系統識別號 | U0002-2606202117560200 |
---|---|
DOI | 10.6846/TKU.2021.00699 |
論文名稱(中文) | 董事會結構對企業發生財務危機之影響:以董事長兼任總經理為調節 |
論文名稱(英文) | The Impact of Board Structure on Financial Distress:The Moderating Effect of CEO Duality |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 會計學系碩士班 |
系所名稱(英文) | Department of Accounting |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 109 |
學期 | 2 |
出版年 | 110 |
研究生(中文) | 蔡汶瑾 |
研究生(英文) | Wen-Ching Tsai |
學號 | 608600267 |
學位類別 | 碩士 |
語言別 | 繁體中文 |
第二語言別 | |
口試日期 | 2021-06-18 |
論文頁數 | 65頁 |
口試委員 |
指導教授
-
徐志順
委員 - 鄭佳綾 委員 - 張雅淇 |
關鍵字(中) |
董事會結構 財務危機 羅吉斯迴歸模型 |
關鍵字(英) |
Board Structure Financial Distress Logistic Regression |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
本研究主要係以董事會結構中之獨立董事比例、董事會開會次數以及董事持股比例探討董事會結構與財務危機之關聯性,並兼論董事長兼任總經理對董事會結構變數與財務危機關聯性之調節效果。本研究以 2010年至 2020 年間臺灣上市櫃公司發生財務危機者為研究對象,並以配對樣本方法,共計蒐集241筆資料。實證結果顯示,獨立董事比例與財務危機呈不顯著負相關;董事會開會次數與財務危機呈顯著正相關,表示董事會開會次數愈多,企業發生財務危機之可能性愈高;而董事持股比例與財務危機呈不顯著正相關。另外在董事長兼任總經理之調節效果方面,研究結果指出在董事長兼任總經理之情況下,獨立董事比例與公司發生財務危機之可能性呈現顯著負相關,董事長兼任總經理對於獨立董事比例與發生財務危機之關聯性具有調節效果。本研究實證結果與代理理論及公司治理藍圖發展方向相符,若公司有董事長兼任總經理之情形,將削弱董事會監督力,故應安排其他措施加強董事會監督職能。 |
英文摘要 |
This study examines the effects of board structure, including independent directors, board meeting times, and director shareholding on financial distress. This study further investigates the moderating effects of CEO duality on the relationships between board structure and financial distress. We collect data from Taiwan listed companies with financial distress from 2010 to 2020, and match with the normal company. Finally, our sample consists of 241 observations. The empirical results demonstrate that board meeting times have a significantly positively influence on financial distress, so the companies with more board meeting times are more likely to have financial distress. Our results also indicate the moderating effects of CEO duality, when CEO duality exists independent directors are negatively significant on financial distress. The results are consistent with agency theory and the development goal of corporate governance. When CEO duality exists, it is necessary to strengthen the intensity of board monitoring through other mechanisms. |
第三語言摘要 | |
論文目次 |
目錄 第壹章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 5 第三節 研究流程 6 第貳章 文獻探討 8 第一節 財務危機 8 第二節 董事會功能 10 第三節 獨立董事比例 11 第四節 董事會開會次數 16 第五節 董事持股比例 18 第六節 董事長兼任總經理 19 第參章 研究設計與方法 21 第一節 研究架構 21 第二節 假說發展 22 第三節 資料來源與樣本選取 29 第四節 變數定義與衡量 30 第五節 實證模型與統計方法 32 第肆章 實證結果與分析 34 第一節 敘述性統計 34 第二節 相關性分析 39 第三節 實證結果 41 第四節 額外分析 45 第伍章 結論與建議 49 第一節 研究結論 49 第二節 管理意涵 50 第三節 研究限制與建議 51 參考文獻… 53 附錄:危機公司與正常公司樣本對照表 64 表目錄 表 1:研究樣本產業分配狀況 36 表 2:危機事件狀況分配表 37 表 3:研究樣本敘述性統計 38 表 4:Pearson 相關係數表 40 表 5:Logistic 迴歸分析 (N =241) 44 表 6:董事長兼任總經理樣本分群迴歸分析 (N =241) 45 表 7:家族企業迴歸結果(N=171) 47 表 8:非家族企業迴歸結果(N=70) 48 圖目錄 圖 1 1:研究流程圖 7 圖 3 1:研究架構圖 21 |
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