獨立董事專業性對於公司治理的影響

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题名:	獨立董事專業性對於公司治理的影響
作者:	李啟禎;Lee,Chi-chen
贡献者:	財務金融學系在職專班
关键词:	公司治理;獨立董事;企業績效;企業轉投資;Corporate governance;Independent director;Firm performance;Subsidiary investments
日期:	2015-07-02
上传时间:	2015-09-23 11:57:13 (UTC+8)
出版者:	國立中央大學
摘要:	現今公司經營的型態，普遍存在著“經營權”與“所有權”的代理成本問題。為了降低此一成本，近代的公司治理理論，逐步導入了“獨立董事”的制度。獨立董事又稱為外部董事，它同時具有獨立與專業二種特性，在消極方面，獨立性可以監督經營管理階層，保護股東權益。在積極方面，專業性可以引導公司的經營策略，提升企業的價值。過往的文獻對於獨立董事的制度，偏重於對獨立性的探討，本文則以具有相同產業背景資歷的獨立董事，其對企業經營的影響加以研究。實證的結果顯示出，具同產業專業背景的獨立董事與企業的營運績效(ROA)，依舊呈現了顯著的正向關係。但是，他們却不樂見企業以轉投資的方式來增加公司的價值，反而引導企業強化在技術方面的研發。;“Management right” and “ownership right” conflict in terms of surrogate costs in the modern types of companies. For the cost efficiency, “independent director” is gradually introduced into the board of directors in the contemporary corporate governance theory. Independent director, also named outside director, consists of simultaneously two characteristics, independence and professionality. To the least, independence can supervise management levels and protect the right of stock owners. Moreover, professionality may guide the company into more efficient and profitable while adding up the value of company. Historical contributions to the system on the papers gave much weight on the independence. This paper focus on the study into the effects on the business management the independent directors with the background of same industry have. The evidence finds that the independent director with the background of same industry is significantly positive to the management of company, ROA. However, they usually guide companies to reinforce R&D instead of adding more value on companies by subsidiary investments.
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