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系統識別號 U0002-2601201001512500
中文論文名稱 董監事結構與公司經營績效關聯性研究-縱橫平滑移轉模型之應用
英文論文名稱 Smooth Transition Analysis for the Effect of Board Structure on Firm Value
校院名稱 淡江大學
系所名稱(中) 財務金融學系碩士在職專班
系所名稱(英) Department of Banking and Finance
學年度 98
學期 1
出版年 99
研究生中文姓名 呂淑滿
研究生英文姓名 Shu-Man Lu
學號 796530086
學位類別 碩士
語文別 中文
口試日期 2010-01-04
論文頁數 58頁
口試委員 指導教授-聶建中
指導教授-林建甫
委員-廖咸興
委員-黃博怡
委員-劉祥熹
中文關鍵字 董監事持股  獨立董事  縱橫門檻平滑移轉模型 
英文關鍵字 Board structure  independent director  Panel smooth transition regression 
學科別分類
中文摘要 本研究係以國內上市公司為例,探討董監事結構對公司經營績效間的關聯性,並分析資產規模、負債比率、大股東持股比率及經理人持股比率等控制變數對公司績效是否存在著非線性的關係。在研究方法上採用Gonzalez,Terasvirta and Dijk(2004, 2005)所發展的縱橫平滑移轉迴歸模型(Panel Smooth Transition Regression Model),以董監事持股比率為模型中的轉換變數,觀察台灣上市公司之董監事結構對ROE與Tobin’s Q,是否存在平滑移轉效果,即為董監事持股比率是否為經營績效產生變化轉折的重要因素;又以獨立董事持股比率為轉換變數,探討公司獨立性是否能提升公司績效。
根據實證結果顯示,得知在績效代理變數為ROE下,董監事結構呈現縱橫門檻效果而非平滑移轉效果,存在兩個轉換門檻值10.22%、10.24%;獨立性則出現平滑移轉效果,轉換門檻值為43.02%。在績效代理變數為Tobin’s Q下,董監事結構呈現平滑移轉效果,轉換門檻值為2.77%;獨立性則出現縱橫門檻效果,轉換門檻值為18.18%。顯示在股東關心會計項目之ROE與對公司未來前景判斷指標之ㄧ的Tobin’s Q間,皆有非線性之轉折。
英文摘要 Corporate governance is one of the important things to manage a company. Good corporate governance can reduce the agency problem and make an enterprise achieving sustainable development. In order to achieve the objective, the board of directors is the major roles in a firm. Therefore, this research aims to investigate the relationship between the board of director and firm performance, and to find out whether independent directors are really effective on solving the agency problems.
With the listing companies as an example, this research investigate nonlinear effect of each of the control variables considered (e.g., asset size, debt-ratio, share ratio of directors) on firm’s operation performance (ROE and Tobin’s Q) by hypothesizing that there exist threshold values when board structure, shares ratio of directors and the ratio of independent directors, are used as the threshold variables. In order to catch the nonlinear phenomenon, this research adopts panel smooth transition regression (PSTR) derived by Gonzalez, Terasvirta and Dijk (2004, 2005).
The evidence show that ROE and shares ratio of directors jumps abruptly at 10.22% and 10.24%. On the other hand, Tobin’s Q and shares ratio of directors produces a smooth transition at 2.77%. This research also finds that ROE and ratio of independent directors produces a smooth transition at 43.02%, however, Tobin’s Q and ratio of independent directors jumps abruptly at 18.18%. The nonlinear relationships between board structure and firm’s operation performance found in this research provide helpful reference for corporate governance.
論文目次 謝辭............................ I
中文摘要.......................... II
英文摘要.......................... III
目錄............................ V
表目錄........................... VII
圖目錄........................... VIII

第一章、緒論………………………………………………………….. 1
第一節 前言 …………………………………………………………… 1
第二節 研究動機 ……………………………………………………… 4
第三節 研究目的……………………………………………………….. 6

