頁籤選單縮合
題 名 | 以企業績效表現趨勢之權變觀點探討企業統治結構對經營狀況之影響=The Effects of Governance Structure on Corporate Status Based on Contingency Views of Performance Trend |
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作 者 | 蔡明田; 張淑昭; 程永明; | 書刊名 | 成功大學學報 |
卷 期 | 37 2002.11[民91.11] |
頁 次 | 頁89-115 |
分類號 | 494.542 |
關鍵詞 | 外部董事; CEO二元性; 企業統治結構; 企業經營狀況; 企業績效表現趨勢; Governance structure; Outside director; CEO duality; Corporate operating status; Corporate performance trend; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究乃是以臺灣已上市或上櫃公司為研究對象,主要是探討包括外部董事所持有該公司之股份佔董事會所持有該公司股份之比例多寡與CEO二元性(企業董事會之成員同時身為該企業之總經理)等企業統治結構兩變數與企業經營狀況(財務艱困與否)等三主要變數間兩兩之互動關係(LOGIT迴歸分析法),並說明此兩兩互動關係在受到企業績效表現趨勢(取資產報酬率之時間數列下之斜率表示,資產報酬率擷取自1994年至1998年之企業資料)變數影響下將呈現出何種特性或程度之改變。本研究根據所認定之48家財務艱困公司(企業於1999年時之經營狀態為下市、下櫃、被證管會列為變更交易股票、被證管會列為管理股票或被列入「臺灣經濟新報資料庫」中之財務艱困公司)的淨銷貨收入與產業別,找出同產業中企業之淨銷貨收入與該財務艱困公司相近之48家財務健全公司與之進行分析,研究結果顯示:企業其外部董事所持有股份佔董事會總股份比例之高低不但對於企業選擇企業之總經理同時身為該企業董事會之成員與否之決策具有相當的影響力,同時在受到企業績效衰退趨勢之催化下,亦對企業經營成敗之影響具有示範作用。 |
英文摘要 | In this study, we examine the relationships between governance structure(included rate of percentage held by outside directors on percentage held by total board directors, CEO duality)and corporate operating status. Besides, we analyze how the corporate performance trend over the periods from 1994 to 1998 affects the relationships between governance structure and corporate operating status. The data uses in this study is taken from「TAIWAN ECONOMIC JOURNAL DATA BANK」and Annual Report to security holders of related firms. This study employs a matched pair design of 48 failing firms and healthy firms in 1999. All of the information on these firms(including Listed firms and OTC firms)gather covering 5 years from 1993 to 1998. The relative models of these firms are constructed and compared with statistics techniques of logit model. The study finds that (1) the rate of percentage held by outside directors on percentage held by total board directors affects significantly the tendency that firms choose a dual-CEO or a non-dual CEO; (2) the corporate performance trend over the periods from 1994 to 1998 affects significantly the relationships between governance structure and corporate operating status. This study hopes to utilize these research results to acquire important managerial implications and further to realize the influences of CEO duality problems on stockholders. |
本系統中英文摘要資訊取自各篇刊載內容。