标题: 独立董事独立吗?由董事会独立性、独立董事任期与公司经营绩效 看台湾独立董事制度
Are Independent Directors Independent? Board Independence, the Tenure of Independent Directors, and Firm Performance in Taiwan
作者: 陈怡君
杨千
管理学院经营管理学程
关键字: 独立董事;任期;董事会组成;董事会独立性;Independent directors;Tenure;Board composition;Board independence
公开日期: 2017
摘要: 独立董事与公司之间因为不具有利害关联性,能以独立客观的角度监督公司经营,避免公司违法乱纪,减少现代企业在所有权和经营权分离下之弊端,故于企业内部监督机制中扮演重要的角色,然而,近来国内数起重大弊案均与独立董事未能有效发挥监督职责有关,故本研究尝试以实证分析结果反观省视台湾之独立董事制度。
本研究检验我国独立董事席次占董事会席次比率及独立董事平均年资对于公司经营绩效之影响,实证结果显示独立董事所占比率对公司财务绩效有正面影响,印证代理理论认为监督机制可有效降低代理成本之主张;在独立董事平均年资部分,结果显示独立董事年资有助于提升公司财务绩效,即年资长的独立董事有更多的策略知识、产业经验以及专业观点,对公司财务有所助益,另一方面,独立董事平均年资对公司市场绩效则呈现负面影响,显示市场投资人倾向认为长时间任职之独立董事容易与管理阶层变的过于亲近,并因而丧失其应有的独立判断能力。
Independent directors play an important role in board monitoring and been seen as a mechanism for reducing the probability of illegal action and the problems arising from the separation of ownership and management. However, the recent scandals show that these companies face enormous crisis because their independent directors failed to perform the duty of monitoring. There might be some problems with the mechanism of the independent directors in Taiwan, and therefore we try to review it.
This paper empirically examines the relation among the board independence, the tenure of independent directors, and firm performance in Taiwan. The result is consistent with the Agency Theory that the inclusion of higher percentages of independent directors on the board can enhance firm financial performance. Meanwhile, the empirical finding indicates that independent directors with longer tenure would have more relevant strategic knowledge, industrial experience and professional perspective, so that they have positive influence on corporate financial performance. On the other hand, the empirical result shows that the tenure of independent directors has negative effects on corporate market performance, indicating that the investors tend to believe that the independent directors with long tenure are more likely to get too close to the management and become less independent over time.
URI: http://etd.lib.nctu.edu.tw/cdrfb3/record/nctu/#GT070463714
http://hdl.handle.net/11536/141074
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