董事會規模與獨立性對董事會功能影響之研究

近年來，由於許多知名企業接連無預警出現財務危機，甚至倒閉、破產，公司治理此議題因而逐漸受到學界與業界的注視。董事會是公司最主要的內部治理機制，故董事會是否有善盡職責，發揮其所該扮演的功能角色，是本研究所關注的主要議題。過去文獻多將研究焦點放在董事會組成特性與公司財務續效間的關係，然而忽略了這兩者之間是否相關，受董事會是否發揮功能的中介影響(Zahra & Pearce, 1989; Pettigrew, 1992)，因此，探討董事會組成與董事會功能角色的關係，有助於理解公司治理機制的運作。本研究利用問卷與次級資料，蒐集了73家上市上櫃公司董事會樣本，實證分析董事會規模與家族董事比例兩個組成構面，與董事會控制、服務、策略三個功能角色扮演程度間的關係。研究結果發現董事會規模與董事會獨立監督、服務資源、策略功能之間具顯著正相關；而且，家族董事比例越高，董事會的策略功能越高，但其控制功能越低。

關鍵字

董事會規模；家族董事；董事會功能角色

並列摘要

In these years, continuous financial crises have unexpectedly erupted in many well-known firms, and even caused them to go bankruptcy. The issues on corporate governance are thus gradually concerned by academy and practice. The board of directors is the most important inside governance mechanism of a company. Therefore, this study focuses on the issue that if the board of directors does its job well and functions as it should be. Most of the previous literatures focus on the relationships between the board composition and the company's financial performance, nonetheless they neglect that if both of them are intermediately affected by how the board functions (Zahra & Pearce, 1989; Pettigrew, 1992). The exploration on the relationships between the board composition and its function would help us to understand the operation of governance mechanism. We collect the board samples of 73 listed companies by means of questionnaire and secondary data, and empirically analyze the relationship between board composition, using two variables, the board size and the proportion of family directors, and three functional roles of the board. We find that the board size is positively related to the functional role-playing of independent monitor, service, and strategy. In addition, the association between the proportion of family directors and the strategic role-playing is significantly positive; however, the higher the proportion of family directors is, the poorer the board control function is.