董監事結構與公司經營績效關聯性研究 : 縱橫平滑移轉模型之應用

淡江大學機構典藏 > 商管學院 > 財務金融學系暨研究所 > 學位論文 > Item 987654321/51591

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Title:	董監事結構與公司經營績效關聯性研究 : 縱橫平滑移轉模型之應用
Other Titles:	Smooth transition analysis for the effect of board structure on firm value
Authors:	呂淑滿;Lu, Shu-man
Contributors:	淡江大學財務金融學系碩士在職專班聶建中;Nieh, Chieh-chung;林建甫;Lin, Chien-fu Jeff
Keywords:	董監事持股;獨立董事;縱橫門檻平滑移轉模型;Board structure;Independent Director;Panel Smooth Transition Regression
Date:	2010
Issue Date:	2010-09-23 15:26:30 (UTC+8)
Abstract:	本研究係以國內上市公司為例，探討董監事結構對公司經營績效間的關聯性，並分析資產規模、負債比率、大股東持股比率及經理人持股比率等控制變數對公司績效是否存在著非線性的關係。在研究方法上採用Gonzalez,Terasvirta and Dijk(2004, 2005)所發展的縱橫平滑移轉迴歸模型（Panel Smooth Transition Regression Model），以董監事持股比率為模型中的轉換變數，觀察台灣上市公司之董監事結構對ROE與Tobin’s Q，是否存在平滑移轉效果，即為董監事持股比率是否為經營績效產生變化轉折的重要因素；又以獨立董事持股比率為轉換變數，探討公司獨立性是否能提升公司績效。根據實證結果顯示，得知在績效代理變數為ROE下，董監事結構呈現縱橫門檻效果而非平滑移轉效果，存在兩個轉換門檻值10.22%、10.24%；獨立性則出現平滑移轉效果，轉換門檻值為43.02%。在績效代理變數為Tobin’s Q下，董監事結構呈現平滑移轉效果，轉換門檻值為2.77%；獨立性則出現縱橫門檻效果，轉換門檻值為18.18%。顯示在股東關心會計項目之ROE與對公司未來前景判斷指標之ㄧ的Tobin’s Q間，皆有非線性之轉折。 Corporate governance is one of the important things to manage a company. Good corporate governance can reduce the agency problem and make an enterprise achieving sustainable development. In order to achieve the objective, the board of directors is the major roles in a firm. Therefore, this research aims to investigate the relationship between the board of director and firm performance, and to find out whether independent directors are really effective on solving the agency problems. With the listing companies as an example, this research investigate nonlinear effect of each of the control variables considered (e.g., asset size, debt-ratio, share ratio of directors) on firm’s operation performance (ROE and Tobin’s Q) by hypothesizing that there exist threshold values when board structure, shares ratio of directors and the ratio of independent directors, are used as the threshold variables. In order to catch the nonlinear phenomenon, this research adopts panel smooth transition regression (PSTR) derived by Gonzalez, Terasvirta and Dijk (2004, 2005). The evidence show that ROE and shares ratio of directors jumps abruptly at 10.22% and 10.24%. On the other hand, Tobin’s Q and shares ratio of directors produces a smooth transition at 2.77%. This research also finds that ROE and ratio of independent directors produces a smooth transition at 43.02%, however, Tobin’s Q and ratio of independent directors jumps abruptly at 18.18%. The nonlinear relationships between board structure and firm’s operation performance found in this research provide helpful reference for corporate governance.
Appears in Collections:	[財務金融學系暨研究所] 學位論文

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