| 摘要: | 本研究係在探討我國開發基金在其轉投資事業中之董事會組成及其投資期間對公司獲利能力之影響。主要結果如下：首先，開發基金派任董事席次多寡與轉投資事業之獲利能力間，除生物科技業具顯著負面影響之關係外，其餘產業均未具顯著影響之關係，無法支持效率監督假說。其次，是否同時指派股權代表擔任轉投資事業之董事及監察人與獲利能力間之關係因產業別而異，在生物科技業中，同時派任董事及監察人時，對其獲利能力具顯著正面影響之關係；然在傳統業中，未同時派任董事及監察人時，方對其獲利能力具顯著正面影響之關係，部份證據支持「證券交易法」第二十六條之三新增條文之管制政策。最後，開發基金對轉投資事業的投資期間與其獲利能力間之關係，呈現由正到負的非線性關係，同時發現投資期間約在第七年時，轉投資事業由虧轉盈，進一步發現約第十一年時，其所對應之獲利能力達到最大化，此對該基金之決策者具重要之管理意涵。
This research examines the effect of board of director composition and investment horizon on profitability of firms invested by the Development Fund in Taiwan. The major results are as follows:First of all, we have not found significant relationship between the numbers of board of directors and profitability of the industries invested by the Development Fund, which they don’t support the efficient monitoring hypothesis, expect in biotechnology industry, the relationship are significant negative relation.Secondly, whether the Development Fund, both at the same time, appointed representatives to be director and supervisor or not, their relationship between appointing representatives to be director and supervisor and profitability of the industries will make different results in diverse industries. In biotechnology industry the profitability is positive relation, if the Development Fund appointed representatives to be director and supervisor, both at the same time; However, in traditional industry the profitability is positive relation if the Development Fund didn’t appoint representatives to be director and supervisor, both at the same time. Some evidences support 〝Securities and Exchange Act〞, 26-3 clause, the additional article for× controlling policy.Finally, the relationship between investment horizon and profitability of the firms invested by the Development Fund, it appears to be a non-linear relationship from ascent to decline. The other is profitability turning losses into surplus at the seventh year and reaching maximum at the 11th year, and it exposes significant meanings to the Development Fund policymaker in management issue. |
