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研究生:徐傳瑛
研究生(外文):Chuan-Ying Hsu
論文名稱:獨立董事機制與企業經營成敗關係之研究
論文名稱(外文):A Study of Relationship between Independent Director Mechanism and Business Success or Failure
指導教授:李春安李春安引用關係
指導教授(外文):Chun-An Li
學位類別:博士
校院名稱:國立雲林科技大學
系所名稱:管理研究所博士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:108
中文關鍵詞:獨立董事財務危機忙碌董事公司績效融資受限
外文關鍵詞:Financial DistressIndependent DirectorFinancial ConstraintBusy DirectorFirm Performance
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本研究主要探討我國獨立董事機制對企業經營消極面與積極面的影響。首先,檢測董事會獨立性對企業財務危機是否具備防弊效力。實證結果顯示,對曾經發生過被掏空資產的財務危機公司而言,獨立董事比率及控制股東的控制權,皆能有效解釋資產掏空案的發生;對非掏空類型的財務危機而言,則是以董事長不兼任總經理及降低控制權與現金流量請求權之間的偏離程度,才會有明顯遏阻危機發生的效果。
其次,本研究探討獨立董事特性對企業投資與經營績效是否具備興利效力。先就忙碌(具3席位以上)的獨立董事與公司績效進行驗證,再就獨立董事監督對投資支出與經營績效的影響加以剖析。實證結果顯示,獨立董事席位愈多(可表徵聲譽較佳),公司績效愈佳。然而,這顯著的正向關係,隨著董事席次的增加會逐漸減弱。此外,在公司融資受限較低的情形下,獨立董事監督對於投資支出的提昇與經營績效的改善均有正向效果;在公司融資受限較高的情形下,獨立董事監督可以降低代理問題,使投資對現金流量的敏感度較高。
This study investigates the effect of the independent director mechanism on financial distress and firm performance using a sample of Taiwan listed firms. At first, our evidence indicates that the larger proportions of independent directors and the higher control right of controlling stockholders may lower the incidence of financial crisis for expropriated-assets firms. Among non-expropriated assets firms, the key factors that reduce the likelihood of financial distress are the independent leadership of a board’s chairman and the lower deviation in control away from cash flow rights.
In addition, this study explores the effect of an independent director’s characteristics on firm performance. Our findings show that a director’s reputation for being busy is significantly related to improving firm performance. However, this positive relationship gradually declines as more board seats pass to independent directors. Finally, this study supports the assertion that the introduction of the independent director mechanism in Taiwan improves investment behavior and firm performance among firms with few financial constraints. In firms with many financial constraints, we empirically find that the adoption of independent directors may lower the agency problem, thus resulting in higher investment sensitivity to cash flow.
中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 vii
圖目錄 viii
第壹章 緒論 1
第一節 研究背景動機 1
第二節 研究意義 3
第三節 研究目的 4
第貳章 文獻探討 5
第一節 獨立董事的定義與法制效能 5
一、獨立董事定義 5
二、董事會的運作機制 5
三、獨立董事制度的效能 6
第二節 獨立董事與企業經營決策或經營績效相關理論- 8
一、獨立董事比率與公司績效 8
二、忙碌獨立董事與公司價值 8
三、獨立董事專業性與公司績效 10
四、獨立董事監督、代理衝突與投資決策 10
第三節 獨立董事與企業經營失敗相關理論 13
一、獨立董事與企業非法行為 13
二、獨立董事、股權結構與企業財務危機 13
三、企業財務危機和相關財務變數 14
第參章 研究設計與方法 16
第一節 董事會獨立性與企業財務危機關係之研究 18
一、研究假說的建立 18
二、統計分析方法 19
三、變數定義 21
四、資料選取來源 23
第二節 忙碌獨立董事與公司績效之研究 26
一、研究假說的建立 26
二、資料選取來源 27
三、研究方法與變數定義 27
第三節 獨立董事監督對公司投資與公司績效之影響 32
一、研究假說的建立 32
二、資料選取來源 34
三、研究方法與變數定義 35
第肆章 實證結果 39
第一節 董事會獨立性與企業財務危機關係之研究 39
一、研究樣本描述 39
二、研究結果初步分析 42
三、穩健測試 50
四、討論 55
第二節 忙碌獨立董事與公司績效之研究 58
一、研究樣本描述 58
二、實證分析 61
三、討論 69
第三節 獨立董事監督對公司投資與公司績效之影響 71
一、研究樣本描述 71
二、實證分析 73
三、討論 78
第伍章 研究結論與建議 80
一、研究結論 80
二、研究建議 82
附錄 83
參考文獻 88
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