董事長權力對公司投資決策與經營績效之影響

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邱于容(Yu-Jung Chiu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

董事長權力對公司投資決策與經營績效之影響
(Chairman Power on the Firm’s Investment Decision and Operating Efficiency)

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摘要(中)

本研究以國內上市、上櫃與興櫃公司為研究對象，探討企業屬於董事長與總經理非為同一人兼任之情形下，董事長與總經理之權力差距對於公司長期性投資決策以及整體經營效率所產生的影響，並以董事長與總經理年資作為衡量兩者權力差距之代理變數，樣本期間為2006年至2013年。本實證研究發現，在公司存在著「論資排輩」的職場淺規則，使得董事長權力大過於總經理權力的合理假設之下，公司之經營方針將會以董事長個人利益為依歸。董事長權力愈大，其投入於長期性之研究發展與資本支出的意願將會愈高，且公司現金股利發放比率愈低，最終導致公司經營效率不佳，產生管理階層與外部股東之間的代理問題。研究發展費用項目屬於裁量性支出，且具備高風險特性，容易造成內部人與外部股東之間存在著資訊不對稱，經營效率不佳便是反映出董事長會為了滿足私人利益而產生過度投資行為，現金股利支付率低亦隱含著公司內部人所擁有的自由現金流量增加，產生潛在資金濫用的問題。本研究進一步的結果發現，當董事長對於公司實際經營權力凌駕於專業經理人時，投資大眾將會對於董事長之決策動機產生疑慮，進而導致公司股票價格波動程度增加，並且提高要求報酬率，使公司所面臨之權益資金成本增加。

摘要(英)

This study examine the relationship between the power of chairman and the corporate long-term investment decisions. Theoretically, when firms’ managerial structure are separate titles, chairmen only hold an iconic role in an enterprise and seldom get involved in firm’s daily operations, and CEOs(or general managers) are the dominantly governing role to take charge of the entire run and business. In other words, CEOs enjoy the major decisions power. In Taiwan, however, there is a common phenomenon that a firm’s chairman seems to own the actual managerial power. I employ chairman tenure and CEO tenure as the proxy for power. The empirical evidence show that chairman power has a positive impact on R&D investment and capital expenditure, suggesting that powerful chairman would make the long-term investment decisions consist with the interest of the shareholders. However, further results show that the powerful chairman would result in agency costs and induce higher cost of equity. The findings suggest that the more powerful the chairman is, the more operating inefficiency would be.

關鍵字(中)

★ 董事長
★ 總經理
★ 高階管理團隊特徵
★ 權力
★ 研究發展
★ 代理成本

關鍵字(英)

★ chairman
★ ceo
★ top management team
★ power
★ R&D
★ agency cost

論文目次

中文摘要.i
英文摘要ii
誌謝.iii
目錄.iv
圖表目錄v
第一章緒論1
第二章文獻回顧與假說發展4
2-1 管理階層權力 4
2-2 管理階層特徵與投資決策 6
2-3 股利政策 8
2-4 經營效率 10
第三章研究方法13
3-1 資料來源與樣本選取 13
3-2 變數說明與定義 .13
3-2-1 主要解釋變數13
3-2-2 被解釋變數13
3-2-3 控制變數15
第四章實證結果與分析17
4-1 敘述統計 17
4-2 迴歸結果分析 23
4-2-1 董事長與總經理權力差距對投資決策之影響23
4-2-2 董事長與總經理權力差距對股利政策之影響28
4-2-3 董事長與總經理權力差距對公司經營效率之影響31
第五章結論36
附錄38
參考文獻40

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指導教授

沈信漢(Hsin-Han Shen)

審核日期

2016-6-17

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