臺灣博碩士論文加值系統

自2002年起台灣引進獨立董事制度，明文規定於2002年後IPO的公司至少須設置兩位獨立董事。本文之研究目的，在檢測IPO公司設置獨立董事是否有助於提升IPO之後的股價長期績效。本文以1999年到2004年467家台灣IPO公司為樣本，利用cumulated abnormal returns (CARs)和buy-and-hold abnormal return (BHAR)衡量股價長期績效。結果發現，不論用CARs或BHAR來衡量，台灣IPO公司有長期績效不佳的現象。但有設獨立董事的IPO公司，其長期績效比沒有設獨立董事的公司佳。尤其在電子業、有創投公司參與和低成長的IPO公司，其效果更為顯著。

The system of independent director has been introduced in Taiwan since 2002. All companies that go for initial public offering (IPO) in Taiwan are required to arrange at least two of board seats to independent directors. Our purpose is to investigate whether the arrangement of independent director can mitigate the post-IPO underperformance. We employ cumulated abnormal returns (CARs) and buy-and-hold abnormal return (BHAR) to measure the long-term performance of 467 Taiwan IPOs between 1999 and 2004. Both CARs and BHAR are calculated related to calendar-time portfolio. The empirical evidence shows that, on average, IPOs underperform in Taiwan. Most importantly, we find that IPOs with independence directors perform better than others, indicating that the independent directors have a positive effect on IPOs’long-term performance. Further tests show that the positive effect of independence director is mostly focused on IPOs in electronic industry, backed by VC or with low growth opportunity. Results are similar irrespective of whether we use CARs or BHAR.

Abstract II
List of Tables IV
List of Figures V
Chapter 1 Introduction 1
Chapter 2 Methodology and Data 5
2.1 Calendar-time Portfolio Method 6
2.2 Cumulated Abnormal Returns (CARs) 7
2.3 Buy-and-Hold Abnormal Returns (BHAR) 7
2.4 Regression Model 7
2.5 Corporate Governance Index: Factor Analysis Approach 10
2.6 Data 12
Chapter 3 Empirical Results 12
3.1 Sample Description 12
3.2 T-test Results 13
3.3 Correlation Coefficients 15
3.4 Regression Results of Full Sample 15
3.5 Regression Results of Subsamples 16
3.6 Voluntary vs. Forced to Arrange Independent Directors 18
Chapter 4 Conclusions 18
References 19

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