董事會是公司治理的重要機制，過去對於董事會的研究多著重在董事會對公司價值的影響，較少有研究解釋何種因素影響董事會結構。本研究以Linck, Netter, and Yang(2008)的研究為基礎，假設董事會的規模與獨立性是考量董事會成效的利益與運作成本間之抵換關係，為了有效回應企業所處的環境及公司特色。本研究分析集團企業內核心公司與分子公司的董事會決定因素，並以非集團企業加以對照。
在探討集團影響前，本研究先進行所有資料董事會決定因素的時間序列混合橫斷面實證分析。實證結果顯示公司營運複雜度愈高、成長性愈低、經理人獲取私人利益的可能性愈高時，董事會的規模愈大。當家族持股比率愈高董事會規模愈小；當機構投資人持股比率愈高董事會規模愈大。董事會獨立性方面，公司總資產愈多，董事會獨立性愈低。但由於法令影響使企業年齡愈長，獨立性愈低。董事會獨立性並未反應利益與運作成本間抵換關係的影響，反而成長性愈高的企業，獨立性愈高。
進一步研究集團影響力，本研究將所有樣本分為核心公司、子公司與非集團企業。在控制所有變數後發現非集團企業的董事會規模最大。核心公司家族持股比率愈高董事會獨立性愈低，即愈可能出現代理問題。且非集團企業的董事會獨立性最高，核心公司次之，子公司獨立性最低，顯示子公司董事會獨立性容易受到集團內核心公司或其他成員的影響，較可能出現公司治理上大股東侵害小股東權益的問題。 / Corporate board is an important mechanism in corporate governance, yet there is relatively little research discussing about the determinants of board size and board independence. Our research premises that considering the benefits and costs of board functions, board size and independence are efficient response to corporate characteristics and operating environment. We use 13-year Taiwanese company data to analyze the determinants of board size and independence among core enterprises and subsidiary companies in business groups.
The result shows that firms with more complex operations, lower growth opportunities, and greater chances to extract private benefits, tend to have larger board size. But firms with larger size have less independent directors. As the effects of the law, the older firms, the less independent directors. Besides, board independence doesn’t reflect a tradeoff between board benefits and costs. Instead, firms with higher growth opportunities have more independent boards.
We also find that if family members have more shareholdings in core enterprises, they tend to hire less independent boards, which means core enterprises may have worse board monitoring. Besides, the proportion of independent directors is the lowest among subsidiary companies, which shows that the board in subsidiary companies is easier to be influenced or controlled by core enterprises or other members in business groups.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0096355021 |
| Creators | 許書珮 |
| 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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