台灣上市櫃公司最適董事會規模

Abstract

本研究旨在探討台灣證券交易所及中華民國證券櫃檯買賣中心於2002 年10 月公告實施「上市上櫃公司治理實務守則」後，隨著資本市場的健全，公司所有權與經營權的分離程度愈來愈分明，只會更彰顯出公司的所有人與管理者是存在利益衝突的，希望藉由本研究，了解到在台灣整體的經濟環境條件及法令規章規範下，了解董事會組織運作與經營績效關聯性，進而由實證獲得台灣公司最適之董事會規模。 本研究對係以1995年至2008年台灣上市上櫃公司為研究對象，以ROA、TOBIN’SQ、SHARE RETURN，作為衡量公司經營績效的指標，針對樣本公司的基本面，如董事規模、公司規模、企業年齡、負債比率、研發費用比率、股票報酬標準差、獨立董事席次比、董事持股比例、以及產業屬性等，進行實證研究，發現公司董事會最適規模應為11(含)人以下，因三種經營績效測度顯示大於11人的董事會規模之關係為完全不顯著。 董事會的規模必須適中，若規模過小，將導致專業性不足；然規模過大恐董事會的運作缺乏效率，所以如何在董事會規模增減，組成專業性足且運作效率高之董事會，確實是經營上很重要的課題。

This study is mainly to explore that after Taiwan Stock Exchange and OTC promulgated and implemented “Corporate Governance Best-Practice Principles for TSEC/GTSM Listed Companies” on October 2002, along with the sound capital market, if the separation between the company ownership and the operating right is more clearly, and then it will be more obviously to show a conflict of interest between that the company's owners and managers. The main purpose of this study is to understand that under the integral economic environment condition and the governance by relevant laws and regulations the operation of board of directors associated with business performance, and then obtain the optimum size of board size from empirical evidence.

This study is adopted these listed companies in Taiwan from 1995 to 2008 as the research object, and applied ROA, TOBIN’SQ and SHARE RETURN, to be the indicators of measuring companies’ business performance, with focusing companies’ fundamentals, such as the board size, company scale, enterprise age, debt ratio, R&D expense ratio, standard deviation of stock returns, independent director’s seat ratio, director’s shareholding ratio and industrial attributes, etc., to conduct the empirical research, and then the empirical result showed that the optimal size of companies’ board of directors will be less than 11 (included) seats since 3 measures of the business performance have showed an insignificant correlation for the board size that more than 11 seats. The board size shall be optimal, if it is too small which may possibly be caused insufficient professionalism; however, if the size is too big which the operation of the board of directors may possibly be lacked of efficiency then. Therefore, it is a really important operating subject to make use of adding and reducing the board size to form a professional board of directors with high operating efficiency then.