本研究主要係探討管理特質與財務危機之關聯性，以2005至2013年間台灣上市櫃公司發生財務危機者為研究對象，並與正常公司進行1:2樣本配對，共蒐集240筆資料，採用Logit迴歸分析方法檢定研究假說。將管理特質整合高層理論、管家理論、代理理論及資源依賴理論，分為六大構面：人力質量、團隊結構、層級結構、領導者權力結構、管理團隊外部聲望與經濟誘因，據以此來建立財務危機預警模型。 研究結果指出，高階管理團隊規模愈大愈不容易發生財務危機；高階管理團隊平均任期愈長、任期愈多元愈容易發生財務危機；另外，扁平式組織結構及持股比與發生財務危機呈現負相關。 The purpose of this study is to explore the relationship between management characteristics and financial crisis. We collect data from Taiwan listed companies with financial crisis, together with a matching sample consisting of normal firms. Use logistic regression model to test our research hypotheses. Management characteristics, which integrate upper echelons perspective, stewardship theory, agency theory and resource dependence theory, comprise six facets: Human quality, team structure, hierarchy structure, leader power structure, managers’ reputation and financial incentives. The results demonstrate that companies with larger size of top management team are less likely to have financial crisis. The companies with longer term and more diverse term of top management team are more likely to have financial crisis. However, the flatter organizational structure and shareholding ratio for managers have a significantly negatively influence on financial crisis.
