摘要: | 董事會之特性及功能會影響公司整體策略及執行決策之能力,若具相當之獨立性或專業性,必可使公司治理更加完善,進而提升企業價值。台灣家族與集團企業,使股權過度集中於控制股東上,並可能對董事會之獨立性及專業性造成影響。故本研究旨在探討董事會之獨立性與專業性是否與企業價值具顯著關聯,並進一步探討股權集中之企業相較於股權分散之企業,董事會獨立性與專業性之提升是否可增進企業價值。
實證結果顯示,董事會獨立性與企業價值為顯著正相關。董事會專業性與企業價值為負相關。股權集中度與董事會獨立性為顯著正相關。股權集中度與董事會專業性為正相關。股權集中度對於董事會的獨立性於公司企業價值中是否有中介效果之影響,實證結果為正相關。股權集中度對於董事會專業性於公司企業價值中是否有中介效果之影響,實證結果為負相關。
Board of Directors of the features and functionality will affect the company’s overall strategy and execution decision-making ability, if with considerable independence or professional, will make corporate governance more perfect, and thus enhance corporate value. Taiwanese family and group enterprises, so that excessive focus on controlling shareholders equity on the board of directors and may result in independence and professionalism of the impact. Therefore, this study was to investigate the board’s independence and professionalism is a significant association with the enterprise value, and to further explore the equity focus of the company compared to dispersed ownership of enterprises, the board of directors to enhance the independence and professionalism of whether to enhance corporate value.
The empirical results show that board independence and corporate value of a significant positive correlation. Board of professional and business value of negative correlation. Ownership concentration and board independence as a significant positive correlation. Ownership concentration and board of directors is positively related to professionalism. Ownership concentration for the independence of the board of directors in corporate value have the effect of intermediate results, empirical results for the positive correlation. Ownership concentration for the professional in the corporate board of directors if there are intermediate results the value of the impact of empirical results for the negative correlation. |