题名

董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響

并列篇名

The Relationships between Board Structure and Firm Performance-And the Influence of Family Control in Taiwan Listed Company

DOI

10.29735/SJEB.200609.0004

作者

廖秀梅(Hsiu-Mei Liao)；李建然(Jan-Zan Lee)；吳祥華(Shyang-Hua Wu)

关键词

公司治理 ； 獨立董監事 ； 董事會結構 ； 公司績效 ； 家族控制 ； corporate governance ； independent directors/supervisors ； board structure ； firm performance ； family control

期刊名称

東吳經濟商學學報

卷期/出版年月

54期（2006 / 09 / 01）

页次

117 - 160

内容语文

繁體中文
中文摘要

本研究旨在探討台灣上市公司董事會結構特性與公司績效之間關係，並考量不同企業控制型態，董事會結構特性與公司績效關係是否有不同的影響。本研究利用上市公司90會計年度起須強制揭露的董監事資料，根據上市準則所規定獨立性標準，使本研究得以更客觀地及精確地判斷董監事的獨立性及各項特徵，更深入分析董事會結構特性與公司績效之關聯性，俾提昇實證結果之效度。實證結果發現，整體而言，董事會結構特性與公司績效的關係的確受到該公司的董事會是否掌控在家族所影響。如果公司是屬於家族企業，發現：(1)股權機制及外部（或獨立）董監事能發揮的功能有限；(2)董事會規模愈大或董事長兼任總經理時，對公司績效產生負面影響；(3)董監事平均教育程度愈高時，公司績效愈佳。至於在非家族企業，發現：(1)董監事持股對公司績效有正面的影響，尤其是內部董監事股權之影響更為顯著；(2)外部或獨立董監事的設立，的確能提升公司績效，尤其是非常需要具有管理經驗或法律背景專業知識之外部（或獨立）董監事監督董事會之運作。
英文摘要

This study examines the link between the board structure of listed companies in Taiwan and corporate performance, and look into whether different control pattern among many listed companies in Taiwan would have influence such relationship. With complete and detailed information on corporate directors and supervisors disclosed in the annual report from 2001, this study was able to measure more objectively and accurately the board composition and other board structure variables by criteria for independence, examine in depth the link between the board structure and corporate performance, and thereby, render the empirical results more relevant. The evidence indicates the relationships between the board structure and firm performance are overall influenced by whether the board is family-controlled. In familycontrolled firms, it is found: (1) the ownership mechanism and outside (or independent) directors limits the functions. (2) When the chairman of the firm is also its president or the bigger the board size, the firm performance is poorer. The board members of a familycontrolled firm are highly educated have positive effect on firm performance. However, in the case of non-family-controlled firms, it is found: (1) the shareholding of directors, in particular the shareholding of inside directors, have positive effect on firm performance. (2) the appointment of outside or independent directors help improve firm performance, in particular if such director has management experience or legal background or expertise.
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
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