進階搜尋


 
系統識別號 U0026-0812200911543567
論文名稱(中文) 董事會特性、獨立董事制度與經營績效之關聯性-以中國上市公司為例
論文名稱(英文) The Relationship Between Characteristics Of Board, Independent Director Institution, and Operating Performance - Evidence from China's Listed Firms
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 94
學期 2
出版年 95
研究生(中文) 李國銘
研究生(英文) Kuo-Ming Li
學號 r1693111
學位類別 碩士
語文別 中文
論文頁數 80頁
口試委員 口試委員-劉裕宏
指導教授-邱正仁
口試委員-陳嬿如
中文關鍵字 公司治理  經營績效  獨立董事  董事會 
英文關鍵字 corporate governance  operating performance  independent director  board of directors 
學科別分類
中文摘要 摘要

本文檢測中國上市公司的公司治理機制,針對董事會特性、管理當局激勵機制、及獨立董事制度三方面來探討其與公司績效之關聯性,以中國上海與深圳證券交易所A股上市公司為樣本,樣本選取期間為2002年至2004年,在刪除不符合篩選條件資料後,共擷取3,186個公司年樣本。研究結果顯示,董事長兼任總經理、董事會議次數、管理當局的持股比率與薪酬、外部董事比率(未領取報酬董事)以及獨立董事比率等變數與上市公司的經營績效(以每股盈餘、資產報酬率與權益報酬率衡量之)具有顯著的關連性。此外,本文亦發現績效較佳的公司傾向於給予獨立董事較高水準的津貼,以傳達公司業績良好的訊息予投資者及監管部門。


英文摘要 Abstract

The issue of corporate governance in China is examined in this article. The article examines several important governance mechanisms for China’s A-share listed companies. The variables include measures of board's characteristics, managerial incentives, and independent director institution. Using samples are consisted of the listed firms on the Shanghai and Shenzhen Stock Exchange over the period of 2002 to 2004. After deleting corporations with missing data, the final sample is 3,186firm-years.The results indicate that CEO Duality, board meeting frequency, managerial shareholding ratio, managerial incentives, the proportion of outside director(measured by non-compensated director) and the proportion of independent director have significant relationship with operating performance (measured by EPS, ROA, and ROE). In addition, the companies with better performance tend to offer a more high-level subsidy to the independent director, in order to transmit good-performing messages to investors and administrators.


論文目次 第一章 緒論          1
第一節 研究動機        1
第二節 研究背景        4
第三節 研究目的        9
第四節 研究流程與論文架構   11
第二章 文獻回顧        13
第一節 公司治理        13
第二節 董事會         19
第三節 獨立董事        26
第四節 管理當局薪酬      31
第三章 研究方法        35
第一節 研究架構        36
第二節 研究假說        37
第三節 變數操作性定義     44
第四節 研究樣本範圍與期間   47
第五節 統計分析方法      48
第四章 實證結果與分析     50
第一節 敘述統計結果      50
第二節 共線性分析       54
第三節 多元迴歸分析與結果說明 57
第五章 結論與建議       63
第一節 研究結論        63
第二節 研究限制        67
第三節 研究建議        68
參考 文獻           69

