臺灣博碩士論文加值系統

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，包括創新與融資等決策，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。
研究結果發現，公司研究發展強度及負債比率會影響到公司經營績效，董事會成員特質也會影響到公司研究發展強度及負債比率，若公司增加研究發展強度，則有助於增加市場附加價值Tobin’s Q。然而，由於研究發展強度與財務績效存在非線性關係，公司大量增加研究發展強度雖然提高公司價值，但同時也會產生過度投資現象。

The members of the board of directors possess the specific knowledge and resources needed by the organization and become a long-term decision making and corporate control systems, The specific roles play important properties in corporate governance. This research 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 data from companies listed in China from 2010 to 2016 as analyzing samples to work empirical research between business performance and various board characteristics. Besides, we studied the Panel Data model to observe board characteristics in different industries, then used the impacts of R&D intensity and financial strategies on corporate performance in different situations.
According to research as below: research and development intensity and debt rate will affect the company's operating performance, and the characteristics of the board directors will also affect the research and development intensity and debt rate, both are important causes of connection for company management.

摘要 I
Abstract II
目錄 III
圖目錄 IV
表目錄 V
第一章 緒論 1
1-1 研究背景與動機 1
1-2 研究目的 3
1-3 研究流程與架構 4
第二章 文獻探討 5
2-1 公司治理與公司績效相關文獻 6
2-2 董事會特性對公司經營績效之影響 8
2-3 董事會特性對公司負債比率之影響 9
2-4 董事會特性對公司研究發展之影響 10
2-5 研究發展投入和負債對公司經營績效之影響 11
2-6 公司治理特性變數相關文獻 13
第三章 模型建構與研究方法 15
3-1 研究模型建構 15
3-2 縱橫資料 (Panel Data)分析法 18
第四章 實證研究與分析 24
4-1 研究變數操作行定義 24
4-2 敘述統計與相關分析 26
4-3 中國地區各產業之實證分析 31
第五章 結論 39
參考文獻 41

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