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系統識別號 U0026-0812200914045224
論文名稱(中文) 公司治理、產業競爭程度、相對績效與高階管理者離職關係之實證研究
論文名稱(英文) An Empirical Study on the Relationship among Corporate Governance, The Degree of Industry Competitive, Relative Performance Evaluation, and Top Executive Turnover
校院名稱 成功大學
系所名稱(中) 企業管理學系碩博士班
系所名稱(英) Department of Business Administration
學年度 96
學期 1
出版年 97
研究生(中文) 歐陽豪
研究生(英文) Hou Ou-Yang
電子信箱 r4890105@mail.ncku.edu.tw
學號 r4890105
學位類別 博士
語文別 中文
論文頁數 101頁
口試委員 口試委員-胡聯國
口試委員-許溪南
口試委員-張紹基
口試委員-康信鴻
指導教授-莊雙喜
中文關鍵字 景氣循環指標  相對績效  高階管理者更迭  公司治理機制 
英文關鍵字 Relative Performance Evaluation (RPE)  Top Managers Turnover  Corporate Governance Mechanism  Business Cycle Index 
學科別分類
中文摘要 本文以高階管理者更迭為主要研究事件,探討台灣上市公司績效與相對績效評估指標對高階管理者更迭機率的影響,此外亦討論高階管理者持股比率與高階管理者為家族集團成員對內部治理效力之影響,並進一步驗証外部治理機制對不利於內部治理效率之影響。經過迴歸實証發現,其它條件不變下,會計績效指標-前期每股盈餘與高階管理者更迭的機率呈現顯著的負相關;高階管理者的持股比率對董事長及總經理的更迭率均為不顯著的負向影響,高階管理者為家族集團成員顯著的減少高階管理者更迭的機率,最後,董事長兼任總經理對董事長之更迭機率為顯著正向影響,對總經理的更迭呈現不顯著的負向影響;外部治理變數中:僅機構法人持股率的係數顯著為正,表示機構法人持股率愈高會增加高階管理者更迭之可能性。三項外部治理機制變數中,僅機構法人持股率對高階管理者有監督的力量。

在董事長更迭迴歸中,在高競爭產業及景氣持平與繁榮階段,相對會計績效-董事長更迭的負向敏感性較高,在總經理更迭迴歸中,在低競爭產業及景氣衰退階段,相對會計績效-總經理更迭的負向敏感性較高;董事長持股率的係數在景氣衰退階段顯著為負,而總經理持股率的係數在高競爭產業顯著為負;在低競爭產業與景氣衰退階段,機構法人持股比率-高階管理者更迭間的正向敏感性較高;在高競爭產業及景氣衰退階段,董事長為家族集團成員-董事長更迭的負向敏感性較高,而在高競爭產業及景氣持平與繁榮階段,總經理為家族集團成員-總經理更迭的負向敏感性較高;在高競爭產業,董事長兼任總經理-總經理更迭間有顯著的負相關。

從績效與高階管理者持股比率之交互項,不論董事長或總經理持股為連續變數或虛擬變數,可發現高階管理者的持股率越高,前期調整後股票到酬與每股盈餘與高階管理者的更迭率之顯著負相關已不存在,此時,高階管理者更迭機率-績效間的關係較不敏感,換言之,當董事長或總經理持股5%以上即會削弱績效與高階管理者更迭率間之負相關,亦即高階管理者持股比率高時,產生的固守職位效果,使得公司撤換此一不良績效的總經理,更形困難。而高階管理者為家族集團成員身分亦會降低會計績效-高階管理者更迭率間的負向敏感性。

外部治理機制變數是否可降低高階管理者持股率對其本身更迭機率之影響分析。本研究發現三項外部治理變數中,僅機構法人持股比率有降低高階管理者持股比率對內部治理機制不利影響的效果(績效-高階管理者更迭率間負向敏感性)。外部治理機制變數是否可降低高階管理者為控制家族集團成員對其本身更迭機率之影響分析。本研究發現:三項外部治理變數均有降低高階管理者為控制家族集團成員對內部治理機制不利影響的效果。
英文摘要 This dissertation focuses on the issue of top manager turnover and discusses the effectiveness of corporate performance and a relative performance evaluation index in relation to the probability of top manager turnover for Taiwanese stock-listed firms. In addition, this dissertation discusses the affect of top managers’ shareholdings and those managers that belong to controlling family members on internal governance effectiveness. Furthermore, this dissertation tests the impact of an external governance mechanism on the effectiveness of internal governance. The empirical logistic regression findings indicate that, all other elements being equal, in the relationship between turnover rate of top managers, earnings per share is significantly negative; in the relationship between turnover rate of top manager to top managers’ shareholdings is negative, but does not reach the significant level. Top managers-chairman and CEO who belong to controlled family members will significantly reduce the probability of top manager turnover. Finally, firms in which the chairman of the board of directors is also the CEO have a significantly positive affect on the probability of chairman turnover, while it has negative effect on the probability of CEO. The variables among external governance are that only the coefficient of institutional shareholdings is significantly positive with the manager turnover, which implies that the greater the institutional shareholdings, the greater the possibility of top manager turnover. Institutional shareholding is the only variable among three external governance mechanisms that has monitoring power over top managers.

