董事會特徵、公司治理評鑑與財務績效關聯性之探討─以台灣上市電子連接器公司為例

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：24

、訪客IP：3.136.19.165

姓名

林弓淵(Kung-Yuan Lin) 查詢紙本館藏

畢業系所

高階主管企管碩士班

論文名稱

董事會特徵、公司治理評鑑與財務績效關聯性之探討─以台灣上市電子連接器公司為例

相關論文

★ 標準成本，預算編製及績效分析─兩家外商公司之比較	★ 稻盛和夫經營哲學之應用─日本航空公司重整個案分析
★ 精實生產在EMS企業之應用—以V公司為例	★ 電機產品通路商在中國市場未來發展策略之研究
★ 冷陰極燈管組裝產業競爭策略之分析-以個案公司為例	★ 台灣空壓機產業的競爭分析
★ 企業併購與績效之關係-以志超科技為例	★ 社會人口高齡化的預防工程 (規律慢跑運動降低三高疾病的發生率)
★ 台灣連接器產業之經營策略分析-以A公司為例	★ 企業生命週期於成長期之多角化策略分析
★ 台灣消費性產品IC設計公司產業分析與競爭策略	★ 中國手機廠商在印度智慧型手機市場未來發展趨勢之研究
★ 以財務報表分析方法探討A公司所面臨之問題與對策	★ 電子組裝業SMT生產流程之探討
★ 公司治理評鑑與財務績效關聯性之探討─以臺灣電子電源業上市櫃公司為例	★ 企業併購動機、過程與績效之探討─以H公司為例

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

本研究以四家台灣上市電子連接器公司在2015年至2019年之間的資料，探討董事會特徵與公司治理評鑑級距及財務績效關聯性，透過次級資料法發現高度正相關的指標。尤其是獲利能力比率的純益率與每股盈餘，以及資產運用效率的總資產週轉率、不動產、廠房及設備週轉率、應收款項週轉率(次)、應付款項週轉率(次)。本研究建議個案公司將獨立董事比率提高到50%，也期望金管會能夠規範獨立董事兼職限縮以兩間為目標，並建議投資人注意財務報表中的六個關鍵指標、最後期待後續研究者能對永續經營以及傳承與併購兩個議題進行延伸的研究。

摘要(英)

This study examines the associations among board characteristics, corporate governance evaluation and financial performance for four Taiwanese listed firms in connector industry from 2015 to 2019. We utilize the secondary data analysis method and find a positive correlation, especially in profitability indicators such as net profit margin and earnings per share, as well as in asset utilization ratios like total asset turnover fixed asset turnover, accounts receivable turnover and accounts payable turnover. We suggest that listed firms should increase independent directors to be at least 50% in the board and that the FSC (Financial Supervisory Commission) should limit independent directors to work as an independent director for maximum two companies. In addition, investors should pay attention to the six key financial indicators in making investment decisions. Finally,we expect that future researchers can examine topics such as sustainable management, family business inheritage and M&A (Mergers and Acquisitions).

關鍵字(中)

★ 公司治理評鑑
★ 董事會特徵
★ 獨立董事
★ 財務績效
★ 電子連接器產業

關鍵字(英)

★ Corporate Governance Evaluation
★ Board Characteristics
★ Independent Director
★ Financial Performance
★ Electrical Connectors Industry

論文目次

第一章緒論 1
1.1研究動機 1
1.2研究目的 2
1.3研究程序 3
第二章文獻探討 4
2.1公司治理概念 4
2.2董事會 7
2.3財務績效 11
第三章研究方法 15
3.1研究架構 15
3.2研究對象 15
3.3研究工具 15
3.4研究限制 16
第四章研究分析與實證 17
4.1產業簡介 17
4.2個案公司分析 18
4.3個案公司財務績效分析 36
4.4主要研究發現 47
第五章結論與建議 50
5.1研究結論 50
5.2研究建議 51
參考文獻 54

