董事專業背景對IPO公司績效之影響

The Effect of Director Expertise on Performance of IPO Firms

游珉宜(MIN-YI YU)

指導教授 ： 王明昌 ； 劉亞秋

國立中正大學/管理學院/企業管理學系/碩士(2014年)

摘要

本文主要目的為探討董事的專業背景對IPO公司績效之影響。本研究實證結果發現，具備財務、會計或法律專業背景的獨立董事比例愈高，IPO公司的短期績效則愈差；進一步分析財務、會計與法律專業背景對公司績效的影響後發現，具備財務專業背景的獨立董事比例愈高，IPO公司的長期績效則愈佳。另外，本研究亦發現獨立董事制度對IPO公司績效具有負面的影響，且IPO公司若為生技產業，則長短期績效表現皆優於科技產業。整體而言，擁有財務、會計或法律專業背景的獨立董事比例對IPO公司績效具負面影響；但僅擁有財務專業背景的獨立董事比例則對IPO公司績效具有正面效益。

關鍵字

長期績效 ； 短期績效 ； IPO ； 獨立董事 ； 專業背景

並列摘要

The paper attempts to examine the relation between the expertise of directors and performance of IPO firms. The empirical results indicate that the ratio of the expertise of independent director is negatively related to the short-term performance of IPO firms. On the contrary, we find that the ratio of the finance expertise of independent director is positively related to the long-term performance of IPO firms. The result implies that independent director with finance expertise will have a positive influence on IPOs long-term performance. In addition, we also find that the independent director system has a negative effect on firm performance. And the IPO performance in biotechnology industries is better than technology industries.

並列關鍵字

Short-term Performance ； Independent Director ； IPO ； Expertise of Director ； Long-term Performance

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