In the chairman of the board of directors’ turnover regression, the negative sensitivity between relative EPS and chairman turnover is greater in highly competitive industries, normal stage and prosperity stage in the business cycle. In the CEO turnover regression, the negative sensitivity between relative EPS to CEO turnover is greater in less competitive industries and in which the firm is in the recession stage of the business cycle. The coefficient of chairman shareholdings is significantly negative in the recession stage, while the coefficient of CEO shareholdings is significantly negative in highly competitive industries. The positive sensitivity between relative to institutional shareholdings The coefficient of chairman shareholdings is significantly negative in recession stage, while the coefficient of CEO shareholdings is significantly negative in high competitive industry. And top manager turnover is greater in less competitive industries and for those that are in the recession stage of the business cycle. The negative sensitivity that exists between chairmen who belong to controlled family members to chairman turnover is greater in highly competitive industries and in firms that are in the recession stage of the business cycle, while the negative sensitivity between the relative CEO condition that belongs to controlled family members to CEO turnover is greater in highly competitive industries and those firms that are normal or in the prosperity stage of the business cycle. Finally, there exists a significantly negative relationship between the situations in which the chairman is also the CEO to CEO turnover.

With regard to the interaction item between performance and top manager shareholdings, neither continuous variables nor dummy variables of chairman shareholdings or CEO shareholdings, cause the empirical results to find that the more top manager shareholdings, the greater the negative relationship between stock return or EPS to top managers turnover does not exist, and the sensitivity between performance to top manager turnover is reduced. In other words, the negative relationship between performance to top manager turnover is reduced when chairman or CEO shareholdings exceed 5%. Namely, there exists an entrenchment effect when top manager shareholdings rise, which makes the firm’s ability to displace bad performing CEOs more difficult. In addition, top managers that belong to controlled family members also reduce the negative sensitivity that exists between accounting performance to top manager turnover.


In the analysis of whether an external governance mechanism can reduce the negative relationship of top manager shareholdings to top managers turnover, this research finds that only institutional shareholding has the affect of reducing bad affects on the top manager shareholding to internal governance mechanism (namely, the negative sensitivity that exists between performance to top manager turnover). In the analysis of whether external governance mechanisms can reduce the negative relationship of top managers who belong to controlled family members to top manager turnover, this research finds that all three external governance variables have the affect of reduction for the top managers who belong to controlled family members to internal governance mechanism (namely, the negative sensitivity that exists between top managers who belong to controlled family members to top managers turnover).
論文目次 口試合格證明 Ⅱ
中文摘要 Ⅲ
英文摘要 Ⅴ
誌謝 Ⅵ
目錄 Ⅶ
表目錄 Ⅹ
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與問題 5
第三節 研究架構 7
第二章 文獻探討與研究假說 8
第一節 文獻探討 8
第二節、文獻探討與研究假說 14
一、績效、相對績效與高階管理者的更迭 14
1.1績效與高階管理者更迭 14
1.2相對績效與高階管理者更迭 15
1.3 相對績效評估之實證研究結果 16
1.4高階管理者更迭前後績效的變化 18
二、產業競爭程度、景氣循環與相對績效-
高階管理者更迭間之敏感性 19
2.1產業競爭程度與相對績效評估 19
2.2 產業景氣、公司相對績效與高階
管理者更迭之關係 20
三、高階管理者持股比率、高階管理者是否
為家族成員與高階管理者更迭間之關係 21
3.1高階管理者持股比率與高階管理者
更迭間之關係 21
3.2高階管理者是否為家族集團成員與
高階管理者更迭間之關係 22
四、外部公司治理效力 24
4.1董事會獨立性與公司治理效力 24
4.2機構法人持股與公司治理效力 26
4.3外部大股東與公司治理效力 28
第三章、研究設計與方法 30
第一節、資料來源與樣本選取 30
第二節、變數來源 31
第三節、Logit迴歸模式與實證模型 33
3.1. Logit迴歸模式 34
3.2 實證模型 35
第四節、t統計量檢定             39
第四章、實證結果與分析 40
第一節、樣本敘述性統計與分析 40
第二節、實證結果 47
2.1績效與高階管理者之更迭 47
2.2相對績效(RPE)、產業競爭程度與高階
管理者之更迭 52
2.3高階管理者更迭前後績效之檢定 60
2.4高階管理者持股率對內部治理效力(絕對
績效或相對績效-高階管理者更迭率間的
負向敏感性)之影響分析 66
2.5高階管理者為家族集團成員對內部治理
效力(相對績效或絕對績效-高階管理者
更迭率間的負向敏感性)之影響分析 75
2.6外部治理機制對高階管理者持股率與
更迭率關聯性之影響 78
2.7外部治理機制對高階管理者為家族集團
成員與更迭率關聯性之分析 87
第五章、研究結論、限制與建議 90
第一節、研究結論 90
第二節、研究限制 92
第三節、後續研究建議 93
參考文獻 94
作者簡歷 101
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