借殼上市、董事會組成及特性與公司績效

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Title:	借殼上市、董事會組成及特性與公司績效
Other Titles:	Backdoor listing, board compositions and characteristics and corporate performance
Authors:	陳宏祥;Chen, Hung-Hsiang
Contributors:	淡江大學管理科學學系企業經營碩士在職專班莊忠柱
Keywords:	借殼上市;董事會組成及特性;內部董事比例;外部董事比例;獨立董事比例;經營績效;Tobin Q 值;backdoor listing;Board Compositions and Characteristics;inside directors;outside directors;independent directors;Corporate Performance;Tobin Q value
Date:	2015
Issue Date:	2016-01-22 14:53:01 (UTC+8)
Abstract:	本研究以在2004年到2013年間在台灣證券交易所上市公司與櫃台買賣中心上櫃公司被借殼上市公司為研究對象，利用複迴歸分析方法，探討借殼上市、董事會組成及特性與公司經營績效的關係。研究發現如以股東權益報酬率與資產報酬率衡量公司經營績效時，顯示借殼上市對公司經營績效没有影響，而以Tobin Q值與股票價格衡量公司經營績效時，顯示借殼上市對公司經營績效有正向影響。若以股東權益報酬率與資產報酬率衡量公司經營績效時，獨立董事比例會干擾增加借殼上市對公司經營績效的影響，而董事長兼任CEO會干擾減少借殼上市對公司經營績效的影響。然而，若以Tobin Q值衡量公司經營績效時，內部董事比例、灰色董事比例會干擾減少借殼上市對公司經營績效的影響，而外部董事比例、獨立董事比例會干擾增加借殼上市對公司經營績效的影響。由此可知，董事會組成及特性會影響借殼上市後的經營績效。本研究的研究結果可作為利害相關人士的參考。 The backdoor listing companies were chosen as study objects from 2004 to 2013 in Taiwan Stock Exchange Corporation and Taipei Exchange Corporation. Multiple regression model was used to investigate the relationships among backdoor listing, board compositions and characteristics and corporate performance. As the corporate performance was measured by the return on equity (ROE) and return on assets (ROA), the backdoor listing does not affect the corporate performance. However, corporate performance was measured by the Tobin Q and the stock price, backdoor listing affects the corporate performance positively. As the corporate performance was measured by return on equity and return of assets, the proportion of independent directors increases the effects of backdoor listings on corporate performance, but the chairman and CEO owned decreases the effects of backdoor listing on corporate performance. However, corporate performance was measured by the Tobin Q value, inside director ratio and gray director ratio decrease the effects of backdoor listings on corporate performance, while outside board ratio and independent director ratio increase the effects of backdoor listing on corporate performance. As a results, the resultants show that the board compositions and characteristics interference the effects of backdoor listing on the corporate performance, which can serve as reference to stakeholder for decision making.
Appears in Collections:	[Department of Management Sciences] Thesis

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