董事會結構及獨立董事兼職數與公司績效關係之研究-以台灣上市電子公司實證

Abstract

本研究旨在探討台灣上市電子公司董事會結構特性及獨立董監事兼任數與公司會計績效之間關係。從96年1月1日證交法新規定上路，獨立董事及獨立職能監察人制度正式進入公司法、證交法的公司治理階段，要求金控等業者及資本額500億元以上的上市櫃公司，優先設置獨立董事。對照過去僅僅只是上市上櫃守則更具有約束力。本研究想探討是否公司設置獨立董監事會對公司的會計績效有正面的影響，接著探討是否獨立董監事的平均兼任數過多會對公司會計績效造成負面的影響。 本研究利用自90會計年度起必須強制揭露的董監事資料，更深入分析上市電子公司董事會結構特性及獨立董監事兼任數與公司會計績效之關聯性，以提昇實證結果之有效性。實證結果發現：公司資產與經理人持股比率對公司會計績效有正面的影響；設置審計委員會、研發費用率和負債比率對公司會計績效有負面的影響。雖不顯著，獨立董監事的設立，無法有效提升公司的經營績效；董事長兼任總經理對公司的會計績效呈負相關；董監持股和董事會規模與公司的經營績效呈現正相關；獨立董事的平均兼任數不會對公司績效造成負面的影響；獨立職能監察人的兼任數對公司績效呈現負面的影響。

In recent years, the issue of corporate governance has raised the public attention around the globe . The purpose of this study is to explore the relationship between the independent director system of Taiwanese listed electronic companies and the corporate accounting performance. This research is mainly sampled from Taiwanese listed electronic companies . 328 samples were selected from the listed electronic companies in the TSEC in 2008. The conclusion is based on the empirical results. First: the Audit Committee is significant negatively correlated with the corporate accounting performance. Second: The magnitude of manager’s share is positively correlated with the corporate accounting performance. Third: The ratio of the independent directors is not significant positively correlated with the corporate accounting performance. Fourth: The company's size is positively correlated with the corporate accounting performance. Fifth：there is significant negative relationship between directors’s pledge ratios and accounting performance. Sixth: The debt ratio is negatively correlated with the corporate accounting performance. Based on the empirical results in this research, we can find out that the independent director system is not really effective on accounting performance. We hope that the empirical result of this research can be a useful reference for those Taiwanese listed electronic companies who want to establish an independent director system.