董事會努力程度及專業性對股價報酬波動度的影響－以金融危機為例

Abstract

金融危機後，全球經濟衰退，各公司在營運上面臨許多困難，在危機之後，具備良好工作態度及專業能力的董事會能夠更完善的帶領公司度過難關，本研究以董事會會議出席率(Attend)做為衡量董監事努力程度的指標，以在職進修時數(Ln EDU)及董事會具備相關產業背景比例(DOE ratio)衡量董監事專業能力，研究結果顯示金融危機後，Attend、Ln EDU及DOE ratio均能顯著降低股票報酬波動度，即公司在面臨外在負面因素影響時，努力程度及專業性越高的董事會，越能發揮其職能對公司提出良好的建議及監督，並緩和股價報酬的波動。

After Financial crisis, economics turn down all over the world. Many companies suffer from bad performance. After this shock, the board which have active working attitude and expertise is likely to lead the company to better situation. This study analyze the relationship between board ability and company performance after the shock. We found that board with characteristic of more effort and expertise will make company operate better.