第二章、文獻探討………………………………………………… 8
第一節 代理理論………………………………………………………. 8
1.1 代理理論………………………………………………………. 8
1.2 公司代理問題與代理成本 …………………………………... 10
第二節 董監事會……………………………………………………….. 11
2.1 董事會與其功能 ……………………………………………... 11
2.2 監察人與其功能………………………………………….……. 12
第三節 董監事結構規模與經營績效之關係. ………………………… 12
3.1 董事會之獨立性 …………………………………..…………... 12
3.2 董監事會結構、規模與經營績效 ………………….………… 13

第三章、研究方法……………………………………………… 16
第一節 研究資料……………………………………………………….. 16
第二節 縱橫平滑移轉迴歸模型……………………………………….. 18
第三節 縱橫平滑移轉迴歸模型之設定……………………………….. 22

第四章、實證結果與分析 ……………………………………… 28
第一節 各變數之基本敘述統計量 …………………………………… 28
第二節 縱橫平滑移轉模型之實證結果……………………………….. 33
4.2.1 董監事持股比率對公司經營績效之平滑移轉效果………….. 33
ㄧ、董監事持股比率對ROE之影響……………………………….. 36
二、董監事持股比率對Tobin's Q之影響…………………………… 40
4.2.2 獨立董事比率對公司經營績效之平滑移轉效果…………….. 42
ㄧ、獨立董事比率對ROE之影響………………………………… 45
二、獨立董事比率對Tobin's Q之影響……………………………… 48

第五章、結論…………………………………………………… 51

參考文獻 ……………………………………………………… 55

表目錄
表 2-1:代理理論之歸納………………………………..……………… 9
表 3-1:本研究選取之產業(上市公司)樣本家數……………………… 16
表 4-1-1:公司績效代理變數與移轉變數橫斷面基本統計量 30
表 4-1-2:控制變數橫斷面基本統計量 31
表 4-1-3:各變數之縱斷面基本統計量 32
表 4-2-1:董監事持股比率對公司經營績效之同質性檢定 35
表 4-2-2:董監事持股比率對公司經營績效之轉換區間個數檢定 35
表 4-2-3:董監事持股比率對ROE之模型估計結果 36
表 4-2-4:董監事持股比率對ROE模型中解釋變數之影響 39
表 4-2-5:董監事持股比率對Tobin’s Q之模型估計結果 40
表 4-2-6:董監事持股比率對Tobin’s Q模型中解釋變數之影響 42
表 4-2-7:獨立董事比率對公司經營績效之同質性檢定 43
表 4-2-8:獨立董事比率對公司經營績效之轉換區間個數檢定 44
表 4-2-9:獨立董事比率對ROE之模型估計結果 45
表 4-2-10:獨立董事比率對ROE模型中解釋變數之影響 47
表 4-2-11:獨立董事比率對Tobin’s Q之模型估計結果 48
表 4-2-12:獨立董事比率對Tobin’s Q模型中解釋變數之影響 50
圖目錄
圖 3-2-1:m=1之轉換模型 21
圖 3-2-2:m=2之轉換模型 22
圖 4-2-1:董監事持股比率對ROE之轉換函數 38
圖 4-2-2:董監事持股比率對Tobin’s Q之轉換函數 41
圖 4-2-3:獨立董事比率對ROE之轉換函數 46
圖 4-2-4:獨立董事比率對Tobin’s Q之轉換函數 49
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國內文獻
黃鈺光,民國82年,「我國上市公司董事會特性與經營績效之研究,國立台灣大學會計學研究所碩士論文。
俞海琴、周本鄂,民國83年,「台灣地區上市公司董監事、關係人持股比率和公
司托賓Q關係之研究」,管理評論 第十三卷第一期 ,頁79-98。
王正熙,民國89年,「台灣高科技產業董監事連結與控制型態之研究-以半導體
產業為例」,大葉大學事業經營研究所碩士論文。
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李馨蘋和莊宗憲,民國96年,「公司治理機制與公司績效之實證研究」,東吳經濟商學學報,第五十七期,頁1-27。
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