臺灣博碩士論文加值系統

董事會之特性及功能會影響公司整體策略及執行決策之能力，若具相當之獨立性或專業性，必可使公司治理更加完善，進而提升企業價值。台灣家族與集團企業，使股權過度集中於控制股東上，並可能對董事會之獨立性及專業性造成影響。故本研究旨在探討董事會之獨立性與專業性是否與企業價值具顯著關聯，並進一步探討股權集中之企業相較於股權分散之企業，董事會獨立性與專業性之提升是否可增進企業價值。
實證結果顯示，董事會獨立性與企業價值為顯著正相關。董事會專業性與企業價值為負相關。股權集中度與董事會獨立性為顯著正相關。股權集中度與董事會專業性為正相關。股權集中度對於董事會的獨立性於公司企業價值中是否有中介效果之影響，實證結果為正相關。股權集中度對於董事會專業性於公司企業價值中是否有中介效果之影響，實證結果為負相關。

Board of Directors of the features and functionality will affect the company’s overall strategy and execution decision-making ability, if with considerable independence or professional, will make corporate governance more perfect, and thus enhance corporate value. Taiwanese family and group enterprises, so that excessive focus on controlling shareholders equity on the board of directors and may result in independence and professionalism of the impact. Therefore, this study was to investigate the board’s independence and professionalism is a significant association with the enterprise value, and to further explore the equity focus of the company compared to dispersed ownership of enterprises, the board of directors to enhance the independence and professionalism of whether to enhance corporate value.
The empirical results show that board independence and corporate value of a significant positive correlation. Board of professional and business value of negative correlation. Ownership concentration and board independence as a significant positive correlation. Ownership concentration and board of directors is positively related to professionalism. Ownership concentration for the independence of the board of directors in corporate value have the effect of intermediate results, empirical results for the positive correlation. Ownership concentration for the professional in the corporate board of directors if there are intermediate results the value of the impact of empirical results for the negative correlation.

內容目錄
中文摘要　．．．．．．．．．．．．．．．．．．．．． iii
英文摘要　．．．．．．．．．．．．．．．．．．．．． iv
誌謝辭　　．．．．．．．．．．．．．．．．．．．．． v
內容目錄　．．．．．．．．．．．．．．．．．．．．． vi
表目錄　　．．．．．．．．．．．．．．．．．．．．． viii
圖目錄　　．．．．．．．．．．．．．．．．．．．．． ix
第一章　　緒論．．．．．．．．．．．．．．．．．．． 1
　　第一節　　研究背景與動機．．．．．．．．．．．． 1
　　第二節　　研究問題與目的．．．．．．．．．．．． 3
　　第三節　　研究流程．．．．．．．．．．．．．．． 4
　　第四節　　論文架構．．．．．．．．．．．．．．． 5
第二章　　文獻探討．．．．．．．．．．．．．．．．． 7
　　第一節　　董事會特性與企業價值．．．．．．．．． 7
　　第二節　　股權集中度與董事會特性．．．．．．．． 19
第三章　　研究方法．．．．．．．．．．．．．．．．． 24
　　第一節　　觀念性架構．．．．．．．．．．．．．． 24
　　第二節　　研究假說．．．．．．．．．．．．．．． 26
　　第三節　　研究變數之操作型定義．．．．．．．．． 29
　　第四節　　樣本選取與資料來源．．．．．．．．．． 33
　　第五節　　研究之實證模型．．．．．．．．．．．． 34
　　第六節　　實證分析方法．．．．．．．．．．．．． 36
第四章　　實證結果與分析．．．．．．．．．．．．．． 37
　　第一節　　敘述性統計分析．．．．．．．．．．．． 37
　　第二節　　相關分析．．．．．．．．．．．．．．． 39
　　第三節　　多元迴歸分析．．．．．．．．．．．．． 41
第五章　　結論與建議．．．．．．．．．．．．．．．． 47
　　第一節　　研究結論．．．．．．．．．．．．．．． 47
　　第二節　　研究限制與建議．．．．．．．．．．．． 48
參考文獻　．．．．．．．．．．．．．．．．．．．．． 50

表目錄
表 2-1 董事會獨立性與企業價值之相關文獻．．．．．． 11
表 2-2 董事會專業性與企業價值之相關文獻．．．．．． 17
表 2-3 股權集中度與董事會獨立性之相關文獻．．．．． 21
表 4-1 敘述性統計表．．．．．．．．．．．．．．．． 38
表 4-2 Spearman (左下)與Pearson (右上)相關係數分析 40
表 4-3 董事會特性對企業價值之迴歸分析結果．．．．． 42
表 4-4 股權集中度對董事會獨立性之迴歸分析結果．．． 43
表 4-5 股權集中度對董事會專業性之迴歸分析結果．．． 44
表 4-6 中介效果之多元迴歸分析結果．．．．．．．．． 46

圖目錄
圖 1-1 研究流程圖．．．．．．．．．．．．．．．．． 5
圖 3-1 觀念性架構圖．．．．．．．．．．．．．．．． 25

一、中文部分

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廖秀梅，李建然，吳祥華(2006)，董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響，東吳經濟商學學報，54(9)，117-160。

林信鴻(2005)，董監事會特性與會計師獨立性之相關實證分析，中國文化大學會計研究所未出版之碩士論文。

林貞吟(2009)，董監事專業性與公司績效波動程度關聯性之研究，政治大學會計研究所未出版之碩士論文。

林萱霈(2007)，我國家族企業、公司治理與企業價值之關聯性研究，朝陽科技大學會計研究所未出版之碩士論文。

翁淑育(2000)，台灣上市公司股權結構、核心代理問題及公司價值之研究，輔仁大學金融研究所未出版之碩士論文。

莊忠柱，蔡中民(2006)，專利與公司價值關聯性－以台灣上市電子業公司為例，發表於2006年中華決策科學學會年會暨論文研討會，新竹市：元培科學技術學院。

許崇源，朱全斌(2006)，獨立董事及外部董事功能之研究，2006會計理論與實務研討會論文集，台北：東吳大學會計系。

陳宜伶(2009)，董事會之獨立、專業、參與對企業績效及風險之影響，政治大學會計研究所未出版之博士論文。

陳靜香(2005)，公司經營績效、所有權結構與總經理酬勞之內生性關係，中山大學財務管理研究所之未出版碩士論文。

曾琡惠(2007)，獨立董監事兼職數之決定因素及對公司績效的影響－以上市櫃電子業為例，交通大學財務金融研究所未出版之碩士論文。

黃旭輝，陳隆麒，謝劍平(2001)，公司成長機會對經理人持股與董事會組成影響之研究，中山管理評論，9(1)，37-59。

廖益興(2004)，董監事獨立性、企業結構特徵與盈餘管理之關聯性研究，台北大學會計學研究所未出版之博士論文。

劉晏秀(2003)，我國公司董監事特性與審計公費與非審計公費關聯性之研究，政治大學會計研究所未出版之碩士論文。

蔡世強(2006)，影響獨立董監比例因素之探討，中國文化大學會計研究所未出版之碩士論文。

謝宇秦(2004)，獨立董監事特性與盈餘管理之關聯性研究，成功大學會計研究所之未出版之碩士論文。
謝敏淑(2010)，公司治理與企業價值關聯性之個案分析，臺灣科技大學財務金融研究所未出版之碩士論文。

謝曉慧(2009)，海外募資及公司治理對台灣企業價值之影響，開南大學會計資訊學系未出版之碩士論文。

譚韵清，伍中信(2005)，我國上市公司股權集中度與公司績效的理論與實證研究，當代經濟管理，27(6)，59-66。


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