參考文獻 于東智,2002,轉軌經濟中的上市公司治理,北京:中國大學人民出版社。
于東智,2003,董事會、公司治理與績效:一項經驗分析,中國社會科學,2003年第3期,頁29-41。
于東智,2004,董事會與公司治理,北京:清華大學出版社。
于東智、王化成,2003,獨立董事與公司治理:理論、經驗與實踐,會計研究,2003年第8期,頁8-13。
于東智、池國華,2004,董事會規模,穩定性與公司績效:理論與經驗分析,經濟研究,2004年第4期,頁70-79。
于東智、谷立日,2002,公司的領導權結構與經營績效,中國工業經濟,2002年第2期,頁70-78。
牛延苓,2001,股權結構、董事會組成與公司績效關係之研究─以高科技產業與傳統產業為例,中央大學企業管理研究所碩士論文。
王智明,2001,大陸股市及上市公司股權結構之研究,政治大學金融研究碩士論文。
司徒大年、傅浩,2004,中國上市公司高管人員股權激勵研究,上證研究,2004年第2輯。
何浚,1998,上市公司治理的實證分析,經濟研究,1998年第5期,頁127-157。
吳淑琨,2002,董事長與總經理兩職狀態的理論解釋和實證檢驗,證券市場導報,2002年第31期,頁26-30。
吳淑琨,2004,基於股權結構的董事會獨立性與公司績效的實證研究,西安交通大學學報(社會科學版),2004年第24期,頁17-24
吳淑琨、柏杰與席酉民,1998,董事長與總經理兩職分離-中國上市公司實證分析,經濟研究,1998年第8期,頁21-28。
吳淑琨、劉忠明與范建強,2001,非執行董事比率與公司績效的實證研究,中國工業經濟,2001年第9期,頁80-87。
吳敬璉,1994,現代公司與企業改革,天津:天津人民出版社。
李有根、吳淑琨,2003,中國上市公司治理評價體系研究,2003年第5期,頁65-69。
李有根、趙西萍,2001,上市公司的董事會構成和公司績效研究,2001年第5期,頁48-53。
李維安,2001,公司治理,天津:南開大學出版社。
李維安,2001,健全我國獨立董事激勵約束機制的探討,改革與發展,2002年第5期,頁70-75。
李增泉,2000,激勵機制與公司績效-一項基於上市公司的實證研究,會計研究,2000,年第一期,頁24-30
谷祺、于東智,2001,公司治理、董事會行為與經營績效,財經問題研究,2001年第1期,頁58-65。
林毅夫、蔡舫、李舟,1997,現代企業制度的內涵與國有企業改革方向,經濟研究,1997年第3期,頁256-259。
邱厚民,2004,公司治理對經營績效與購併行為影響之研究-以金融控股公司為例,中山大學企業管理研究所碩士論文。
胡勤勤、沈藝峰,2002,獨立外部董事能否提高上市公司的經營業績,世界經濟,2002年第25期,頁55-62。
唐清泉,2006,獨立董事對報酬與風險的取向,財經理論與實踐,第27卷第139期,頁51-56。
孫永祥、章融,2000,董事會規模、公司治理與績效,企業經濟,2000年第10期,頁13-15。
高明華、馬守莉,2002,獨立董事制度與公司績效關係的實證分析,南開經濟研究,2002年第2期,頁64-68。
康榮寶,2001,大陸上市公司治理結構問題之探討,證交資料,第470期,頁1-23。
康榮寶,2001,中國大陸證券市場政策發展分析,證交資料,第467期,頁1-11。
康榮寶,2001,中國大陸證券市場政策發展分析,證交資料,第468期,頁1-22。
康榮寶,2001,深入中國股市,台灣:天下文化出版社。
張明峰,1991,股權結構對公司績效影響之研究,政治大學企管所碩士論文。
張雅琳,2004,我國獨立董事機制與經營績效之關聯性研究,大葉大學會計資訊學研究所碩士論文。
張維迎,1996,所有制、治理結構與委託-代理關係,經濟研究,1996年第9期,頁422-425。
郭淑芬,1996,董監事特性與盈餘操縱現象及盈餘品質之關聯性研究,中正大學會計研究所碩士論文。
陳佳貴、黃群慧,2001,我國不同所有制企業治理結構的比較與改善,中國工業經濟,2001年第7期,頁23-30。
陳恭健,2005,獨立董事制度研究,甘肅成人法政學院學報,第57期,頁1-4。
陳碧滋,2001,我國上市公司股價行為與董監因素關連性之探討,台灣大學會計學研究所碩士論文。
陳麗娟,2004,董事會組成、股權結構、關係人交易與企業績效關係之研究-以紡織業及電子業為實證,成功大學EMBA碩士論文。
喻猛國,2001,試論獨立董事制度的侷限性,經濟導刊,2001年第4期,頁54-64。
喻猛國,2001,獨立董事制度缺陷分析,經濟理論與經濟管理,2001年第9期,頁48-50。
曾智揚,2002,董事會特性、經營策略與經營績效關係之研究-以台灣上市電子公司為例,台灣大學會計學研究所碩士論文。
華中煒,2002,國企老總薪酬改革露端倪:有望實行股票期權激勵,中國證券網,《http://www.stocknews.com.cn/cjxwzx/ssgs/200202210056.htm》。
費方域,1996,董事與董事會的職責和功能,上海經濟研究,1996年第12期,頁37-40。
黃鈺光,1993,我國上市公司董事會特性與經營績效之研究,台灣大學會計研究所碩士論文。
楊慧玲,2000,董事會結構及其變動對股東財富與經營績效影響之研究,朝陽大學企業管理研究所碩士論文。
趙維穎,2004,董事會屬性、董事會功能與企業經營績效之關聯性研究,中原大學企業管理研究所碩士論文。
