設置勞工董事對投資人決策行為之影響

The Effects of Establishing Labor Directors on the Decision of Investors

邱思維(Sih-Wei Ciou)

指導教授 ： 張允文

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(2017年)

摘要

摘要

本研究從投資人的角度，首先，探討企業揭露各種資訊（財務相關資訊和勞工董事相關資訊）與投資人決策行為評價之重要關聯性。次要，探討在董事會設置勞工董事代表，其專業性對投資人決策行為評價之影響。最後，探討董事會設置勞工董事代表，其產生方式（一階段普選或二階段遴選）對投資人決策行為評價之影響。
本研究方法採用實驗設計方式設計調查問卷，以投資人為受測對象，並檢測投資人對企業揭露在董事會設置勞工董事資訊（labor director information）對其投資決策行為之影響，其中有勞工董事選任產生方式與勞工董事專業性。本研究樣本針對台灣金融業從業人員和具有相關股票市場投資或投資實務操作經驗的投資人共有105位，並進一步針對中部地區證券投資信託股份有限公司具有相關股票市場投資或實務操作之經歷的經理、協理為訪談對象共有4位，以深度訪談方式進行分析。
在假說一的實驗研究結果發現：（1）投資人分別對企業揭露各種財務相關資訊之投資決策有用性存在顯著差異性，其中以獲利能力資訊對投資人在投資決策上的決策最重要。（2）投資人分別對企業揭露各種勞工董事相關資訊之投資決策有用性存在顯著差異性，其中以勞工董事具專業性資訊對投資人在投資決策上的決策為相對重要。（3）投資人對企業揭露二項資訊（分別為：財務相關資訊與勞工董事相關資訊）之投資決策有用性存在顯著差異性，其中以財務相關資訊對投資人在投資決策上較重要。根據假說二分析結果發現：投資人投資一家上市公司對企業揭露具專業性勞工董事資訊，在投資該企業占投資組合比例100%時，其投資決策行為之評價與股票價格溢酬存在著正向關係。最後則在假說三檢測結果分析發現：勞工董事之產生方式資訊對股票價格溢酬影響未達統計上顯著之水準，意即投資人對於企業揭露勞工董事選任產生方式對投資人決策行為評價上無影響。

關鍵詞：勞工董事；公司治理；企業社會責任；投資人

關鍵字

勞工董事 ； 公司治理 ； 企業社會責任 ； 投資人

並列摘要

ABSTRACT

This study is principally on the basis of the perspective of investors. Firstly, to find out the correlation between the investor behavior and decision-making and the corporate disclosure of information is the main purpose of this study. Secondly, the impact of the formation of labor director representatives in the board of directors on the investor behavior and decision-making is going to be shown. The last, the way how the labor director representatives in the board of directors (one-stage or two-stage general election) influences the investor behavior and decision-making.
The enquiry of this study is drafted with experimental design and the respondents are investors in order to examine the impact of the disclosure of labor director information on the investor behavior and decision-making, including the electoral systems and the expertise of labor directors. The targets of the study are 105 investors who work in the Taiwanese finance industry, those who invest in relevant stock markets or those having practical experience in investment. Furthermore, the in-depth interviews are conducted by interviewing 4 managers and assistant vice presidents who have quite experience in stock market investment or practical operation in securities investment trust corporations in the centre areas of Taiwan.
In the result of the hypothesis 1 of experimental research: 1. The usefulness of corporate disclosure of relevant financial information on investment decisions has a crucial impact on investors. The earning power information is the most crucial for the investor’s investment decision-making. 2. The usefulness of corporate disclosure of relevant labor directors on investment decisions has a crucial impact on investors. The professional information of labor directors plays an important role on the investor’s investment decision-making. 3. The usefulness of corporate disclosure of two pieces of information (relevant financial information and the information of labor directors) on investment decisions has a crucial impact on investors. The relevant financial information have a stronger impact on investor in comparison of labor director information. In the result of the hypothesis 2, there is a positive correlation between the investor behavior and decision-making and the stock excess returns when the listed company has the disclosure of labor director's expertise information and the investor has 100% of the investment portfolio in such company. Finally, as stated by the result of hypothesis 3, there is no evident correlation between the information on how labor directors are elected and the stock excess returns. It shows that the disclosure information on how labor directors are elected doesn't influence investor behavior and decision-making process.

Keywords： Labor director；Corporate governance；Corporate Social Responsibility（CSR）；Investors

並列關鍵字

Labor director ； Corporate governance ； Corporate Social Responsibility（CSR） ； Investors

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