中國上市公司獨立董事的政治連結、資本結構與公司績效關係之探討

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楊舒涵(Shu-Han Yang) 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、資本結構與公司績效關係之探討
(Politically connected independent directors, capital structure and corporate performance of Chinese listed firms)

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摘要(中)

本文研究目的為探討獨立董事的政治連結、資本結構與公司績效之間的關係，以 2008年到 2016年股票市場的中國上市公司作為研究對象，取樣 11,294個觀察值，並將上市公司分為中央政府控制國有企業、地方政府控制國有企業以及非國有企業。本研究採用Panel data analysis 驗證假說。實證研究發現，國有企業引進獨立董事的政治連結對公司績效具有負面影響，而非國有企業引進獨立董事的政治連結對公司績效與資本結構皆具有正面影響，但無論國有企與非國有企業皆未發現資本結構對獨立董事的政治連結與公司績效的關係具有調節效果。

摘要(英)

This study examines the relationship among political connection of independent directors, capital structure and corporate performance. Utilizing panel data analysis and a sample with 11,294 observations from the Shanghai and Shenzhen stock exchanges of China for the period of 2008–2016, this study investigates whether this relationship is different among state-owned enterprises (SOEs) controlled by the central government and those controlled by local governments as well as non-state-owned enterprises (Non-SOEs). The empirical results show that the political connection of independent directors in SOEs has a negative impact on corporate performance. However, this impact is positive for Non-SOEs. Furthermore, capital structure has no moderating effect on the relationship between political connection of independent directors and corporate performance for both SOEs and Non-SOEs.

關鍵字(中)

★ 獨立董事的政治連結
★ 資本結構
★ 公司績效

關鍵字(英)

★ politically connected independent directors
★ capital structure
★ corporate performance

論文目次

中文摘要 …………………………………………………………………………………………………………………………… i
英文摘要 …………………………………………………………………………………………………………………………… ii
目錄 ……………………………………………………………………………………………………………………………iii
圖目錄 …………………………………………………………………………………………………………………………… iv
表目錄 …………………………………………………………………………………………………………………………… iv
第一章緒論………………………………………………………………………………………………………………… 1
1-1 研究動機與目的………………………………………………………………………………………… 1
1-2 研究架構與流程………………………………………………………………………………………… 2
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資本結構之關係………………………………………… 7
2-3 資本結構對獨立董事政治連結與公司績效之關係的影響……… 8
第三章研究方法………………………………………………………………………………………………………… 11
3-1 資料來源及樣本篩選………………………………………………………………………………… 11
3-2 研究模型………………………………………………………………………………………………………… 11
3-3 研究方法………………………………………………………………………………………………………… 18
第四章實證結果與分析………………………………………………………………………………………… 18
4-1 敘述性統計分析及相關性分析…………………………………………………………… 18
4-2 多變量分析…………………………………………………………………………………………………… 23
4-3 穩健性回歸分析………………………………………………………………………………………… 29
第五章結論與建議…………………………………………………………………………………………………… 33
5-1 研究結論………………………………………………………………………………………………………… 33
5-2 研究限制與建議………………………………………………………………………………………… 34
參考文獻 …………………………………………………………………………………………………………………………… 35

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2019-7-17

推文