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| Title | 銀行董事會規模、結構與公司績效關聯性之研究 -以臺灣的銀行機構為例 Bank board size、structure and performance - Evidence for Taiwan banking companies |
| Creator | 邱浩軍 |
| Contributor | 顏錫銘 邱浩軍 |
| Key Words | 公司治理 董事會規模 董事會獨立性 性別多樣性 |
| Date | 2013 |
| Date Issued | 1-May-2014 15:23:29 (UTC+8) |
| Summary | 2008年由次貸危機引發的金融海嘯，凸顯了銀行的公司治理機制的問題。本文由董事會的規模以及組成來探討公司治理對於公司績效所帶來的影響，採用台灣銀行為樣本，期間為1996年到2012年，以董事會規模、獨立性及性別多樣性作為主要變數來探討與公司績效的關係。首先，我們先以CAMEL指標做為應變數，探討在資本適足、資產品質、經營管理能力、獲利能力以及流動性共五個面向中，董事會的內部治理對於此五面向的個別影響為何，而此五個面向的變數，最終亦會反映在銀行的獲益率上。故本文使用股東權益報酬率(ROE)作為公司績效的代理變數，實證董事會特性相關變數對於公司績效的關聯性。 我們發現董事會規模愈大及獨立董事比率愈高在CAMEL五個面向皆呈現有利的影響，然而女性董事比率與CAMEL績效並無顯著相關性。而以股東權益報酬率作為公司績效代理變數時，董事會規模與獨立董事比率與之呈現正相關。 最後，我們以不同的性質，如銀行規模、資本適足率以及逾放比率，將銀行分類，結果顯示董事會規模對於資產規模較小的銀行以及資本適足率較差、逾放比率不佳的銀行來說特別顯著，表示董事會在相對體質沒那麼好的銀行中發揮了顯著的影響力。而我們也嘗試了其它績效指標做為我們公司績效的代理變數，結果發現董事會規模、獨立董事比率與其它績效指標比率呈現正相關，再次驗證董事會規模愈大、董事會的獨立性可增加公司績效，不過女性董事的比率則無顯著相關。 |
| 參考文獻 | 一、英文部分 Adams, Renee B., Ferreira, Daniel, 2007. A theory of friendly boards. J. Finance 62 (1), 217–250. Adams, R., Ferreira, D., 2009. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics 94, 291–309. Agrawal, A., Knoeber, C., 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31 (3), 377–397. Agrawal and Chadha, 2005. Corporate governance and accounting scandals. Journal of Law and Economics, vol. XLVIII Ashbaugh-Skaife, H., Collins, D.W., LaFond, R., 2006a. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42, 203–243. Ashbaugh-Skaife, H., Collins, D.W., LaFond, R., 2006b. Corporate Governance, Risk and Cost of Equity Capital. SSRN Working Paper. Bohern, Q., & Strom, R. O. (2005). Aligned, informed, and decisive: characteristics of value-creating boards. Unpublished Working Paper. Norwegian School of Management BI. Carter, D.A., Simkins, B.J., Simpson, W.G., 2003. Corporate governance, board diversity, and firm value. The Financial Review 38, 33–53. Catalyst, 2010. Catalyst Census of Women Board Directors of the Fortune 500, Catalyst, New York, NY. Chung-Hua Shen, Yuan Chang, 2012. To join or not to join? Do banks that are part of a financial holding company perform better than banks that are not? Contemporary Economic Policy, Vol.30 No.1, January 2012, 113-128. Coles, Jeffrey L., Daniel, Naveen D., Lalitha, Naveen, 2008. Boards: does one size fit all? J. Finan. Econ. 87, 329–356. Cornett, M.M., McNutt, J.J., Tehranian, H., 2009. Corporate governance and earnings management at large US bank holding companies. Journal of Corporate Finance 15, 412–430. Coughlan and Schmidt,1985. Executive compensation, management turnover, and firm performance : An empirical investigation. Journal of Accounting and Economics Volume 7, Issues 1–3, Pages 43–66 Eagly, A., Carli, L., 2003. The female leadership advantage: an evaluation of the evidence. The Leadership Quarterly 14, 807–834. Eisenberg, T., Sundgren, S., Wells, M., 1998. Larger board size and decreasing firm value in small firms. J. Finan. Econ. 48, 35–54. Fama, E. E,1980. Agency Problems and the Theory of the Firm. The Journal of Political Economy, Vol. 88, No. 2, pp. 288-307 Fama, E. E. and Jensen, M. C.,1983. Separation of ownership and control. Journal of Law and