參考文獻

1. 李禮仲、鄧哲偉，2003。公司治理對家族企業的效益。
2. 周行一、陳錦村、陳坤宏，「家族企業、聯屬持股與公司價值之研究」，中國財務學刊，第四卷第一期，民國 85 年，115-139 頁。
3. 林宛瑩與許崇源，2008，台灣集團企業之控股型態及公司治理衡量指標之研究與
建議，交大管理學報，第 28 卷，第 1 期：269-312。
4. 林俊傑、劉梧柏與黃華瑋，2018，公司治理評鑑與財務績效及公司價值之關聯性
探討：以台灣上市櫃企業公司治理評鑑為例，商略學報，第 10 期：23-46。
5. 洪榮耀、陳正佑，2012。上市上櫃公司治理實務守則與公司績效關連性之探究，商業現代化學刊，第六卷第四期，43-62。
6. 洪茂蔚，2015，財務管理，三版，台北:雙葉書廊。
7. 洪榮華、陳香如、王玉珍(2005)，〈公司內部治理機制與公司績效之關係─股
權結構與董事會特性的觀點〉，《輔仁管理評論》，第十二卷，第三期，頁23-40。
8. 徐俊明2002《財務管理》，台北：新陸。
9. 高蘭芬、盧正壽、黃冠智與陳安琳，2012。公司治理、公司績效與投資策略，中
山管理評論，第 20 卷，第 3 期：851-880。國家政策論壇，九十二期，春季號，191-195。
10. 張明輝，2019，大會計師教你從財報數字看懂經營本質，初版，台北 : 城邦商業週刊。
11. 葉銀華，1999，家族控股集團、核心企業與報酬互動之研究—台灣與香港證
券市場之比較，管理評論。
12. 葉銀華、李存修、柯承恩，2002。公司治理與評等系統，初版，商智文化，臺北。
13. 葉銀華，（2004）透視上市公司─聰明選股‧遠離地雷，著，初版，台北 : 先覺出版。
14. 葉銀華，（2015）公司治理-全球觀點、台灣體驗，台中：滄海書局。
15. 葉銀華，（2015）公司治理：個案與分析模式，台中：滄海書局。
16. 薛敏正、葉淑玲、邱彥毅與江璧岑，2018，公司治理評鑑與證券報酬，中華會計學刊，第14卷，第2 期：261-289。
17. Alkhafaji, A.F.1990,“Effective Board of Directors: An Overview,”
Industrial Management and Data System, 12: 18-26.
18. Agrawal, A. and C. R. Knoeber, 1996, “Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders,” Journal of Financial and Quantitative Analysis, 31: 377-397.
19. Adams, Renee B., Ferreira, Daniel, 2007. “A theory of friendly boards. ” J. Finance 62(1), 217–250.
20. Beasley, M. “An Empirical Analysis of the Relation between the Board of Director Composition andFinancial Statement Fraud,” Accounting Review, Vol. 71, No. 4, 1996, pp. 443-465.
21. Booth, J.R., Cornett, M.M. and Tehranian, H., “Boards of Directors, Ownership, and Regulation,”Journal of Banking and Finance, Vol. 26, 2002, pp. 1973-1996.
22. Bantel, K. and S. Jackson (1989), “Top Management and Innovations in Banking: Does the Composition of the Top Team Make A Difference?”Strategic Management Journal, 10,107-124.
23. Campbell II, T. L. and Keys, P. Y., 2002, “Corporate Governance in South Korea: The Chaebol Experience,” Journal of Corporate Finance 8(4): 373-391.
24. Carpenter, M. A. and J. D. Westphal (2001), “The Strategic Context of External Network Ties: Examining the Impact of Director Appointments on Board Involvement in Strategic Decision Making,” Academy of Management Journal, 44, 639-660.
25. Chen, M. H. and S. B. Hong, 2005, “An Empirical Study of the Relationship between Corporate Governance,Ownership Structure and Performance,”
Journal of Business Administration,65: 129-153.
26. Chung, R., Firth, M., & Kim, J. B. (2002). “Institutional monitoring and
opportunistic earnings management. ” Journal of Corporate Finance, 8(1), 29−48.
27. Chen, C. J. P., & Jaggi, B. (2000). “ Association between independent non-execute
directors, family control & financial disclosures in Hong Kong. Journal of
Accounting & Public Policy, 19(4-5), 285−310.
28. Dass et al., 2014,N. Dass, O. Kini, V. Nanda, B. Onal, J. Wang
“Board expertise: do directors from related industries help bridge the information gap? ”
Rev. Financ. Stud., 27 (5) (2014), pp. 1533-1592.
29. Dahya, J., O. Dimitrov and J.J.Mc Connell, (2008) Dominant Shareholders, “Corporate Boards and Corporate Value: A cross Country Analysis.” Journal of Financial Economics, 87, 73-100.
