本研究探討股權結構、董事會組成對公司價值之影響。以2003年至2009年間台灣上市公司資料進行實證,本研究運用Panel data多元迴歸分析,探討股權結構、董事會組成對公司價值之影響。 實證結果顯示,在股權結構方面:經理人持股比率和機構投資人持股比率對公司價值呈正相關,因為當經理人持股比率增加時,經理人與股東的利益趨於一致,有助於提升公司價值。另外,大股東持股比率對公司價值呈負相關,因為當大股東同時身兼監督者與被監督者角色,故將無法適當發揮其應有的監督功能,導致公司價值降低。 在董事會組成方面:董事會規模對公司價值呈負相關,因為當董事會人數過多時,就會分散和打亂會議的討論,使效益降低。接著,董事長兼任總經理對公司價值呈負相關,當董事長兼任總經理具有雙重身份時,容易缺乏獨立與中立性,致使公司價值較差。另外,外部董監事比率對公司價值呈正相關,增加外部董監事比率,可讓董事會在決策時更具客觀,有助於提升公司價值。
This study investigated the impact of the ownership structure, board composition on the value of firms through using the panel data multiple regression analysis. Empirically the results show that as for the ownership structure, both the ratio of managers holding and institutional investors holding are significantly and positively related to firms’ value. The reason is why as the ratio of managers’ increases, the interests of managers and shareholders are in line to enhance the corporate value. On the other hand, the impact of the ratio of major shareholders on firm value is negative, because when the major shareholder being also the role of the supervisor, he would fail to properly perform their oversight functions to lead to a decrease in firms’ value. As for board composition, the board size is negatively related to firms’ value, because when the board number is excessive, it would disperse and randomize the board discussion. Therefore it would reduce the benefits. The chairman of the board part-time general manager is a negative correlation to firm’s value; the problem of dual identity and independence exists as the chairman of the board serves as a general manager. The positive impact of the ratio of outside directors on firms’ value prevails since an increase in seats outside directors to the board in a decision-making could be more suggestive and improve corporate value.