董事持股成數設限與經營績效之關聯性研究

The Minimum Requirement of Shareholding by Directors and Firm Performance

吳玉邸(Yu-Dii Wu)

指導教授 ： 鄭桂蕙

國立臺北大學/商學院/會計學系/碩士(2010年)

摘要

針對我國以法令強制董監事最低持股成數規定，對於立法者期望透過董監事手中持股愈多，增強其對公司的向心力，產生與公司休戚與共的關係，進而提升公司經營績效之目的，本研究即以國內實務情況予以檢視董事最低持股成數限制與企業經營績效間是否存在顯著的關聯性，並進一步驗證董事最低持股限制是否能舒緩代理問題提出實證證據。
本研究以民國92 年8 月份至98 年6 月份止公開資訊觀測站內揭露之董事持股成數未達法定成數之上市公司為研究對象，採配對方式進行分析。對董事持股未達法定成數、董事持股未達法定成數期間、董事持股未達法定成數程度與企業經營績效之關係加以探討，採多變量迴歸方式進行實證研究。
實證結果發現，董事持股達到法定最低成數與否、董事持股未達法定成數時間長短、董事持股未達法定成數程度高低與會計績效均呈顯著負相關，意謂著當董事持股比例未達法定成數時，表示其持股偏低，與外部投資人利益存有潛在利益衝突，代理成本愈大，公司經營績效愈差，與利益收斂假說論點相符，故以法令強制董事最低持股成數規定確實有存在之必要性。

關鍵字

董事最低持股成數 ； 經營績效

並列摘要

With respects to the provision reinforcing the minimum requirement of shareholding by directors through decree, the legislators intend to enhance the loyalty by directors and supervisors through increasing their shareholding, creating a solidarity relationship with the company and thereby enhancing firm performance. The study examines whether if there is a significant correlation between minimum requirement of shareholding by directors and firm performance with further validation of whether if the minimum requirement of shareholding by directors could present empirical evidence to alleviate agency problems.
The objects of the study comprised of listed companies which minimum requirement of shareholding by directors met the statutory minimum requirement disclosed by Market Observation Post System from August of 2003 to June of 2009. The study analyzed the data using matching method. The study discussed the relationship for minimum requirement of shareholding by directors meeting the statutory minimum requirement, the duration of minimum requirement of shareholding by directors meeting statutory minimum requirement, the degree of minimum requirement of shareholding by directors meeting the statutory minimum requirement, and firm performance, which is supplemented by empirical studies using Multi-Variable Regression.
The study results showed that there was significantly negative correlation for whether if the minimum requirement of shareholding by directors have met statutory minimum requirement, the duration of minimum requirement of shareholding by directors meeting statutory minimum requirement, the degree of minimum requirement of shareholding by directors meeting the statutory minimum requirement, and accounting performance. The results implied that before the minimum requirement of shareholding by directors meeting the statutory minimum requirement, the substantially low shareholding led to potential conflict of interests with the interests of outside investors. The firm performance worsens as the cost of agent increase, which is consistent with the convergence hypothesis of interests. Hence, the necessity exists in reinforcing provisions on the minimum shareholding by directors through decree.

並列關鍵字

Minimum Requirement of Shareholding by Directors ； Firm Performance

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