景氣循環與金融危機下 臺灣銀行業公司治理對女性高階管理者比率與經營績效之影響

The Relationship between the Corporate Governance, Proportion of Female in Top Management and Operational Performance in Taiwan Banks under Business Cycle and Financial Crises

戚萍(CHI, PING)

指導教授 ： 沈中華 ； 吳孟紋

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2015年)

摘要

隨著我國現代女性教育機會均等，經濟自主意識抬頭，我國女性勞動參與率逐年上升，因表現優異而晉升為企業領導人或主管的女性也愈來愈多，對企業的經營績效影響也愈來顯著，但過去的文獻對女性高階主管對經營績效影響的結論並不一致。本研究的目的是從公司治理性別多元化的角度出發，在女性保守穩健的特質與行為之下，探討女性高階主管對銀行經營績效可能產生的影響，並試圖了解女性高階主管是否可能透過銀行公司治理效能之影響，進而影響銀行經營績效。我們以2005-2013年26家臺灣上市櫃金控旗下子銀行以及上市櫃興櫃之獨立銀行為研究對象，並利用Panel data統計分析。
整體而言，本研究實證結果支持以下五個結論：
首先，在景氣緊縮以及金融危機時，女性高階主管比率對銀行績效報酬的影響是正面的，顯示臺灣銀行業會因為女性保守穩健的特質，由女性主管主導的銀行，在景氣緊縮以及金融危機發生時，其銀行績效報酬受傷程度會比由男性主管主導的銀行為小。
第二、女性高階主管比率對銀行風險管理的影響是正面的，臺灣銀行業會因為女性保守穩健的特質，由女性主管主導的銀行，在景氣緊縮以及金融危機時，其銀行風險控制程度會比男性主管主導的銀行為佳。
第三、景氣緊縮以及金融危機時，女性高階主管比率透過機構投資人持股比率對銀行績效報酬的影響，實證結果不足以支持其有正向影響。女性高階主管比率透過機構投資人持股比率對銀行風險管理的正負影響則沒有定論。
第四、景氣緊縮以及金融危機時，女性高階主管比率透過獨立董事比率的影響後，對銀行績效報酬有正向的影響，表示獨立董事的監管功能有助於增加女性高階主管比率對銀行績效報酬的正向影響。女性高階主管比率透過獨立董事比率對銀行績效風險管理則為負向的影響，可能的原因是女性高階主管有類似獨立董事的效果，提高女性高階主管比率後，對風險過度監管進而產生負面影響。
最後，我們也發現女性高階主管比率與績效報酬變數以及風險管理變數之間呈現U型或倒U型的非線性關係，表示並非一味追求女性高階主管比率愈高愈好，而是有最適的比例配置，才會達到經營績效最適化。現今追求兩性平權以及性別多元化的時代，讓男女善加運用特質，加強彼此團隊與分工，才會符合企業組織需求，並對經營績效產生正面的影響，因此企業建立多元化工作團隊，以及結合多元化的人力資源管理是很重要的。

關鍵字

歐債危機 ； 金融海嘯 ； 雙卡危機 ； 景氣循環 ； 風險管理 ； 績效報酬 ； 公司治理 ； 女性高階主管比率

並列摘要

As women gain equal educational opportunities and seek economic independence, their labor force participation rate has trended upwards in Taiwan over the years. More and more women are becoming corporate leaders or high-ranking officers, exerting an ever-increasing impact on business performance. However, the existing literature on the impact of female leaders has not reached any consistent conclusions. Based on gender diversity in corporate governance, this study aims to understand how the relatively conservative and stable characteristics of female leaders may impact bank performance, as well as how this impact may be mediated through female leaders’ influence on corporate governance. The study uses the data between the years 2005 and 2013 of subsidiary banks of financial holding companies and other banks listed on the exchanges, totaling 26 banks. The panel data is employed for analysis.

The findings of this study support the following five statements:

First, in times of business recession and financial crises, a higher proportion of female leaders is positively correlated with better bank performance. This indicates that in Taiwan the conservative and stable characteristics of female leaders make banks less susceptible to adverse situations than banks dominated by male leaders.

Second, higher proportions of female leaders have positive impact on banks’ risk management. When faced with business recession and financial crises, banks dominated by female leaders exhibit better risk control than those dominated by male leaders. The conservative and stable characteristics of female leaders are conducive to risk control of banks in Taiwan.

Third, in business recession and financial crises, evidence is not enough to support a positive impact of female leaders on bank performance, as mediated through proportions of equity held by institutional investors. In addition, the impact of female leaders on banks’ risk management as mediated through proportions of equity held by institutional investors is not conclusive.

Fourth, in business recession and financial crises, higher proportions of female leaders, as mediated through independent director proportions, have a positive impact on banks’ performance and returns. This indicates that the supervisory functions of independent directors help magnify the positive impact of female leaders on bank performance. However, higher proportions of female leaders, as mediated through independent director proportions, have a negative impact on banks’ risk management. This is likely because female leaders have similar effects as independent directors. A higher proportion of female leaders could lead to over-supervision and hence negatively impact risk management.

Fifth, a U-shape or inverted U-shape non-linear relationship exists between female leader proportions and both the performance variable and the risk management variable. Therefore, instead of presuming that the higher female proportions the better, we should pursue an optimal arrangement to reach an optimal performance. In line with equality of the sexes and gender diversity, coordinating the different gender characteristics to meet the needs of organizations has positive impacts on performance. Therefore, to build a team with optimal diversity is an important task of corporate human resource management.

並列關鍵字

European debt crisis ； financial tsunami ； “twin card” crisis ； business cycle ； return ； risk management ； corporate governance ； proportion of female leaders

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