本研究之主要目的是在探討2007年到2015年間董監事成員品質、經理人與機構投資人持股比例對台灣上市櫃公司財務風險之影響。本研究首先參考劉嘉雯、王泰昌與賴信蒼(2009)的作法,分別以Z-score、MZ-score及ZFC-score來衡量企業財務風險,接著參考尹賢瑜、葉立仁與游雅璇(2015)的研究,進一步以ZFC-NEW及Z-NEW之綜合性指標作為企業財務風險之代理變數並探討董監事成員品質及持股結構與企業財務風險之關聯性。實證結果發現,在Z-score與MZ-score的模型中,董事會成員品質越好、經理人持股越高的公司,其企業之財務風險也越低。此外,在Z-NEW的模型中也發現,董事會成員品質越好、經理人以及機構人持股比越高的公司,也擁有較低的企業財務風險。綜而言之,本研究結果支持董事會成員品質越好、經理人持股與機構投資人持股越高時將可以有效降低企業的財務風險。
This research mainly Taiwan goes on the market in the discussion from 2007 to 2015, on the cabinet company Dong Jianshi member quality, the manager owns stocks, the organization investor owns stocks relations with the enterprise finance risk.This research refers to Liu Jiawen, Wang Taichang and Lai Xincang first (2009) finance risk weight model respectively by Z-score, MZ-score, ZFC-score, following sur- Yin Xianyu, Ye Li the kernel and You Yaxuan in (2015) research the financial risk model takes ZFC-NEW and Z-NEW in addition the comprehensive target weighs the financial risk.Real diagnosis result when Z-score and MZ-score model, the board of directors member quality is higher with the manager owns stocks high then the enterprise finance risk is lower, in the Z-NEW model besides the above real diagnosis result, will still have the organization investor to own stocks high causes an enterprise finance risk lower result.Synthesizes this findings to be possible to support the board of directors member quality to be better, the manager owns stocks owns stocks high with the organization investor when may effectively reduce the enterprise the financial risk.