研究主要在檢測公司治理對海外投資程度之影響。本研究使用2001到2008 年之上市上櫃公司為樣本,以公司投資「海外公司」的金額、「海外公司」所跨 越的國家數及「海外公司」數作為海外投資的替代變數,並選定「高階主管持股 比率」、「大股東持股比率」、「董監事持股比率」、「獨立董監事席次比率」 及「董監事質押比率」作為衡量公司治理之替代變數,以迴歸分析為工具來進行 實證分析。實證結果顯示:董監事持股比例越低,則海外投資程度越高,也就是 說當董監事持股比率越低能使董事會的決策更有利公司及股東,使得海外投資程 度越高。此外實證結果也支持董監事質押比率越低,海外投資程度越高,也就是 董監事質押比率越低,越不容易有代理問題,公司績效越好海外投資越高。
This research mainly focuses on the impact of company governance to overseas investment. The sample used include listed and OTC companies during 2001 ~ 2008 while international variables are represented by (1) the amount of the oversea investment and (2) number of countries involved in the investment and stake holdings of (1) management, (2) main shareholders, (3) directors and participation rate of independent directors and deposit rate of directors are used to represent company management variables. Regression analysis will be used throughout the research. The result stated positive correlation between stake holdings of director and company oversea investment management. Negative correlation also exists between deposit rate of directors and overseas management.