高階經理人特質能力對私募後經營績效之研究

盧茂泉(Lu,Mao quan)

指導教授 ： 黃劭彥

國立中正大學/管理學院/高階主管管理碩士在職專班/碩士(2012年)

摘要

高階經理人為企業策略經營核心，幾乎所有企業之方針政策與發展，皆受到高階經理人的影響，企業在經營管理、私募籌資上，會自然融入高階經理人本身之特質能力、經驗與經歷，最終必反映在經營績效上。因此高階經理人特質能力與私募績效間的關係，一直都是熱門的議題。本研究以文獻研究法，蒐集並分析，針對2002年至2010年私募完成台灣上市櫃公司之高階經理人為研究對象，探討高階經理人的特質能力與私募後經營績效之關係。以高階經理人的任期年資、教育程度、功能性學術背景、國際化經驗、持股率多寡、董事長雙元性等特質能力為自變數，ROE、ROA等績效指標為依變數，公司規模與產業變數為控制變數。研究發現:(一)當高階經理人的教育程度愈高，且具有商管財務教育學術背景時，與總資產報酬率呈正相關。(二)當高階經理人的職權具雙元性（是否兼任董事長）時，與總資產報酬率呈負相關。……(八) 當高階經理人的教育程度愈高、具有國際經驗時，與權益報酬率呈現正相關但不顯著。研究發現高階經理人特質能力中之教育程度、管理財務背景、董事長之雙元性對私募特別能創造績效，可提供管理者未來以私募方式籌資時，對時任高階經理人特質能力的深一層認識，管理當局及投資人亦可經由本研究之結果，對以私募方式籌集資金之高階經理人進行特質能力瞭解。

關鍵字

私募 ； 高階經理人 ； 特質能力 ； 經營績效

並列摘要

As top management is a core factor of enterprises’ strategic operations, almost all of enterprises’ directions, policies and developments tend to be influenced by top management. In terms of enterprises’ business administration and private fund-raising, top management’s personal distinctive capabilities and experiences will naturally play a crucial role, and it will eventually reflect on enterprises’ performance. As a result, the relationship among top management’s distinctive capabilities, private fund-raising and enterprises’ performance has long been a hot issue.
The Literature Review Method was used in this research to collect and analyze the information regarding the top management who had successfully helped enterprises become Over-the-Counter (OTC) companies through private fund-raising in Taiwan between 2002 and 2010, so as to study the relationship among top management’s personal distinctive capabilities, private fund-raising and enterprises’ performance.
To conduct this research, top management’s employment tenure, education status and functional academic background, international experience, amount of the shares and the ambidexterity of chairmanship are used as independent variables, while performance index such as Return on Equity (ROE) and return on assets (ROA) are used as dependent variables, and the size of enterprises, industrial variables are regarded as control variables.
The findings of the research:
(a) The higher the top management’s business educational background and academic training in finance, the higher the positive correlation with ROA.
(b) Top management’s ambidexterity of chairmanship has negative correlation with ROA.
(c) The higher the top management’s educational background and international experience the more insignificant the positive correlation with and ROE.
This research also found that among top management’s distinctive capabilities, their education status, financial management background, ambidexterity of chairmanship can especially enhance the enterprise’s performance, which can serve as reference for administrators when launching private fund-raising in the future. Administrators and investors may also gain more insight into the distinctive capabilities of top management who raise fund by means of private fund-raising.

並列關鍵字

private fund-raising ； top management ； distinctive capabilities ； business performance

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