中國上市公司獨立董事的政治連結、投資效率與公司績效關係之探討

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莊婉君(Wan-Chun Chuang) 查詢紙本館藏

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企業管理學系在職專班

論文名稱

中國上市公司獨立董事的政治連結、投資效率與公司績效關係之探討
(Politically Connected Directors, Investment Efficiency and Firm Performance for the Listed Companies in China)

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摘要(中)

本研究利用2008年到2016年中國上市公司為對象，透過Panel data analysis迴歸模型檢驗獨立董事的政治連結、投資效率與公司績效間之關係。實證結果發現 (1) 獨立董事的政治連結在非國有企業樣本中與企業的獲利能力具有正向關係；在國有企業樣本中不論中央政府控制或地方政府控制的國有企業，獨立董事的政治連結與企業的獲利能力都有著負向關係；(2) 獨立董事的政治連結對於企業的投資效率之關係於非國有企業樣本中不顯著；在國有企業樣本中，不論中央政府控制或地方政府控制，獨立董事的政治連結對於企業的投資效率之關係皆呈現為過度投資的情形；(3) 於樣本中觀察出獨立董事的政治連結並非藉由投資效率的管道而影響公司績效。本研究之管理意涵為：(1) 企業於董事改選提名時，應審慎評估政治連結所帶來的效益與成本；(2) 投資人進行投資決策時，除基本應評估之項目外，亦應衡量董事會結構對公司績效之影響。

摘要(英)

This study examines the relationship among independent director′ political connection, investment efficiency and firm performance. Panel data analysis is utilized and the data are from Chinese listed firms over the period 2008-2016. The empirical results show that (1) the political connection of independent directors is positively related to the profitability of enterprises in non-state-owned enterprises (Non-SOEs), the relationship is negative for both state-owned enterprises (SOEs) controlled by the central government and those controlled by local governments. (2) The political connection of independent directors is not significantly associated with investment efficiency in Non-SOEs, however, both SOEs controlled by the central government and those controlled by local governments overinvest. (3) The political connection of independent directors does not affect firm performance through the channel of investment efficiency. The management implications of this study are: (1) In the nomination of politically connected independent directors, companies should take into consideration of both costs and benefits from the political connection. (2) Investors should also measure the impact of board structure on firm performance in making investment decisions.

關鍵字(中)

★ 獨立董事的政治連結
★ 公司績效
★ 投資效率

關鍵字(英)

★ politically connected independent directors
★ firm performance
★ investment efficiency

論文目次

目錄
中文摘要 i
英文摘要 ii
目錄 iii
表目錄 iv
第一章緒論 1
1-1研究動機與目的 1
1-2論文架構 3
第二章文獻探討與假說建立 4
2-1 獨立董事的政治連結與公司績效之關係 4
2-2 獨立董事的政治連結與投資效率之關係 6
2-3 投資效率對獨立董事的政治連結與公司績效之關係 8
第三章研究方法 10
3-1 資料來源與樣本篩選 10
3-2 變數定義 10
3-2-1假說一之變數衡量(獨立董事的政治連結與公司績效之關係) 10
3-2-2假說二之變數衡量(獨立董事的政治連結與投資效率之關係) 12
3-2-3假說三之變數衡量(投資效率對獨立董事的政治連結與公司績效之關係) 15
3-3 研究模型 16
第四章實證結果 17
4-1基本敘述性統計及相關性分析 17
4-2多變量分析結果 21
4-3穩健性測試 27
第五章結論 30
5-1 研究結論 30
5-2 研究建議與限制 31
參考文獻 32

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2019-6-5

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