30. Dahlquist, M., & Robertsson, G. (2001). “Direct foreign ownership, institutional
investors, & firm characteristics.”Journal of Financial Economics, 59(3),413−440.
31. Deakin, E. B., “A Discriminant Analysis of Predictors of Business Failure,” Journal of Accounting Research, Vol. 10, No. 1, 1972, pp. 167-179.
32. Eisenberg T., Sundgren S., and Wells, M., 1998. “Larger Board Size and Decreasing Firm Value in Small Firms.”Journal of Financial Economics, 48(3), 35– 54.
33. Fairchild, L.,and J. Li.2005. “Director quality and firm performance. ”The Financial Review 40:257-279.
34. Faleye, O., R. Hoitash, and U. Hoitash. 2018. “Industry expertise on corporate boards. ” Review of Quantitative Finance and Accounting 50(2)(February):441-479..
35. Fama, Eugene F., and Jensen, Michael C.1983a “Separation of Ownership and Control”, Journal of Law and Economics, Vol.26 No2, pp.301-325.
36. Fama, Eugene F., and Jensen,MichaelC.1983b“Agency Problems and Residual Claims ” , Journal of Law and Economics, Vol.26 No2, pp.327-349.
37. Faccio, M. and L. H. P. Lang, (2002). “The ultimate ownership of Western European corporations. ” Journal of Financial Economics, 65, pp.365-395.
38. Fan, J. P.H., T.J. Wong(2002). “Corporate Ownership Structure and the Informativeness of Accounting Earning in East Asia. ”Journal of Accounting and Economics, 401-425.
39. Gompers,P.,J. Ishii,and A. Metrick. 2003. Corporate Governance and Equity Prices. QuarterGorton, G., & Schmid, F. A. (2000). “Universal banking & the performance of
German firms. ”Journal of Financial Economics,58(1-2),29−80.ly Journal of Economics 118,107-155.
40. Hillman,A. J., A. A. Cannella. and R. L. Paetzold (2000),“The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change,” Journal of Management Studies, 37:2, 235-256.
41. Hillman,A. J. and T. Dalziel (2003),“Boards of Directors and Firm Performance: Integrating Agency and Resource Dependence Perspectives,” Academy of Management Review, 28, 383-396.
42. Ingley,C. B.and N. T. Van der Walt (2003),“Board Configuration: Building Better Boards,”IEEE international Conference on Neural Networks, San Diego. Vol. 2, 1990, pp. 163-168.
43. John,K,L. W. Senbet,1998, “Corporate governance and board effectiveness,” Journal of Banking & Finance,22,371-403.
44. Jensen, M.C. and Meckling,W.H.,“Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, Vol. 3, 1976, pp. 305-360
45. James A. Brickley and Christopher M. James. 1987. “The Takeover Market, Corporate
Board Compensation and Ownership Structure.” Journal of Law and Economics
30 (1): 161-180.
46. Kim, H., and C. Lim (2010), “Diversity, Outside Directors and Firm Valuation: Korean Evidence,”Journal of Business Research, 63:3, 284-291.
47. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., 1999. “Corporate Ownership Around the World.”Journal of Finance 54(2), 471-517.
48. Lorsch, Jay W.1995 “Empowering the board” HBR, Vol.73 No.1, pp.107-117.
49. Leora F. Klapper & Inessa Love (2002). “Corporate governance, Investor Protection, and performance in emerging markets”. Journal of Corporate Finance 10(5), 703–728.
50. Leuz, C., Nanda,D., & Wysocki,P. D. (2003). “Earnings management & investor protection: An international comparison.”Journal of Financial Economics, 69(3), 505−527.
