。(2) 董監事股權質押率與財務績效有顯著負向關係。(3) 獨立董監事比率和董監事持股比率均與財務績效有顯著正向關係。(4) 投資決策中總資產成長率對董監事持股比率與財務績效(EPS,ROA, ROE)間關係具有顯著中介效果。(5) 融資決策中負債比率對董監事股權質押率與財務績效(EPS, ROA)間關係具有顯著中介效果。(6) 股利政策中股利發放率對董監事股權質押率與財務績效（EPS,ROA）間關係具有顯著中介效果。

關鍵字

公司治理；董事會特性；財務決策；財務績效

並列摘要

In recent decades, the global optoelectronics industry was in the high speed development due to the supports from the government policies and investment from the traditional optics and the electronic field. The optoelectronics market presents a steady growth due to the optimistic expectation and increasing investment in the research and development of core technologies. Along with the booming phenomena, the corporate governance becomes important. The study, focusing on Taiwan public listed companies in the optoelectronics industry, it explores how board of directors characteristic influences the result of financial performance and whether financial policy has is the mediating effect between board of directors’ characteristic and the financial performance. The study collects the financial data of sixty-six Taiwan listed companies in the optoelectronics industry, and uses seemingly unrelated regression model to test about the hypothesis. The results of study as follows: (1) The board of directors’ size is no correlated with the financial performance. (2)The percentage of share-holding hypothecation is negatively correlated with the financial performance. (3)In addition to the rate of independent directors and supervisors, and the share-holding proportion held by the directors are positively correlated with the financial performance. (4) The total asset growth ratio in the investment policy has mediating effects between the share-holding proportion held by the directors and financial performance (EPS,ROA, ROE). (5) The debt ratio in the financial policy has mediating effects between the ratio of board of directors’ pledge securities and financial performance (EPS, ROA). (6) The Pay-Out ratio in the dividend policy is the mediating effect between the ratio of board of directors’ pledge securities and financial performance (EPS, ROA).

並列關鍵字

corporate governance；board of directors characteristic；financial policy；financial performance

參考文獻

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