臺灣博碩士論文加值系統

本論文研究之主題以台灣股市中有替換高階管理者的電子公司為研究對象，實證研究以下幾項研究目的:高階管理者替換前績效是否顯著不佳，而替換後績效是否會顯著改善？替換管理者之權在於股東，而股東關心的是其本身利益與投資報酬率。因此，股東權益報酬率(ROE)與每股盈餘是否為替換管理者的重要績效衡量指標？ 本文遵循Denis and Denis (1995)的看法，將高階管理者替換定義為董事長或總經理之更換，公司有可能僅換掉其中之一，亦可能兩者全部換掉，是否其替換情形不同而存在顯著不同的效應？
本文實證結果可歸納為以下幾點:(1)高階管理者替換之前的總資產報酬率(ROA)顯著為正，替換後，除董事長和總經理全換者之外，其餘的總資產報酬率均顯著為正；當績效指標為調整後總資產報酬率(AdjROA)變動情形之時，高階管理者替換之前與替換之後的調整後總資產報酬率變動情形均為負。表示更換高階管理者替換後對公司的總資產報酬並無顯著幫助，甚至有惡化之傾向。 (2)當績效指標改為股東關心的股東權益報酬率(ROE)之時，股東權益報酬率在高階管理者替換之前，除董事長與總經理全換的組別不顯著為正外，其餘組別皆顯著為正。在替換之後，除更換總經理組別為正外，其餘組別則出現為負的情形。另外，以調整後股東權益報酬率變動情形為績效時，高階管理者替換之前與替換之後，其績效大都出現為負的情形。更換前股東權益報酬不好，更換後新上任的高階管理者表現更差。

This research is focusing on the Taiwan stock market replaces CEO in the electronic co., The aims are first will the achievements be improved after replacing a new CEO, The shareholders have the authority of replacing CEO. However, for these shareholders merely concern about its benefits and income from investment,Therefore, will the replacement of superintendent be an important measuring achievement indicator? This text has following Denis and Denis’ (1995) opinion, which is replacing so-called chairman or general manager, the company might just replace one for each, but it might replace all these position to find out different replacements may cause different effects on outcome.
After this research, the evidence shows: (1) before replacement of the superintendent, the ROA shows positive. And after there placement except chairman and manager, the ROA also shows positive: when after the adjustment of achievements with before the replacing superintendents and after the replacing superintendent, the adjustment of ROA is negative. This shows replacing superintendent doesn’t help the ROA, and could cause more problems. (2) while shareholders have to concern about their authorities and its benefits, their authorities of benefits isn’t outstanding, but it shows negative after the replacing superintendents. Beside, the adjustment of the shareholders’ benefits and before replacing superintendents or after replacing the superintendents still shows negative situation. Therefore, after replacing the superintendents make the ROA behave worse than before replacing.

致謝 …………………………………………………………………………………I
摘要 ……………………………………………………………………………… .II
目錄 ………………………………………………………………………………..IV
圖目錄 ………………………………………………………………………………V
表目錄 ……………………………………………………………………………VI
第一章　緒論 1
第一節　研究背景與動機 1
第二節　研究範圍與目的 6
第三節　研究方法 6
第四節　研究流程及架構 7

第二章　文獻回顧 9
第一節　國外文獻 9
第二節　國內文獻 12

第三章　資料和研究方法 15
第一節　研究資料期間與來源 15
第二節　研究方法 18

第四章　實證結果與分析 21
第一節　高階管理者替換前後的經營管理績效 21
第二節　高階管理者替換前後的管理績效改善情況 24

第五章　結論與建議 29
第一節　結論 29
第二節　建議 31

參考文獻 32

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