臺灣博碩士論文加值系統

本研究主要探討公司董事會聘雇產業專家之獨立董監事對信用評等之影響。由於現今法規有明確規定公司要設立獨立董監事或審計委員會監督管理階層，但未明確規定其身分背景的要求，本文加入產業專家的條件觀察對公司整體影響，樣本取自2009至2014年台灣上市上櫃公司，台灣企業信用風險指標(Taiwan Corporate Credit Risk Index，TCRI)資訊則來自於台灣經濟新報社(TEJ)；利用Heckman兩階段估計法檢測產業專家與信用評等的關聯，以獨立董監事忙碌程度及進修時數設為外生工具變數，透過Logit估計IMR，帶入Order Logit測試信用評等之表現。研究結果發現公司在獨立董監事當中加入具有相關產業背景經歷的專業人才將可有效發揮董事會監督效果，同時達到降低財報重編或盈餘管理的目的，藉此加強財務報表品質及可信度，提升外部投資人對公司的信心，同時因產業專家所提供之專業建議，使信評機構會因此給予公司較佳的信用評等成績，本文有助於政府未來制定相關條例，或是公司在聘雇獨立董監事時增加參考相關工作經歷的依據。

This paper researches the effect of industry expertise of independent directors and supervisors on Taiwan corporate credit risk index(TCRI). According to regulatory requirements, the company must set up an independent directors and supervisors or audit committee to supervise management, but there is no specific requirements about their identity or background. In this article we added conditions of industry experts to observe the overall company influence. The study collected research data from 2009 to 2014 of the listed companies in Taiwan. TCRI and the other related data came from Taiwan Economic Journal (TEJ).We used Heckman''s two-stage method to explore the relationship between industry experts and credit rating. The exogenous variableare number of part-time and training hours of independent directors and supervisors. The first stage which we estimated IMR through Logit model, and the results of the first stage were then used in Ordered Logit to test the hypothesis.

The empirical results show that the independent directors and supervisors who has professional background with relevant industry experience that might have better effect of board oversight in company. And at the same time, it can reduce earnings restatement or earnings management. Thus it can strengthen the quality and reliability of financial statements and the external investors will enhance confidence in the company. Due to professional advice which provided by industry experts that credit rating agency will give the company a better score. This article will help government make regulations in the future or when companies hire independent directors and supervisors, they will consider their relevant work experience.

摘要 I
Abstract II
誌謝詞 III
目錄 IV
表目錄 V
圖目錄 VI
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻探討與假說發展 5
第一節 董事會品質對信用評等之影響 5
第二節 產業專家獨立董監事與董事會品質之關聯 8
第三章 研究設計 11
第一節 資料來源與樣本篩選 11
第二節 實證模型 13
第三節 變數衡量與定義 15
第四章 實證結果與分析 19
第一節 敘述性統計與相關係數分析 19
第二節 迴歸結果分析 23
第三節 敏感性分析 27
第五章 結論及建議 30
第一節 研究結論 30
第二節 研究限制 32
第三節 未來建議 33
第六章 參考文獻 34

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