董事兼任 ,外部董事與經營績效之關聯 外部董事與經營績效之關聯 外部董事與經營績效之關聯 外部董事與經營績效之關聯

Abstract

近年來，董事兼任的情況越來越多，而董事會一直是公司以及公司治理的核心，而董事兼任有兩派說法，一是認為董事擁有多重董事權(Multiple Board directorships)，可以發揮董事網絡，利用兼任董事的經驗與知識，可以產生網絡進而提升公司價值，另一派學者認為，兼任董事，太過於忙碌，而導致無法有效的監督公司，進而讓公司績效產生不良影響。另一方面，外部董事也經常被視為可以向外在環境連結的媒介，可以透過外部董事的經驗能力，進而幫助公司，但也有學者認為外部董事只是因為政治力量因素考量，並不會為公司帶來效益。

本研究資料為2008年到2012年，5年間上市(櫃)公司的董事兼任比率與外部董事比率對於公司有何影響。在台灣由於兼任董事與外部董事皆會為公司帶來網絡效益(正或負)，本研究在探討於兩者的效益是否為一致或何者較優?

研究結果發現，董事兼任比率對公司績效有正面影響，顯示兼任董事確實會發揮董事網絡效果，利用兼任的經驗、能力能幫助公司改善績效。外部董事比率皆對公司績效有正面影響，顯示公司外部董事會幫助公司連結外部環境，以增進公司的公司績效。然而研究結果發現，董事兼任為公司帶來的效益大於外部董事網絡所帶來的效益。兩者相衡下，董事兼任網絡的效能大過於外部董事。故此，公司應增加兼任董事，而非外部董事。

Recently, the director holding multiple Board appointments are increased in these years. As the Broad is an important role of Corporate Governance, the company performance is linked with Board’s decision. Some studies pointed out that company with multiple Board appointments director will raise company value though their network and abilities. On the contrary, some studies showed that multiple Board appointment directors are too busy to monitor and hard to make good decision for company. On the other hand, Outside directors are considered as the external network. Some studies show the higher of outside directors make better of company performance. But some studies pointed out that outside directors has a significantly negative to company, due to outside directors as a political force and can not enhance the company performance

In Taiwan, both outside directors and multiple Board appointments are bringing external resources to company, but the result showed it could be positive effect or negative effect. This study is aim to compare outside directors and multiple Board appointments and which one is more meaningful to company?

In this study, we found the company which has more ratio of multiple Board appointments, the director will generate the network to raise company performance. Also, the ratio of outside director has a positive effect on company performance. However, we found that director holding multiple Board appointments has more powerful effect than outside director.