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研究生:洪仲邦
研究生(外文):Chung-Pang Hung
論文名稱:電子投票制度、外資股權與董事會組成結構關係之探討:以台灣上市公司為例
論文名稱(外文):A Study of the Relationship between E-voting, Foreign ownership & Board Composition: Evidence of Taiwan Listed Companies
指導教授:楊國彬楊國彬引用關係
指導教授(外文):Kuo-Pin Yang
學位類別:碩士
校院名稱:國立東華大學
系所名稱:國際企業學系
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:2016
畢業學年度:104
論文頁數:75
中文關鍵詞:電子投票外資持股比率董事會組成結構
外文關鍵詞:e-votingforeign ownershipboard composition
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企業隨著規模的成長,為募集充裕資金供營運擴展,透過對外集資使股權為公眾所持有。公司股本膨脹的同時,持有其股票者即取得該公司股東議案的表決權,使公司組織結構與產生的代理問題變得複雜,此為管理研究中,公司治理的重要議題。為了解決股東會因為召開日期集中、私募委託書、股東參與率不佳與外資表決效率等問題,本國於2012年起正式推行電子投票制度,以改善公司治理與股東會效率。
隨著法令增列上市櫃公司須配合電子投票參與的範圍,搭配分割投票法案的修正,將會有利外資行使表決權,本研究透過代理理論的觀點,以此探討電子投票是否對董事會組成結構產生直接影響,以及電子投票是否透過外資持股對於董事會組成結構產生間接影響。
本研究以台灣上市公司為研究樣本,資料來源取自台灣經濟新報資料庫與公開資訊觀測站。研究期間為2013年至2015年,共計834個樣本作為觀察值。研究結果顯示,電子投票對外資持股有正向影響,外資持股會對內部董事席次及最終控制者席次有負向影響,但對獨立董事席次有正向影響。此外,電子投票對內部董事席次及最終控制者董事席次有直接之負向影響,對獨立董事席次亦有直接正向影響。本研究研究發現與結論具有重要理論貢獻與實務意涵。

Stockholder annual meeting has been one of the central issues of corporate governance for decades. The major problems of stockholder annual meetings include highly concentrated dates, low participation of disperse stockholders, proxy mechanism, and inefficient voting procedures, among others. To solve these problems, Taiwanese government has mandated a new practice of e-voting practice in stockholder annual meetings since 2012, which is partially and incrementally applied to a range of listed companies.
Based on the agency theory, this study aims to investigate the question of whether the adoption of e-voting practice increases foreign ownership, which, in turn, affects the composition of board directors. Three allied hypotheses are proposed with regard to the relationships between the e-voting, foreign ownership, and board composition. This study uses 834 Taiwanese listed companies covering the period between 2013 and 2015 as the sample to test the hypotheses.
The empirical results show that the adoption of e-voting practice is positively correlated to foreign ownership, which subsequently affects board composition, with more seats (in percentage) of independent directors and less seats (in percentage) of internal directors and seats controlled by ultimate controlling shareholders. In addition to the mediating mechanism of foreign ownership, e-voting practice also has a direct effect on board composition. The findings of the study support the three hypotheses proposed, contribute to the debate of the literature of corporate governance, and suggest important implications for governance practice.

摘要 i
Abstract ii
圖目錄 iv
表目錄 v
第一章 導論 1
第一節 研究背景與動機 1
第二節 研究目的與問題 4
第三節 研究範圍與限制 6
第四節 研究流程 7
第二章 文獻回顧與假說推導 9
第一節 文獻回顧 9
第二節 假說推導 31
第三章 研究方法 39
第一節 研究架構 39
第二節 資料來源與樣本選擇 40
第三節 變數定義與衡量 41
第四節 資料分析方法 45
第四章 實證結果與討論 47
第一節 樣本描述 47
第二節 迴歸分析與假說檢定結果 50
第三節 統計分析結果討論 57
第五章 研究結論與建議 63
第一節 研究結論 63
第二節 理論貢獻與管理意涵 65
第三節 後續研究建議 70
參考文獻 71
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