劉玉敏,2006,我國上市公司董事會效率與公司績效的實證研究,南開管理評論,2006年第9卷,頁84-90。
劉燁、李凱,2005,我國獨立董事的薪酬制度探討,預測,第24期,頁12-16。
遲銘俊,2004,董事會組成與股權結構對高階主管更迭、公司價值與績效之關連性-以台灣上市(櫃)金融業及電子業為例,成功大學企業管理研究所碩士論文。
錢穎一,1995,中國的公司治理結構與融資改革,出版地:中國經濟出版社。
魏早啟,1997,上市公司董監事特性與經營績效之研究,東吳大學會計研究所碩士論文。
魏剛,2000,高級管理者激勵與上市公司經營績效,經濟研究,2000年第3期,頁32-39。
譚勁松,2003,獨立董事與公司治理:基於我國上市公司的研究,北京:中國財政經濟出版社。
Agrawal, A., and C. Knoeber, 1996, Firm performance and mechanisms to control agency problems between managers and shareholders, Journal of Financial and Quantitative Analysis 31, 377-397.
Anderson, C. A., and R. N. Anthony, 1986, The new corporate director, New York: John Wiley.
Bacon, J., 1973, Corporate directorship practices: Membership and committees of the board, The Conference Board and American Society of Corporate Secretaries, New York.
Baysinger, B. D., and H. N. Butler, 1985, Corporate governance and the board of directors: performance effects of changes in board composition, Journal of Law, Economics, and Organization 1, 101-124.
Baysinger, B. D., and R. E. Hoskisson, 1990, The composition of boards of directors and strategic control: Effects on corporate strategy, Academy of Management Review 15, 72-87.
Berle, A. A., and C. G. Means, 1932, The modern corporation and private property. New York: Commerce Clearing House.
Bhagat, S., and B. S. Black, 1996, Do independent directors matter? working paper, Center for Law and Economic Studies, Columbia University, New York.
Boeker, W., and J. Goodstein, 1991, Organization performance and adoption: Effect of environment and performance on changes in board composition, Academy of Management 34, 805-826.
Boyd, B., 1990, Corporate linkages and organization environment: A test of the resource dependence model, Strategic Management Journal 11(6), 419-430.
Boyd, B., 1995, CEO duality and firm performance: A contingency model, Strategic Management Journal 16(4), 301-312.
Brickley, J. A., and C. M. James, 1987, The takeover market, corporate board composition, and ownership structure: The case of banking, The Journal of Law and Economics 30(April), 161-180.
Cadbury, A., 1992, Cardbury report, The Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd.
Core, J. E., W. Guay, and D. F. Larcker, 2001, Executive equity compensation and incentives: A survey, unpublished manuscript, The Wharton School, University of Pennsylvania, Philadelphia.
