在創投的資金後，通常會影響被投資公司經營的自主權，甚至大規模地置換公司董事與經營團隊。因此本研究透過台灣上市櫃公司內部董事與外部董監事席次的變化，探討對被投資公司上市櫃後長期經營績效的影響。資料期間涵蓋未上市與成功上市櫃後，並考量內部董事與外部董事之間必然存在資訊不對稱的情況，故進一步加入教育連結網絡，控制資訊不對稱干擾效果，以利更深入地檢視董監事的置換對於公司長期經營績效的影響。本研究實證結果發現董監事的置換對於被投資公司的經營績效存在負向的關係。並進一步發現董監事置換的對象以被投資公司的內部董事最為顯著，因此當公司內部的董監事明顯發生更動時，對於公司經營績效而言可能是一個不佳的訊號。而在考量教育連結網絡下，董監事的置換對於公司長期經營績效的表現亦呈現負向關係，表示降低資訊不對稱下，董監事的改變同樣無法能夠對長期經營績效有正向的影響。本研究結果顯示，公司董事會與經營團隊的穩定性，有助公司經營決策上的一貫，使公司經營績效能夠更優異。 / In this research, board turnover is hypothesized as key factors to influence performance of startups. Based on a uniquely contructed dataset recording key information of invested companies, ventural capitals and National Development Fund(NDF) in Taiwan, we create some new variables to this dataset, board turnover, and quantify the effect of board turnover on invested companies’ long-term performance. Our empirical results show that board turnover acts negatively towards invested companies’ long term performance. Besides, by using educational linkage between invested companies and venture capitals as control variables, there is also strong negative relation between board turnover and long-term performance. We thus conclude unstable board members will influence companies’ long-term performance despite of alleviating information asymmertry.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0103258030 |
| Creators | 涂銘哲, Tu, Ming Jhe |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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