獨立董事異動對公司經營績效、經營風險和外資持股偏好影響之實證研究

Abstract

獨立董事的設置一直是公司治理重要的指標。獨立董事在公司扮演監督與建議的重要角色，若獨立董事未到任期屆滿即以個人因素、生涯規劃等理由辭職，是否代表公司內部溝通或公司治理出現一些問題?同時，獨立董事異動是否會對外部資訊傳遞負面，進而影響投資者的持有也是相當值得探討。 本研究旨在探討獨立董事異動可否做為公司治理品質好壞的指標，實證分析台灣上市公司獨立董事異動是否和公司經營績效、經營風險和外資持股偏好有所關聯。本研究利用二零零七到二零一零年，台灣上市公司資料做為研究樣本，探討獨立董事有不尋常異動的公司是否較獨立董事無異動公司經營績效較差、經營風險較高，且外資持股偏好較低。除此之外，再進一步探討獨立董事異動比例高低是否比單純討論獨立董事異動與否更能做為公司治理好壞的指標。本研究實證結果發現，獨立董事異動確實對公司經營績效和外資持股偏好有負相關；但是，對公司經營風險則沒有顯著關聯性。獨立董事異動這件事本身就是一個很重要的訊號。

The global financial crisis of 2008 could be regarded as the result of the failure of corporate governance. Since 2007, all the listed corporations in Taiwan have been forced to set independent director in the board. But, setting independent directors are effective or not still a debated issue. The research references literature and develops the hypotheses relating unexpected change of independent director and firm performance, firm risk and foreigners’ ownership in ownership structure. The research uses the sample from Taiwan from 2007 to 2010, to verify whether the unexpected change of independent directors is the dominant indicator of corporate governance. Empirical results show that there is negative association between unexpected change of independent directors and firm performance, does the foreigners’ ownership in ownership structure