| 摘要: | 本研究對象針對國內上市(櫃)公司，主要探討獨立董事及其專業背景與財務風險間的關聯性做為研究目的。將獨立董事專業背景分成會計師背景、學術背景、政府背景(曾擔任已退休)、營運背景(經理級以上)及法律背景(律師)；研究結果顯示：1.獨立董事占全體董事人數之比例愈高，愈可降低企業之財務風險；2.公司所聘請的個別專業獨立董事在Z-score及Modified Z-score下雖未達到顯著水準但結果是可降低企業財務風險，而Zmijewski非但無法降低風險反之提高；3.多元組合的專業獨立董事，除Zmijewski可達降低財務風險外，其餘兩者皆提高企業危機存在。另外，依家族與非家族做額外測試結果顯現：1.獨立董事比例(INDBD)，不論是非家族或家族企業皆可降低風險，但在非家族企業特別明顯；2.個別專業背景獨立董事，在Z-score及Modified Z-score下家族企業部分背景可達降低風險標準，Zmijewski卻為提高危機；3.多元組合的專業獨立董事，Z-score及Modified Z-score下非家族為降低風險、家族為提高風險；Zmijewski不論是非家族或家族雖無顯著但皆可降低風險。最後，本研究也提出建議供企業、政府及未來研究者做為參考方向。
The purpose of this study is to study the relationship between independent directors and their professional background and financial risk. The background of the independent directors is divided into the background of the accountant, the academic background, the government background (Has served as retired), the operating background (Manager level or higher) and the law background (Lawyer); The results shows : 1.The higher the proportion of independent directors in the groups of directors, makes the lower the financial risk of the enterprise; 2. The individual independent directors employed by the company do not reach significant level under Z-score and Modified Z-score, the result shows to reduce corporate financial risk, but Zmijewski data shows increase the risk; 3. Multi-portfolio of professional independent directors, shows only Zmijewski can reduce financial risk, the other two are increase the existence of corporate crisis. In the other hand, according to the addition test of family and non-family company, the results shows: 1. Independent director ratio (INDBD), both non-family or family business can reduce the risk, but in the non-family business is particularly evident; 2. Individual professional background of Independent director, the Z-score and Modified Z-score of family business shows both match the standards of the reduction of risk, but Zmijewski is increase the crisis; 3. Under the multi-portfolio of independent professional directors, Z-score and Modified Z-score shows the result of non-family is reduce risk, the family shows the risk; Zmijewski shows both are not significant, but can reduce the risk. Finally, the study also makes recommendations for companies, governments and future researchers as a reference. |
