臺灣博碩士論文加值系統

過去有釵h研究著重於董事會與公司績效之間的關係探討。然而，由董事會組成屬性來預測公司的績效並不恰當，此舉犯了跳躍式的推論，輸入（董事會組成）與輸出（公司績效）之間並沒有直接的證據。高階經營團隊為組織與環境的連結點，其根據組織外在技術與環境的需求，制訂組織重要決策加以回應。因此，高階經營團隊是組織產出一重要因素，且本研究預期團隊之屬性會與公司價值有所關聯。本研究採用上市公司高科技產業為研究對象，研究期間為2005及2006年共518個樣本。本研究調查高階經營團隊的組成資料及探索高階團隊與公司價值間之關係；此外，也將資產成長率與法人持股比率設定為控制變數納入考量。根據回歸分析之結果，發現高階經營團隊的平均教育程度、教育專長異質性、持股比率在統計上對公司價值有顯著關係，顯示此內部公司治理機制的設計確實存在；而經營團隊的教育程度異質性與受過國外教育比率跟公司價值則沒有顯著的關係，顯示這兩者並非影響公司價值主要因素。

There are many researches of investigating the relationship between board of director and firm performance in Taiwan. However, forecasting the performance by board of director is improper because there are no direct evidences and relationship between inputs (board of director) and outputs (firm performance). Top management team (TMT) links organization and environment. According to the demand of external technique and environment, they make proper decisions to response them. Therefore, TMT is an important factor about organizational outcome and we expect that attributes of TMT are related to firm value. The sample used in this paper includes 518 companies of high-tech industry in Taiwan from 2005 to 2006. This research investigates the composition of TMT and explores the relationship between TMT and firm value. The study also takes asset growth ratio and institutional investor ownership as control variables under consideration. According to the regression analysis, this thesis indicates average educational level, educational specialty heterogeneity, and shareholdings of TMT have significant effect on firm values; educational level heterogeneity and foreign education ratio of top management are not statistically significant effect on the firm values.

致謝辭 ii
Abstract iii
摘要 iv
TABLE OF CONTENTS v
LIST OF TABLES vii
LIST OF FIGURES vii
Chapter 1 Introduction 1
1.1 Background 1
1.2 Research Objectives 3
1.3 Structures of This Thesis 4
Chapter 2 Literature Review and Hypotheses Development 5
2.1 Related works of Top Management Team and Firm Value5
2.2 Research on Characteristic of Top Management Team 8
2.2.1 Educational level 8
2.2.2 Educational specialty 10
2.2.3 Foreign experience 12
2.2.4 Shareholdings of TMT 13
Chapter 3 Research Method 16
3.1 Research Framework 16
3.2 Variables Setting 17
3.2.1 Dependent variable 17
3.2.2 Independent variable 18
3.2.3 Control Variable 21
3.3 Statistical Estimation Model 24
3.4 Statistical Approach 25
3.4.1 Descriptive statistics 25
3.4.2 Correlation analysis 25
3.4.3 Regression analysis 25
Chapter 4 Data and Results 26
4.1 Data 26
4.2 Descriptive Statistics 27
4.3 The Results of Correlation Analysis 31
4.3.1 Correlation coefficient 31
4.3.2 Collinearity test 33
4.4 The Results of Regression Analysis 35
Chapter 5 Conclusions and Suggestions 42
5.1 Summary of This Thesis 42
5.2 Research Contributions 44
5.3 Research Limitations 45
5.4 Suggestions for Future Research 46
References 47

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