產品壽命與董事會屬性

A Study of the Relationship of Product Life Expectancy and Board Attributes

邱文琦(Wen-Chi Chiu)

指導教授 ： 柯承恩

國立臺灣大學/管理學院/會計學研究所/碩士(2005年)

https://doi.org/10.6342/NTU.2005.10067

摘要

過去理論與實證研究多探討傳統產業與高科技產業間董事會結構的差異，但對產品特性的作為分類依據之研究較為缺乏。有鑑於此，本研究乃參酌產品壽命之相關知識，利用產品壽命將產業進行分類。
本研究參酌Charles H. Fine對產品與技術脈動速度之研究調查結果，作為產品壽命之分類之依據；個人電腦產業、半導體產業與消費性電子產業作為產品壽命較短之研究樣本，機械工具業、電機業與家電產業作為產品壽命中等之研究樣本，將石化產業、鋼鐵產業與紙業作為產品壽命較長之研究樣本。研究對象選取民國九十二年於台灣證券交易所掛牌之上市公司，作成三組研究群體，進行基本資料分析、相關性分析與差異分析。
相關性分析結果顯示，發現成長性變數與董事會組成與特性呈現顯著相關，尤其研發費用率最為顯著。差異分析結果顯示，不同的產品壽命下之企業，其董事會組成結構與特性存在差異性；在董事會組成因素方面，包括內部董事比率、獨立董事比率、法人董事比率、家族董事比率與最大股東成員擔任董事比率上均存在顯著之差異性；在董事會特性方面，包括董監事持股質押比率、實質持股比率與董事長的年齡與教育程度均呈現顯著差異。
此外，本研究發現，將產品壽命分為長中短三組樣本進行分析，其董事會組成與特性因素隨產品壽命之變化，呈現逐漸升高或降低之趨勢，例如：當產品壽命愈短、技術變遷速度愈快時，內部董事比率與獨立董事比率有增加之趨勢；家族董事比率與最大股東成員擔任董事之比率有減少之趨勢；法人董事比率有減少之趨勢，董監事實質持股比率有增加之情形；最後，本研究發現，產品壽命愈短、變遷速度愈快的產業環境，企業的董事長傾向愈年輕並擁有愈高學歷之趨勢。

關鍵字

董事會 ； 產品壽命 ； 特性 ； 組成

並列摘要

Since most previous studies on corporate governance used to observe the difference between high technology firms and traditional firms and few articles categorize the sample with product characteristics, we purpose to investigate board composition and characteristic among the firms with different product life expectancy and to discuss the connection between growth factors and corporate governance.

Consulting the research on clock-speed conducted by Charles H. fine, we choose Taiwan listed companies in personal computer industry, I.C. industry and consumer electronic industry as samples of firms whose products have short life expectancy, choosing Taiwan listed companies in mechanism industry as samples of firms whose products have moderate life expectancy, choosing Taiwan listed companies in petrochemical, paper and steel industry as samples of firm whose products have long life expectancy. The study began with a fundamental analysis of the sample data and used the Kruskal-Wallis Test and the analysis of correlation on different variables according to their properties.
We find that variables of growth and board attributes are highly correlated, especially for the variable of growth, ratio of research and development expense. Kruskal- Wallis tests for differences in the distributions of three categories indicate that there are substantial differences in the board composition and characteristics, suggests that the three groups of firms use different approaches to control agency problems. As the product life expectancy gets shorter, the companies tend to employ a greater proportion of inner directors and independent directors, smaller proportion of institution directors, family directors and largest shareholder- affiliated directors. In addition, as the product life expectancy gets shorter, the directors tend to enhance their ownership; chainman of board gets younger and tends to pursue and complete a higher academic degree.

並列關鍵字

board ； composition ； characteristic ； product life expectancy

參考文獻

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