獨立董事制度與公司價值之關聯性研究

Abstract

研究結果發現不良的公司治理機制為亞洲金融風暴發生的原因之一。在亞洲金融風暴後，國際貨幣基金會於金援韓國後，要求公開發行公司的董事席次中需設置至少25%以上的外部董事。在新興市場的國家中，例如韓國的實證研究顯示，獨立董、監事比率與公司價值兩者之間明顯呈現正相關性。然而，在美國的實證研究顯示，獨立董、監事比率與公司價值兩者間並沒有顯著的相關性。 董事會是公司治理架構的核心要素之一，本研究係以公司治理角度，探討台灣上市公司獨立董事機制和公司價值的關係，並考量家族持股、外部機構投資人及銀行持股控制型態，是否會影響兩者之關係，藉以瞭解獨立董事制度之設置是否攸關公司價值。本研究五個假說的實證結果如下： 假說一、獨立董、監事席次比例與公司價值呈現正相關。 假說二、在電子資訊業，董事會規模對公司價值是呈現正相關；在非電子資訊業下，董事會規模對公司價值之影響並不明顯。 假說三、在電子資訊業，家族持股比率對公司價值之影響並不明顯；在非電子資訊業下，家族持股比率對公司價值是呈現正相關。 假說四、外部機構投資人(分為外國機構投資人及本國機構投資人持股比率)與公司價值呈現正相關。 假說五、銀行持股比率與公司價值相關性不顯著

It is generally recognized that one of the main reasons for Asian financial crisis is poor government system. In the aftermath of the crisis, responding to the demand from the International Monetary Fund (IMF), the Korean government instituted a serious of corporate form measures, requiring at least 25% of the board to be ouside directors for listed firms. In emerging marker, South Korea, empirical results indicate that outside directors do have significant and positive effect on firm performance. This contrast with the results from US firms that shows no relation between outside directors and firm reformance. A company•s board of directors is one of the core of corporate government. Under the coporate government, this study aims to examine the relation between board independent and firm value in Twiwan, and to look into whether family、foreign institutional investors and bank ownership among many listed companies in Taiwan would influence such relationship so as to understand wherther the board independence plays a role in firm value. Five primary empirical results are as follows:

Hypothesis1: The board independence has a positive relationship with firm value. Hypothesis2: In electronics industry companies, the board size has a positive relationship with firm value. However, in non-electronics industry companies, the board size has an insignificant relationship with firm value. Hypothesis3: In electronics industry companies, the family ownership has an insignificant relationship with firm value.However, in non-electronics industry companies, the family ownership has a positive relationship with firm value. Hypothesis4: Firm value has increase with with the proportion held by foreign institutional investors. Hypothesis5: Firm value has no relationship with the proportion held by banks and financial institutions.