Dalton, D. R., and C. M. Daily, 1999, What's wrong with having friends on the board? Across the Board 36(3), 28-32.
Dalton, D. R., C. M. Daily, A. E. Ellstrand, and J. L. Johnson, 1998, Meta-analytic reviews of board, composition, leadership structure, and financial performance, Strategic Management Journal 19(3), 269–290.
Davis, G. F., and T. A. Thompson, 1994, A social movement perspective on corporate control, Administrative Science Quarterly 39, 141-173.
Davis, J. H., F. D. Schoorman, and L. Donaldson, 1997, Toward a stewardship theory of management, The Academy of Management Review 22(1), 20-47.
Donaldson, L., 1990, The ethereal hand: Organization economics and management theory, Academy of Management Review 15(3), 151-160.
Donaldson, L., and J. H. Davis, 1991, Stewardship theory of agency theory: CEO governance and shareholder returns, Australian Journal of Management 16(1), 49-64.
Eisenberg, T., S. Sundgren, and M. Wells, 1998, Large board size and decreasing firm value in small firms, Journal of Financial Economics 48(1), 35-54.
Fama, E. F., 1980, Agency problem and the theory of the firm, Journal of Political Economy 88, 288-308.
Fama, E. F., and M. C. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics 26, 301-325.
Fama, E. F., and M. C. Jensen, 1983, Agency problem and residual claims, Journal of Law and Economics 26, 327-349.
Hermalin, B. E., and M. S. Weisbach, 1991, The effects of board composition and direct incentives on firm performance, Financial Management 20, 101-112.
Hermalin, B. E., and M. S. Weisbach, 1998, Endogenously chosen boards of directors and their monitoring of the CEO, The American Economic Review 88(1), 96-118.
Hillman, A., A. Cannella, and R. Paetzold, 2000, The recourse dependence role of corporate director: Strategic adaptation of board composition in response to environmental change, Journal of Management Studies 37, 213-255.
Holthausen, R. W., and D. F. Larcker, 1993, Organization Structure and Financial Performance, working paper, The Wharton School, University of Pennsylvania, Philadelphia.
Jensen, M. C. 1993, The modern industrial revolution, exit, and the failure of internal control systems, Journal of Finance 48, 831-880.
Jensen, M. C., and R. S. Ruback, 1983, The market for corporate control: The scientific evidence, Journal of Financial Economics 11, 5-50.
Jensen, M. C., and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
Keith, G. P., J. M. Beyer, and C. Kruytbosch, 1980, Environmental linkages and power in resource-dependence relations between organizations, Administrative Science Quarterly 25(2), 200-225.
Kesner, I. F., and D. R. Dalton, 1987, Board of directors and he checks and balance of corporate governance, Business Horizon 30 (Sept/Oct), 17-23.
Kesner, I. F., and R. B. Johnson, 1990, An investigation of the relationship between board composition and stockholder suits, Strategic Management Journal 11, 327-336.
Kosnik. R. D., 1987, Greenmail: A study of board performance in corporation governance, Administrative Science Quarterly 32, 163-185.
Leland, H., and D. H. Pyle, 1977, Information asymmetric, financial structure and financial intermediation, Journal of Finance 32, 371-388.
Lewellen, W., G. Lorderer, and K. Martin, 1987, Executive compensation contracts and executive incentive problems: An empirical analysis, Journal of Accounting and Economics 9, 287-310.
Lipton, M., and J. W. Lorsch, 1992, A modest proposal for improved corporate governance, Business Lawyer 48(1), 59-77.
Mace, M. L., 1971, Directors, Myth, and Reality, Harvard Business School Press.
Mangel, R., and H. Singh, 1993, Ownership structure, board relationships and CEO compensation in large US corporations, Accounting and Business Research. 23(91A), 339-350.
McConnell, J. J., and H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.
