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研究生： 林奕明
Lin, I-Ming
論文名稱： 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？
The New Regulation of Independent Directors in Taiwan: Who Voluntarily Adds Independent Directors and Does It Work?
指導教授： 許永明
Shiu, Yung-Ming
學位類別： 碩士
Master
系所名稱： 管理學院 - 國際企業研究所
Institute of International Business
論文出版年： 2008
畢業學年度： 96
語文別： 英文
論文頁數： 38
中文關鍵詞： 獨立董事 、外部董事 、公司治理 、自願加入
外文關鍵詞： voluntarily adding, independent director, outside director, corporate governance
相關次數： 點閱：143  下載：8 
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    • 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。

    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

    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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