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研究生: 林家為
Lin, Chia-Wei
論文名稱: 董事背景、公司治理評鑑與公司價值關係之研究
The Study of Board Background, Corporate Governance Evaluation and Firm Value
指導教授: 周德瑋
Chou, De-Wai
口試委員: 詹佳縈
Chan, Chia-Ying
鍾建屏
Chung, Chien-Ping
周德瑋
Chou, De-Wai
口試日期: 2022/07/23
學位類別: 碩士
Master
系所名稱: 管理研究所
Graduate Institute of Management
論文出版年: 2022
畢業學年度: 110
語文別: 中文
論文頁數: 57
中文關鍵詞: 公司治理評鑑結果董事獨立性專業性參與程度公司價值
英文關鍵詞: Corporate governance evaluation, Board member, Independence, Expertise, Attendance, Corporate value
研究方法: 迴歸分析法二階段最小平方法
DOI URL: http://doi.org/10.6345/NTNU202201391
論文種類: 學術論文
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  • 本研究假說1-1、1-2及1-3分別以獨立董事比例、董事會成員具備專業背景之比例與董事會平均出席率來衡量董事會之獨立性、專業性以及參與程度,探討董事會之獨立性、專業性、參與程度與公司治理評鑑結果之間的關聯性,並以受評之上市櫃公司剔除金融業為研究對象,實證結果一發現董事會之獨立性、專業性與參與程度高,公司治理評鑑結果表現愈佳,支持本研究之假說1-1、1-2及1-3。
    本研究亦進一步探討公司治理評鑑結果對公司價值的影響,採用二階段最小平方法探討公司治理評鑑結果與公司價值之間的關聯性,在考慮獨立董事比例、董事會成員具備專業背景之比例以及董事會平均出席率對公司治理評鑑結果的影響後,實證結果二發現公司治理評鑑結果與公司價值呈現正向關係,表示當企業之公司治理評鑑結果表現愈好,隔年度之公司價值愈高,支持本研究之假說2。

    Hypotheses 1-1, 1-2 and 1-3 of this study respectively explore the relationship between the independence, professionalism and participation aspects of the board of directors and the evaluation of corporate governance. They are measured by three independent variables: the proportion of independent directors, the proportion of board members with professional backgrounds, and the average attendance rate of the board of directors. The financial industry is excluded from the evaluation of listed and OTC companies. The empirical results show that the higher levels of independence, professionalism and participation aspects of the board of directors, the better performance of corporate governance evaluation are, which supports hypotheses 1-1, 1-2 and 1-3 of this study.
    This study also further explores the impact of corporate governance evaluation results on corporate value. The two-stage least square method is used to discuss the correlation between corporate governance evaluation results and Tobin's Q. After considering the possible endogenous problems and taking whether the company has established an audit committee as a tool variable, the empirical result 2 finds that the corporate governance evaluation results and Tobin's Q show a positive relationship. This indicates that the better performance of corporate governance evaluation is, the company has higher Tobin's Q in the following year, which supports hypothesis 2 of this study.

    第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 3 第三節 研究架構 4 第二章 文獻探討 5 第一節 公司治理評鑑 5 第二節 董事會獨立性、專業性、參與程度與公司價值 7 第三章 研究方法 14 第一節 研究假說 14 第二節 實證模型與變數解釋 16 第三節 研究模型 27 第四節 研究樣本與資料來源 27 第四章 實證結果與分析 31 第一節 董事會之獨立性、專業性、參與程度高對於公司治理評鑑結果有正向關係 31 第二節 公司治理評鑑結果較佳的公司與公司價值有正向關係 39 第五章 結論與建議 46 第一節 研究結論 46 第二節 研究限制與建議 47 參考文獻 48

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