- 學位論文
董監事持股率、酬金、獨立人設置與經營績效之探討----以汽車產業為例----
The Relationship among Stockholding, Remuneration, Independent settings and Performance in the Taiwan Automobile
摘要
本研究以汽車產業為對象，先探討市場別(上市/上櫃)、年度別、產業別等三項公司屬性變數影響董/監事持股率、平均每位董/監事酬金、每股盈餘、資產報酬率、股東權益報酬率等七項觀測變數的差異狀況，接著探討董/監事持股率、平均每位董/監事酬金等四項變數對三項公司經營績效的影響程度及獨立董監事之設置於董監事特徵變項與經營績效變項間的中介效果。以2005年至2010年之資料為範圍，共計二十八家樣本，以市場別區分上市有19家，上櫃有9家。以產業別區分，汽車組件有23家，汽車製造有3家，汽車買賣有2家。結果發現公司屬性「上市/上櫃」對6年之4個獨立變數與3個相依變數中有10個變數有顯著差異，且就平均數來看上市公司的是明顯大於上櫃公司。六年之中與三項經營績效指標均無顯著關係的獨立變數有董事持股率與監事持股率；平均每位董事酬勞則與資產報酬率、股東權益報酬率無顯著關係。對三項公司經營績效而言，「董事平均每位酬勞」、「監事平均每位酬勞」是有效解釋的關鍵因素，且均為正向相關。由中介效果分析證實獨立董監事設置於董監事特徵變項與經營績效變項間具有中介效果。
並列摘要
In this study, targeted mainly to the automobile industry. First study three properties affect the difference in position of the seven observed variables(Four independent variables and three company performance indicators variables). Then explore the the board stockholding rate, the average of of each remuneration to directors and supervisors of the four variables of the operating performance of the three companies and independent directors and supervisors set performance indicators mediating effect. The study is based on 2005-2010 data range. The total of 28 as samples: 19 listed companies and 9 OTC companies. Industry distinguish: 23 Automotive components companies, 3 car manufacturers, 2 automobile trading.The empirical result show that company property test a total of 10 variables were significant differences and the average of the listed companies is significantly larger than the over-the-counter. It can be seen that the three performance indicators among six independent variables were not significantly related to diectors’/supervisor’ stockholding ratio；Directors of the average remuneration and ROA, ROE no significant relationship. Average remuneration of directors and supervisors to effectively explain key factor in terms of the operating performance of the three companies, and are positively related. Set of independent directors and supervisors have a mediating effect.