從創新與融資策略談董事會特性對公司經營績效之影響

The Influence of Board Characteristics on the Company's Operating Performance from the Perspective of Innovation and Financing Strategies

10.6495/CIMBM.201806.0018

王鈺婷(Yu-Ting Wang)；葉立仁(Li-Jen Yeh)

董事會特性 ； 研發投入決策 ； 融資決策 ； 財務績效 ； 公司治理 ； board characteristics ； R&D intensity ； financing strategy ； financial performance ； corporate governance

科際整合管理研討會

2018第20屆（2018 / 08 / 01）

264 - 279

繁體中文

董事會成員擁有組織需要的特定知識與資源，使得董事會成為公司長期決策制定及企業控制系統的中心，並於公司治理領域中扮演重要角色。本研究乃著重於如何適當運用董事會特性所帶來之效果，來規畫合宜的研究發展強度與公司重要決策，包括創新融資決策等，進而提升企業財務績效。本研究以2010年至2016年間，在大陸上市上櫃之公司扣除資料不全者共計13750筆為研究樣本，進行經營績效與各變數間之實證研究，利用Panel Data迴歸模型觀察不同產業之董事會特性，以及研究發展投入與財務績效之關聯性，是否因不同產業而有異質表現。

The members of the board of directors possess the specific knowledge and resources needed by the organization and become a long-term decision and corporate control systems, The specific properties play important role in corporate governance. This research report focuses on how to use characteristics of the board of directors to plan the appropriate of research and development intensity and financing strategies to improve corporate financial performances. The research used a total of 13,750 sub-incomplete data from companies listed of the China from 2010 to 2016 as analyzing samples to work empirical research between business performance and various board characteristics. Besides, we used the Panel Data model to observe board characteristics in different industries, then study the impacts of R&D intensity and financial strategies on corporate performance in different situations.