集團核心企業董事會特性與經營績效之研究

The Relationship of Core Business Groups between Board Characteristics and Operating Performance

10.6697/TBPJ.200912_3(1).0002

林秀柑(Hsiu-Kan Lin)；方文碩(Wen-Shwo Fang)；王冠閔(Kuan-Min Wang)

董事會特性 ； 企業經營績效 ； 集團企業 ； 公司治理 ； Board Characteristics ； Operating Performance ； Business Groups ； Corporate Governance

臺灣企業績效學刊

3卷1期（2009 / 12 / 01）

25 - 48

繁體中文

本研究旨在探討2003年至2005年間台灣已上市之集團企業核心公司董事會特性與經營績效之關連性。利用董事長兼任總經理、董事會規模、獨立董事比率、外部董事席次比及董監質押比率等為自變數，以資產報酬率及股東權益報酬率為依變數，利用Panel Data 迴歸模型驗證董事會特性等相關變數對企業經營績效之影響。實證結果發現董事會規模愈小，外部董事席次比率愈高時，可提昇集團核心公司資產運用效能；其次，董事會規模愈小，外部董事席次比率愈高、董監質押比率愈低時，對股東權益報酬率有顯著的正面影響效果。

The purpose of this study is to examine the relation between the boards of directors' characteristics and operating performance in the top business groups in Taiwan during 2003-2005. This research adopts the duality of chairman and CEO, board size, ratio of independent directors, outside director percentage and pledged shares ratio of directors' and supervisors' shareholdings as independent variables, with return on assets and return on equity as dependent variables. We use the panel data regression model to assess the effect of these variables on operating performance. The empirical result shows that the size of the board smaller and the ratio of outside directors higher would promote the return on assets. The board size smaller, the ratio of outside directors higher, and the ratio of pledged share lower would have significant positive effects on return on equity.

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