李存修臺灣大學：財務金融學研究所林韋君Lin, Wei-ChunWei-ChunLin2007-11-282018-07-092007-11-282018-07-092006http://ntur.lib.ntu.edu.tw//handle/246246/60924此篇論文運用了同步迴歸–三階段最小平方法來探討公司績效與董事 會組成的雙向關係，其中我們以所有獨立董、監事席次佔所有董、監會席次的比例來代表董事會組成的獨立性。我們的研究結果發現這兩個變數間的關係是互相影響，且正向的相互良性循環。在董事會組成的式子裡，實證結果顯示應變數–董事會的獨立性，與公司績效、現金權、電子相關產業虛擬變數正相關；與公司規模、成長性負相關。而在公司績效的式子裡，應變數–公司績效與董監事質押比例、負債比例與研發費用負相關；與董事會組成獨立性、現金權、偏離程度與公司規模成反比。This paper employ a simultaneous equation model to explore the cause and effect relationship between board composition (we proxy it by the percentage of the independent members on the board, including directors and supervisors) and firm performance. Our finding reveals that the two variables impact and interact with each other jointly in a positive manner that brings a virtuous circle into companies. In the board composition equation, we find evidence that the percentage of independence of the board correlate positively to firm performance 、cash flow right and electronics-related industry and is negatively impacted by firm size and growth opportunities. In the other equation, firm performance is inversely impacted by equity pledge percentage 、debt ratio and research and development expenditure and positively relates to board independence、cash flow right、divergence percentage and firm size.目錄 口試委員審定書… … … … … … … … … … … … … i 致謝… … … … … … … … … … … … … … … … ii 中文摘要… … … … … … … … … … … … … … …iii 英文摘要… … … … … … … … … … … … … … … iv 1.Introduction....................................... 1 2.Literature Review.................................. 2 Does board composition affect firm performance? ..... 3 Does firm performance affect board compos ition? .....5 The ambiguous relationship between firm performance and board composition.................................... 6 3. Methodology....................................... 7 Board composition equation........................... 8 Firm performance equation............................13 4. Model............................................ 16 5. Data Collection ......................................... 19 6. Empirical Results ............................... 22 7. Conclusion....................................... 331185764 bytesapplication/pdfen-US同步迴歸公司績效董事會組成simultaneous equationfirm performanceboard compositionthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/60924/1/ntu-95-R93723040-1.pdf