我國上市櫃企業獨立董事專業度與信用風險評等之關聯性探討：以電子業為例

The Professionalism of Independent Board and the Credit Risk Rating in Companies Listed on the Taiwan Stock Exchange – A Study of Electronics Industry

林晴妤(Ching-Yu Lin)

指導教授 ： 沈維民

國立臺中科技大學/商學院/財政稅務系租稅管理與理財規劃碩士班/碩士(2018年)

摘要

經2016年5月發生光洋科技假帳案，及2016年9月樂陞科技收購案，加上早期國內企業結構事件除外，另外家族成員控制整家公司董事會，導致家族以外董事無法提供專業意見，董事會意見偏重家族利益，造成公司治理的失控。台灣企業文化使然，不少上市公司家族色彩濃厚，雖然股權集中度不高但長期由某一家族掌握經營權，小股東對公司經營毫無置喙餘地，因而我國金管會法令於2017年底前，強制要求所有上市櫃公司必須完成設置獨立董事，顯示獨立董事已日漸受到重視。
信用評等為專業團體用於評估公司未來財務狀況及績效的指標, 其結果亦可視為高階經理人是否善盡管理及經營責任的指標之一，本文以我國上市櫃電子業企業獨立董事專業度與信用風險評等進行關連性探討。
本文研究目的：探討信用風險評等與獨立董事專業度是否具有關聯性，資料來源是台灣經濟新報(TEJ)，資料時料為2012-2015年台灣上市櫃企業，除了金融、證券、投資、建經仲介及媒體除外。
經本研究發現，獨立董事佔席比無法分析是否與信用風險評等具有關聯性，因金管會依據證券交易法第十四條之二規定規範設置獨立董事，其人數不得少二人，因而每家公司獨立董事人數均達2-3人，故無法分析出結果，因而從量變成質，從佔席比更改為專業度。信用風險評等的高低，會因獨立董事專業度而受到影響，當獨立董事專業度愈高時，其信用風險評等愈低，亦代表銀行對於公司的放款率提高。

關鍵字

獨立董事 ； 信用風險評等 ； 專業度

並列摘要

Solar Applied Materials Technology Corp. committed the falsification of accounts in May of year 2016, and the acquisition was made by XPEC Entertainment Inc. in September of year 2016. Not only that, back to the early days, many business organizational and operational incidents already happened incessantly. In addition, it is the fact that the family members of family business often take control of the entire board of directors. It results in the monopolization of family members in board of directors and the mismanagement of company, and that the decisions made by the board of directors are in favor of family's interests. In fact, the Taiwanese business culture plays a major role in this problem. Many listed companies belong to family business. Even though their ownership concentration is not high, some families do take control of the actual management power, and the minority shareholders' opinions are not taken seriously in the board. Therefore, the Financial Supervisory Commission in Taiwan has enacted laws and regulations to request compulsorily all listed companies to set up the independent board before the end of year 2017. This shows the fact that we place a high value more and more on the independent board.
The professional groups conduct the credit risk rating, an assessment of a company's future financial status and performance. The credit risk rating is also able to evaluate the performance and the management responsibility fulfillment of the
executives. In this study, we focus on the professionalism of independent board and the credit risk rating in electronics companies listed on the Taiwan stock exchange.
The purpose of this study is to see if there is any relationship between the credit risk rating and the professionalism of independent. The data of Taiwanese listed companies are collected from Taiwan Economic Journal (TEJ) of year 2012 until 2015, including the information of finance, securities, investment, real estate management agents and media.
The result of this study shows that we cannot confirm if there is a relationship between the credit risk rating and the independent board's percentage of board seats. According to the Article 14-2 of Securities Exchange Act enacted by the Financial Supervisory Commission, the independent board of each company shall be set up with no less than two directors. In each company, the directors of independent board all reach to 2-3 people, thus the analysis is unable to be carried out. For this reason, we focus on the quantity instead of the quality and change our study target from percentage of board seats to the professionalism. The credit risk rating is influenced by the professionalism of independent board. The higher the professionalism of independent board, the lower the credit risk rating is, which also indicates that the loan rate provided by the bank is even higher.

並列關鍵字

Independent Director ； TCRI ； Profess

參考文獻

方俊儒、李秀英、龍春伶 2008，「獨立董監事對公司績效與盈餘品質之影響-控制股東之調節效果」《會計與公司治理》，第五卷第一期。

林美鳳、金成隆、林良楓 2009，「股權結構、會計保守性與信用評等關係之研究」，《臺大管理論叢》，第二十卷一期。

林嬋娟、張哲嘉 2009，「董監事異常變動、家族企業與企業舞弊之關聯性」，《會計評論》，第四十八期。

邱垂昌、莊清騄 2010，「獨立董監事、公司資訊透明以與公司價值之關聯性」，《中山管理評論》，第十八卷四期。

陳昭蓉 2014，「信用評等變動與高階經理人薪酬：董事會獨立性、專業性及參與度之調節效果」，《經濟論文叢刊》，第四十二卷一期。