台灣金控公司股權結構、董事會結構與經營績效關係之研究

A Study of the Relationship among Structure of Ownership, Composition of Board, and Firm Performance in Taiwan’s Financial Holding Company

吳妙玲(WU,MIAO-LING)

指導教授 ： 古永嘉

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2008年)

摘要

台灣於2001 年完成金融控股公司法，隨之而來的是金控資產規模之快速擴大，所有權與經營權之分離程度也日益加劇，產生了以少數的股權就能掌控整個金控，更彰顯出公司的所有權人與管理當局是存在著利益衝突，為了防止管理者與股東之利益衝突，如何採取有效的監督管理機制來規範管理者的行為，本研究以台灣上市、櫃14 家金融控股公司，研究期間為2004-2007 年之資料並以複迴歸分析與再加入平方項來探討股權結構組成、董事會結構組成等九個治理變數對金控公司經營績效之關係。得到以下結論：
一、股權結構與經營績效：研究結果發現董監事持股比例與金控經營績效呈正相關且達顯著水準，且呈現先增後減之倒U 型關係，當董監事持股比例在21.23%時股東權益報酬率最高達9.58%，以及當董監事持股比率在21.18%時，每股盈餘達最高為1.58。
二、董事會結構與經營績效：獨立監察人人數與獨立董事之設置與金控經營績效呈正相關且達顯著水準。因此有設置審計委員會之必要性及增加獨立董事之人數，讓具有專業知識背景、以及超然獨立之立場來負責監督金控之管理階層，以確保公司之永續經營。

關鍵字

公司治理、股權結構、董事會結構、經營績效、金融控股公司

並列摘要

After the establishment of Financial Holding Company Act in 2002, what coming up is the fast expanding of asset size in Taiwan. The separation of the right of ownership and management is also progressively serious, by which leads the minor share to take control of the entire company. The situation reveals the interest conflict existed between the owner and the management. In order to avoid such a conflict, how to adopt an effective supervising corporate governance mechanism to regulate the behaviors of management is an issue. The present study investigated the data of 14 listed and OTC financial Holding company from 2004 to 2007. The data were analyzed by SPSS for statistic purposes including multiple regression analysis and quadratic term to explore the relationships among the structure of ownership, the composition of board, and firm’s profit. The results of the present study are shown as follows: 1. The structure of ownership and firm performance: The result indicated that the percentage of ownership held by the board and the firm performance was not only significantly and positively correlated but also displayed an inverted U-shaped
relationship. When the percentage of ownership held by the board and the firm performance was 21.23%, the highest Return on Equity (ROE) could achieve 9.58%; while the percentage was 21.18%, the Earnings Per Share (EPS) could be up to 1.58. 2. The composition of board and firm performance: The numbers of independent supervisors and independent directors showed a significant and positive correlation with firm’s performance. Thus, there is a need to institute the Audit Committee or increase the numbers of independent supervisors and directors, who own
professional background knowledge and stand in an independent position, to promote corporate governance and ensure the operation of a company.

並列關鍵字

CORPORATE GOVERNANCE, THE STURCTURE OF INTEREST, THE COMPOSITION OF

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