獨立董事兼職對企業績效與風險影響性之探討

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题名:	獨立董事兼職對企業績效與風險影響性之探討
作者:	楊家源
贡献者:	經營管理學系
关键词:	獨立董事兼職、公司績效、企業風險、Independent Director、Corporate Performance、Performance、Risk
日期:	2018
上传时间:	2018-07-16 03:13:16 (UTC+0)
出版者:	亞洲大學
摘要:	本論文研究公司治理近年來逐漸成為一門顯學，台灣政府開始著手建立及發展公司治理相關的方針及準則，其中最重要的一項措施便是全面推動獨立董事制度。然而獨立董事在兼任愈來愈普遍之下，是否會影響到其監督功能有兩派不同的論點，一是認為兼職將導致在公司監督的時間減少，使得監管效能不佳；另一派則是認為兼職愈多代表該獨立董事的資源豐沛，對公司經營能提供資源的協助。本研究以臺灣經濟新報(TEJ)資料庫中上市櫃公司資訊作為全文樣本建製之基礎，其財務數據與非財務資料皆取年資料作為變數衡量。資料的採樣期間是從2007年至2016年，共十年時間。將各公司依年度和產業進行分群整理後，再剔除產業特性較為迥異與資料不全的樣本。因此，最後的樣本企業總數共為14,137筆。公司績效部份分別以Tobin’s Q比率、資產報酬率與股東權益報酬率作為衡量公司於該年度之績效表現。企業風險是以台灣企業信用風險指數(Taiwan Corporate Credit Risk Index, TCRI)作為衡量公司於該年度之風險承擔。獨立董事兼職效果則分成虛擬變數(Dummy Variable)的忙碌獨董佔席比與連續變數(Continuous Variable)的獨董兼職總數來進行衡量，以降低在變數採用可能產生的研究偏誤。結果表明，獨立董事兼職與公司績效是呈現正相關，與企業風險則呈現負相關。另外，本研究亦發現獨立董事兼職與公司績效及企業風險間，皆呈現非線性關係。 A procedure is In recent years, corporate governance has gradually become a learning process. The Taiwanese government has started to establish and develop guidelines concerning corporate governance. One of the most important measures is to promote the independent director system in all aspects. However, as independent directors become more common, whether or not this affects supervisory function creates a two-sided debate. One is that part-time employment will lead to a reduction in the company's supervision time, making supervision less effective; the other concludes that more part-time employment represents the abundant resources of the independent director, providing resource assistance for the company's operations. This study uses the information of listed companies in the Taiwan Economic News (TEJ) database as the basis for full-text sample organization. Both financial data and non-financial data are measured using the annual data as variables. The sampling period of the data is from 2007 to 2016 for a total of ten years. The companies are then organized, removing the samples with different industrial characterization and incomplete data. Therefore, the final total of sample companies was 14,137. The performance of the company was measured by the Tobin’s Q ratio, return on assets, and return on equity as a measure of the company’s performance during the year. Corporate risk is based on the Taiwan Corporate Credit Risk Index (TCRI) as an assessment of the company’s responsibility for risk taking. The effectiveness of the independent director's part-time job is divided into the dummy ratio of the Dummy Variable and the number of independent directors who are consecutive variables (Continuous Variable) to measure the number of possible research biases in the variables. The results show that the independent director's part-time performance is positively correlated with the company's performance, and it is negatively correlated with the firm's risk. In addition, this study also found that there is a nonlinear relationship between the part-time position of independent directors and company performance and corporate risk.
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