臺灣博碩士論文加值系統

本文利用2010年至2015年間台灣上市一般產業公司的資料，檢驗公司董事會多樣性與產品多角化和國際多角化程度的關聯。既有研究大多著重於董事會多樣性對公司績效、營運風險及代理問題等議題，較少討論是否會影響產品多角化與國際多角化的程度，本文以產銷值之部門數、產銷值之賀芬達指數及產銷值之Entropy指數進行檢驗是否公司董事會的多樣性有助於公司在產品與國際上更為多角化。以往董事會多樣性(Board Diversity)的學術研究中，大多以性別多樣性與少數種族多樣性進行探討，本文則以董事會成員的八項特徵(包括性別、教育程度、年資、專業性、忙碌性、政治經驗、跨文化經驗及獨立性)，利用生物多樣性辛普森指數的方式建構出董事會多樣性指數。本文的研究結果發現董事會多樣性程度會正向影響產品多角化程度(產值部門數、銷值部門數、銷值之Entropy指數)及國際多角化程度，表示董事會的多樣性程度愈高，公司的產品多角化程度與國際多角化程度也會愈佳。本文也進一步分析建構董事會多樣性的八個維度與產品多角化和國際多角化程度的關聯，實證結果顯示董事會成員的專業性會負向影響產品多角化程度，推測可能因不同的專業性在決策上的觀點也會有所不同，導致多角化程度降低。忙碌性會正向影響產品多角化程度，但會負向影響國際多角化程度，推測董事的忙碌性所帶來的資源有利於產品多角化的發展，但在拓展國際市場上無顯著效用。獨立董事會正向影響產品多角化和國際多角化程度，顯示獨立董事在董事會中扮演不可或缺的角色，對公司的發展也有很大的幫助。本文實證結果顯示公司聘任董事成員時，宜將成員的多元性納入考慮，有助於改善公司治理機制，提升公司價值及公司拓展的機會。

Based on data of listed nonfinancial-firms on the Taiwan Stock Exchange (TWSE) covering the period of 2010~2015, this master thesis examines the linkage between the degree of corporate board diversity and the extent of product versus international diversification. Existing research on board diversity focusing on examining the effects of board diversity on corporate performance, operational risk and the extent of agency cost. Less discussion paid attention on how board diversity affects the extent of product diversification and international diversification. Product diversification is proxied by the number of sectors, HHI and the Entropy index of the production value versus sales value. To construct the degree of board diversity, a newly constructed index of board diversity is computed from multi dimensions such as board member gender ratio, board member tenure, age, level of education, board busyness (multi-directorship), ratio of board member with professionals on finance, law and accounting, board political connection and board independence. While existing literature has mentioned that board room with greater degree of diversity representing more divergent background and may care more about stakeholder’s interests, this research proposes that firm with greater board tends to help firm to form a corporate strategies with higher degree of product diversification and international diversification. Empirical evidence shows that while overall index of board diversity may decrease the degree of product versus international diversification, sub-index such as busyness and independence increase the degree of product versus international diversification. Through this study, understanding of how board room diversification has influence on corporate strategy toward product versus international diversification is enhanced.

摘 要 I
Abstract III
謝 誌 V
目錄 VII
表次 VIII
圖次 IX
第壹章 緒論 1
第一節研究背景與動機 1
第二節研究目的 6
第三節研究架構與流程 6
第貳章 文獻探討 9
第一節董事會多樣性的發展與相關規範 9
第二節董事會多樣性的利益與成本 10
第三節企業多角化的決定因素 13
第四節董事會多樣性與公司多角化的關聯 14
第參章 變數、實證模型與樣本資料 16
第一節研究變數 16
第二節實證模型 26
第三節樣本與資料來源 29
第肆章 實證結果 30
第一節敘述統計量與相關分析 30
第二節迴歸估計結果 35
第伍章 結論與建議 50
第一節研究結論與政策建議 50
第二節研究限制與後續研究建議 52
參考文獻 54
【中文文獻】 54
【英文文獻】 55

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