台灣金融控股公司之董事會成員的學歷背景、獨立董事兼職特性與經營績效的關聯性之研究

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题名:	台灣金融控股公司之董事會成員的學歷背景、獨立董事兼職特性與經營績效的關聯性之研究
作者:	范斯淳;Fan, Szu-Chun
贡献者:	財務金融學系在職專班
关键词:	董事會成員;教育程度;兼職情形;獨立董事人數;Board of Directors;Educational Attainment;Independent Multiple Directorships;Number of Independent Director
日期:	2021-07-14
上传时间:	2021-12-07 12:16:22 (UTC+8)
出版者:	國立中央大學
摘要:	基於企業對於公司治理功能的發揮與提升監理成效的目的，台灣的金控產業皆不斷地在提升其董事會的各種專業素質與管理能力，而評鑑董事會人力資本的關鍵要素則包括各種必要的專業背景與教育程度。本研究主要在分別探討董事會成員的學歷背景和獨立董事成員兼職情形對於公司經營績效的關聯性，一般認為早期處於無網路化於資訊不對稱的競爭環境中，由於金控產業較不重視董事成員的專業能力與教育程度致使監督功能不彰，建立規模過大的董事會只會帶來過高的監理成本，然而時至今日籌組小型的董事會往往使公司會被高持股內部董事所控制而犧牲董事會本身的獨立性，同時人力不足的董事會也難以充分發揮其專業的監督功能面對日益嚴酷的競爭環境之挑戰。2002年台灣政府和主管機關陸續推行獨立董事制度以來，各金融控股公司基於保障股東權益及強化公司治理功能上，不斷地進行改革其董事會功能，尤其在聚焦和關注不同學歷背景之董事會成員的陣容建置上，以求克服各種日益複雜多元的營運難題，俾使公司經營績效在市場上獲得更多的期待。本研究利用TEJ的資料庫針對15 家台灣上市之金融控股公司所進行的實證研究發現，董事會成員中的高學歷或高教育程度的人數與公司的Tobin’s Q, ROA, ROE皆呈現顯著的正相關，而董事會成員中有商學院與非商學院學歷的人數與公司的Tobin’s Q, ROA和ROE並無顯著關聯性，在董事會成員中有國內學歷與國外學歷背景的人數與公司經營績效之貢獻度比較方面，有國外學歷背景之的董事成員成在Tobin’s Q, ROA和ROE方面皆與國內學歷之董監事有顯著差異，而代表董事會獨立性指標的獨立董事在董事會的人數則與公司經營績效有正相關。最後，有兼職獨立董事的情形相對公司經營績效並無顯著關聯性，但是在外兼任教授的獨立董事人數則與公司經營績效顯著關聯性。;As enterprises work toward more effective supervision through corporate governance, Taiwan′s financial holding companies have looked to strengthen their boards of directors through diversified professional specialization and improved management ability. In assessing board directors, the key factors include professional background and educational attainment. This study examines the relationship of educational attainment and multiple independent directorship to business performance in Taiwan financial holding companies. In the pre-Internet era of information asymmetry, banking institutions often suffered poor supervision due to lack of regard for directors′ professional capabilities and education. Establishing an overly large board of directors leads to higher costs of supervision, while in smaller scale boards independence is lost as insider directors with large holdings reign. Likewise, boards with insufficient manpower cannot adequately perform their supervisory functions leaving companies unable to cope with severe challenges. Beginning in 2002, Taiwan′s government and responsible authorities have promoted policies to establish an independent director system drawing focus to corporate governance and concerns about the quality of boards of directors. This study conducted an empirical analysis of the 15 listed financial holding companies in the Taiwan Economic TEJ database and found the number of directors on a board with higher educational attainment to be positively and significantly correlated with Tobin’s Q, ROA , and ROE of financial holding companies, though whether the degrees were business or non-business showed no significant correlation with Tobin’s Q, ROA and ROE of the companies. Boards of directors with a higher proportion of foreign degree-holders often significantly outperformed those with more domestic degree-holders in contributions of Tobin’s Q, ROA, and ROE of the companies. Finally, independent multiple directorships where the director serves as a professor are significantly and more closely correlated with improved business performance than are those where the director serve in multiple companies.
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