Miguel, A. D., J. Pindado, and C. D. La Torre, 2005, How do entrenchment and expropriation phenomena affect control mechanisms? Corporate governance 13(4), 505-516.
Mike, W., 2004, Outside director and firm performance during institutional transition, Strategic Management Journal 25(5), 453-467.
Millstein, I. M., and P. W. MacAvoy, 1998, The active board of directors and performance of the large publicly traded corporation, Columbia Law Review 98(5), 1283-1322.
Morck, R., A. Shleifer, and R. W. Vishny, 1988, Management ownership and marketing valuation, Journal of Financial Economics 20, 293-315.
Nikos, V., 1999, Board meeting frequency and firm performance, Journal of Financial Economics 53, 113-142.
OECD, 1999, OECD Principles of Corporate Governance, Paris: Organisation for Economic Co-operation and Development.
OECD, 2004, OECD Principles of Corporate Governance, Paris: Organisation for Economic Co-operation and Development.
Oviatt, B. M., 1988, Agency and transaction cost perspectives on the manager shareholder relationship: Incentive for congruent interests, Academy of Management Review 13(2), 214-225.
Park, S. H., and Y. Luo., 2001, Guanxi and organizational networking in Chinese firms. Strategic Management Journal 22(5), 455-477.
Patton, A., and J. C. Baker, 1987, Why won’t directors rock the boat? Harvard Business Review 65(6), 10-18.
Pearce, J. A., and S. A. Zahra, 1992, Board composition from a strategic contingency perspective, Journal of Management Studies 29(4), 53-58.
Peng, M. W., and Y. Luo, 2000, Managerial ties and firm performance in a transaction economy: the nature of a micro-macro link, Academy of Management Journal 43(3), 486-501.
Perrow, C., 1986, Complex organization: A Critical Essay, New York: McGraw-Hill.
Pfeffer, J., 1972, Size and composition of corporate boards of director: The organization and its environment, Administrative Science Quarterly 17, 218-229.
Pfeffer, J., and G. R. Salancik, 1978, The external control of organizations: a resource dependence perspective, New York: Harper and Row.
Qi, D., W. Wu, and H. Zhang, 2000, Shareholding structure and corporate performance of partially privatized firms: Evidence from listed Chinese firms, Pacific-Basin Finance Journal 8, 587-610.
Rechner, P. L., 1989, Corporate governance, fact or governance fiction? Business Horizon 4, 11-15.
Rosenstein, S., and J. G. Waytt, 1990, Outside directors, board independence and shareholder wealth, Journal of Financial Economics 26(2), 175-191.
Ross, S., 1973, The economic theory of agency: The principal's problem, American Economic Review 63, 134-139.
Shleifer, A., and R. W. Vishny, 1997, A Survey of Corporate Governance, The Journal of Finance 52, 737-783.
Singh, H., and F. Harianto, 1989, Management-board relationships, takeover risk and the adoption of golden parachutes, Academy of Management Journal 32, 7-24.
Tian, J. J., and C. M. Lau, 2001, Board composition, leadership structure and performance in Chinese shareholding companies, Asia Pacific Journal of Management 18(2), 245-255.
Watts, R., and J. L. Zimmerman, 1978, Toward a positive theory of the determination of accounting standard, Accounting Review 53, 112-119.
Williamson, O. E., 1983, Organization form, residual claimants and corporate control. Journal of Law and Economics 26, 351-366.
World Bank, 1999, Corporate governance: A framework for implementation-Overview, The World Bank, Washington D. C.
Xu, X., and Y. Wang, 1999, Ownership structure and corporate governance in Chinese stock companies, China Economic Review 10, 75-98.
Yermack, D., 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics 40, 185-211.
Zahra, S. A., and J. A. Pearce II, 1989, Boards of directors and corporate financial performance: A review and integrated model, Journal of Management 15(2), 291-334.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2009-07-04起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2011-07-04起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw