國際化、創新活動與公司績效：台灣上市公司董事會結構論析

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姓名

吳春敏(Chun-Min Wu) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

國際化、創新活動與公司績效：台灣上市公司董事會結構論析
(Internationalization, Firm Innovation, and Firm Performance: The Role of Board Structure of Taiwanese Listed Firms)

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摘要(中)

本論文的目的是探討董事會結構對涉及國際化公司績效與創新關聯性之影響。國內外相關文獻大都以股權結構對公司績效的影響加以分析研究，而目前針對董事會結構對公司績效及創新活動並加入國際化因素交乘分析之研究尚付之闕如。
我們參考相關文獻，定義內部董事席次比率、董事長是否兼任總經理、董事會規模、以及外部董事持股比例，為董事會結構的四個預測變數；並以2000-2007年台灣上市上櫃公司為樣本，實證結果發現，外部董事持股比例愈高，國際化的績效愈好；內部董事席次比率愈大，國際化的績效愈差，也不利於公司的創新活動。另一方面，本文亦發現對於國際化的公司，董事長兼總經理時，公司的績效愈好。

摘要(英)

The purpose of this thesis is to investigate the moderating effects of board of director characteristics on the performance and innovation implications of internationalization. I use four board of director characteristics: (1) percentage of insiders on the board, (2) separation of chairman and CEO, (3) board size, and (4) outside director ownership. Using a sample of Taiwanese listed firms, I document that: (1) the percentage of outside directors’ shareholders is positively related to the performance implication of internationalization, (2) the percentage of insider directors is negatively related to the performance and innovation implications of internationalization, and (3) multinational firms which CEO is also the chairman of the board enjoy stronger performance implication of internationalization.

關鍵字(中)

★ 創新活動
★ 國際化
★ 董事會結構
★ 公司績效

關鍵字(英)

★ Innovative activities
★ Firm performance
★ Internationalization
★ Board Director Structure

論文目次

目錄　　　　　　
中文摘要 ………………………………………………………… i
英文摘要 ………………………………………………………… ii
目錄 ……………………………………………………… iii
表目錄 ……………………………………………………… iii
壹、緒論…………………………………………………… 1
貳、文獻回顧與假說發展………………………………… 4
一董事會結構對“國際化公司績效”關聯性之影響……… 4
二董事會結構對“國際化公司創新”關聯性之影響……… 8
參、研究方法……………………………………………… 9
一樣本及選樣過程………………………………………… 9
二變數衡量……………………………………………… 10
三測試假說1之迴歸式模型……………………………… 13
四測試假說2之迴歸式模型……………………………… 14
肆、實證結果與分析……………………………………… 14
一敍述統計分析………………………………………… 14
二多元迴歸分析………………………………………… 16
伍、結論與建議…………………………………………… 19
參考文獻 ………………………………………………………… 22
表目錄
表 1 樣本分配表 …………………………………………… 28
表 2 國際化(INT)因素主成分分析 ……………………… 28
表 3 樣本敘述統計量 ……………………………………… 29
表 4 各相關變數之定義及公式 …………………………… 30
表 5 相關係數表_Pearson積差相關分析…………………… 31
表 6 多元迴歸分析國際化公司之董事會結構與公司績效(ROA)之關聯性……………………………………………………………… 32
表 7 多元迴歸分析國際化公司之董事會結構與公司績效(Torbin’s Q)之關聯性…………………………………………… 33
表 8 多元迴歸分析國際化公司之董事會結構與創新活動(Patent intensity)之關聯性……………………………………… 34
表 9 多元迴歸分析國際化公司之董事會結構與創新活動(R&D intensity)之關聯性………………………………………………… 35

參考文獻

國內文獻部分
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指導教授

張東生、曹壽民
(D.S. Chang、Shou-Min Tsao)

審核日期

2011-7-7

推文