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系統識別號 U0026-0812200914182047
論文名稱(中文) 台灣獨立董事新政策:何種特性的公司自願加入獨立董事?及加入獨立董事是否有效?
論文名稱(英文) The New Regulation of Independent Directors in Taiwan: Who Voluntarily Adds Independent Directors and Does It Work?
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 96
學期 2
出版年 97
研究生(中文) 林奕明
研究生(英文) I-Ming Lin
電子信箱 r6695102@mail.ncku.edu.tw
學號 R6695102
學位類別 碩士
語文別 英文
論文頁數 38頁
口試委員 指導教授-許永明
口試委員-陳安琳
口試委員-江明憲
中文關鍵字 獨立董事  外部董事  公司治理  自願加入 
英文關鍵字 voluntarily adding  independent director  outside director  corporate governance 
學科別分類
中文摘要 台灣政府規定在2002年之後上市的公司,必須加入兩位獨立董事和一位獨立監察人,並建議在2002年之前上市的公司,可以選擇自願加入獨立董事和獨立監察人。此政策對在2002年之前上市的公司是很大的外部衝擊,因為在此之前沒有任何的獨立董事存在台灣公司董事會之中。在新的政策宣佈之後,這些公司必須選擇自願加入獨立董事或不加入獨立董事。本研究分析這些樣本公司在2002到2007年間的資訊,並研究『哪種特徵的公司自願加入獨立董事』及『加入獨立董事是否能夠改善公司的財務表現』。本研究發現,公司擁有高的Tobin’s Q比例、較低的董事會席次控制、較多的資產和低的負債比率公司傾向自願加入獨立董事。然而,加入獨立董事卻無法改善公司的財務績效。本研究過去文獻有不同的結論,其原因在於台灣特殊的情況。
英文摘要 In 2002, the government of Taiwan regulated that a company applied for listing the first time after 2002 must set aside three seats for independent members, and recommended that a company that went public before 2002 should voluntarily add independent directors to the board. This is the big exogenous shock to Taiwanese firms that went public before 2002, because their boards have no independent directors before new regulation and have option to voluntarily add independent directors or not . We analyze these companies to find “what characteristics of firms may affect board to voluntarily add independent directors” and “whether voluntarily adding independent directors improve firm performance” during 1999-2007. We find that firms with high Tobin’s Q, young age, low board seats controlled, large size, low debt to assets ratio are more likely to voluntarily add independent directors. However, adding independent directors cannot improve financial performance. Our results are different with previous studies that analyzing new regulation of outsiders due to special situation in Taiwan
論文目次 Contents
English Abstract I
Chinese Abstract II
Acknowledgement III
Contents IV
List of Tables V
List of Figures VI
Chapter 1 Introduction 1
1.1 Introduction 1
1.2 The Board in Taiwan 4
Chapter 2 Literature review and hypothesis 6
2.1 What characters of firm affect board to add independent directors? 6
2.2 Whether independent directors affect firm performance? 7
2.3 Endogenous problem 9
2.4 Hypothesis 10
Chapter 3 Data and Methodology 13
3.1 Data and sample selection 13
3.2 Regressions and Variables 14
Chapter 4 Empirical Results and Discussion 19
4.1 Empirical Results 19
4.2 Discussion 19
4.2.1 Factors affect firm to add independent directors 19
4.2.2 Independent directors do not affect firm performance 20
Chapter 5 Conclusion 23
References 34
Appendix 36

List of Tables
Table 1 Financial Performance and Board Characteristics for Taiwanese Firms went public on the TSE before 2002 27
Table 2 Summary of variable definitions 28
Table 3 Regression analysis of adding independent directors 29
Table 4 Regression analysis of firm performance (Average) 31
Table 5 Regression analysis of firm performance (change) 32

List of Figures
Figure 1 Mean ROA through 1999-2007 for two mutually exclusive groups of Taiwanese industrial firms that went public on the TSE before 2002 24
Figure 2 Mean ROE through 1999-2007 for two mutually exclusive groups of Taiwanese industrial firms that went public on the TSE before 2002 24
Figure 3 Mean Tobin’s Q through 1999-2007 for two mutually exclusive groups of Taiwanese industrial firms that went public on the TSE before 2002 25
Figure 4 Mean ROA in event time for two mutually exclusive groups of Taiwanese industrial firms listed on the TSE before 2002 from 1999-2007 25
Figure 5 Mean ROE in event time for two mutually exclusive groups of Taiwanese industrial firms listed on the TSE before 2002 from 1999-2007 26
Figure 6 Mean Tobin’s Q in event time for two mutually exclusive groups of Taiwanese industrial firms listed on the TSE before 2002 from 1999-2007 26
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