51. Lee, T. S. and Yeh,Y. H.,“Corporate Governance and Financial Distress: Evidence from Taiwan,”Corporate Governance: An International Review,Vol. 12,No. 3,2004,pp. 378-388.
52. Mallette, P. and Fowler, K.L., “Effects of Board Composition and Stock Ownership on the Adoption of Poison Pills,”Academy of Management Review,Vol.35, 1992, pp. 1010-1035.
53. Morck, R., A. Shleifer, and R. W. Vishny, 1988, “Management Ownership and Market Valuation: An Empirical Analysis.” Journal of Financial Economics 20 (1-2): 293-315.
54. Monks, R. and N. Minow (2004), “Corporate Governance, 3rd edition. ” Madden, MA: Blackwell Publishing Ltd.
55. Ncube, M., 2006. “Corporate governance,firm valuation and performance,”.In Paper presented at a Conference on Can Africa Claim the 21st Century, 22, 24.
56. Nicholson, G.J. and Kiel, G.C. (2004), “Breakthrough board performance: how to harness your board’s intellectual capital[1] ”, Corporate Governance, Vol. 4 No. 1, pp. 5-23.
57. Nguyen, N. Q. (2014). “On the compensation and activity of corporate boards,” Journal of Corporate Finance, 29, 1–19.
58. OECD 2004 OECD Principles of Corporate Governance. Paris: OECD.
59. Oviatt,Benjamin M.1988 “Agencyand Transaction Cost Perspectives onthe Manager-Shareholder relationship: incentives for congruent interests”, Academy of Management, Vol.13 No.2, pp. 214-225.
60. Platt, H. D., and Platt, M. B., “Development of a Class of Stable Predictive Variables: The Case of Bankruptcy Prediction,” Journal of Business Finance & Accounting, Vol. 17, 1990, pp.31-51.
61. Prowse,S.,1998. “Corporate Governance: Emerging Issues and Lessons from East Asia,”Responding to the Global Financial Crisis, World Bank.
62. Rechner, P.L., and Dalton, D.R., “CEO Duality and Organization Performance: A Longitudinal Analysis,” Strategic Management Journal, Vol. 12, 1991, pp. 155-160.
63. Rajgopal, S., & Venkatachalam, M. (1997). “The role of institutional investors incorporates governance: An empirical investigation. ”Working paper, University of　Iowa.
64. Shleifer, Andrei, and Robert W Vishny. 1997. “A Survey of Corporate Governance.” Journal of Finance 52 (2): 737-783.
65. Schmidt, B., 2015, “Costs and Benefits of Friendly Boards during Mergers and　Acquisitions,” Journal of Financial Economics, 117: 424-447.
66. Salmon,W.J.,2000. “Harvard Business Review on Corporate Governance,” Harvard Business Press.
67. Valuation: “An Empirical Analysis,” Journal of Financial Economics, 20: 293-315.
68. Woidtke T., and Y. H. Yeh, “Corporate Governance and the Informativeness of Accounting Earnings: The Role of the Audit Committee, ”Pacific-Basin Finance Journal , 23, pp1-24, (SSCI)
69. World Bank 1999 Corporate Governance: A Framework for Implementation: Overview.
70. Yeh, Yin-Hua & Woidtke, Tracie, 2005. “Commitment or entrenchment?: Controlling shareholders and board composition,“Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1857-1885,
71. Yermack, D., 1996. “Higher Market Valuation for Firms with a Small Board of Directors,”Journal of Financial Economics, 40(2), 185-211.

指導教授

洪榮華

審核日期

2021-5-24

推文