Economics, Vol. 26, No.2, 301-325. Fan, J.P.H., Wong, T.J., Zhang, T., 2007. Politically connected CEOs, corporate governance and post-IPO performance of China’s partially privatized firms. Journal of Financial Economics 84 (2), 330–357. Farrell, K.A., Hersch, P.L., 2005. Additions, to corporate boards: the effect of gender. Journal of Corporate Finance 11, 85–106. Fisher and McGrowan,1983. The misuse of accounting rates of return：comment. The American economic Review, Volume 74, issue 3, 501-506. Gul, F.A., Srinidhi, B., Ng, A.C., 2011. Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics 51, 314– 338. Hermalin, B., Weisbach, M., 2003. Boards of directors as an ndogenously-determined institution: a survey of the economic literature. Econ. Pol. Rev. 9, 7–26. Hsin-I Chou , Huimin Chung , Xiangkang Yin,2013. Attendance of board meetings and company performance:Evidence from Taiwan . Journal of Banking & Finance 37, 4157–4171. Jensen, M., 1993. The modern industrial revolution, exit, and the failure of internal control systems. J. Finance 48, 831–880. Kirkpatrick, Grant, 2009. The corporate governance lessons from the financial crisis. Finan. Markets Trends 96 (1), 52–81. Lemmon, M.L., Lins, K.V., 2003. Ownership structure, corporate governance, and firm value: evidence from the East Asian Financial Crisis. The Journal of Finance 58, 1445–1468. Lipton, M., Lorsch, J., 1992. A modest proposal for improved corporate governance.Business Lawyer 48, 59–77. Mishra, C.S., Nielsen, J.F., 2000. Board impendence and compensation policies in large bank holding companies. Financial Management 29, 51–70. Morck, R., Shleifer, A., Vishny, R., 1988. Management ownership and market valuation: an empirical analysis. J. Finan. Econ. 20, 293–315. Qi Liang, Pisun Xu, Pornsit Jiraporn,2013. Board characteristics and Chinese bank performance. Journal of Banking & Finance 37 2953–2968 Raheja, C.G., 2005. The determinants of board size and composition: a theory of corporate boards. Journal of Financial and Quantitative Analysis 40, 283–306. Richard, O.C., Barnett, T., Dwyer, S., &Chadwick, K., 2004. Clutural diversity in management, firm performance, and the moderating role of entrepreneurial orientation dimensions. Academy of Management Journal, 47, 255-266. Robinson, G., Dechant, K., 1997. Building a business case for diversity. Academy of Management Executive 11, 21–30. Rosenstein, S., Wyatt, J.G., 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics 26, 229–250. Todd Mitton,2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics ,215–241 Weisbach, M. S.,1988. Outsider directors and CEO turnover. Journal of Financial Economics, Vol. 20, No.1,2, 431-460. Yermack, D., 1996. Higher market valuation of companies with a small board of directors. J. Finan. Econ. 40, 185–211. Yoon, S. S., amd G. A. Miller,2002. Cash from operations and earnings management in Korea.The International Journal of Accounting 37(4), 395-412. Yun, H.,2008. Higher market valuation of companies with a small board of directors. Journal of Financial Economics, Vol. 40,1996,185-212. Zahra, S. A. and Pearce, J. A.,1989. Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, Vol. 15, No.2, 291-334. 二、中文部分 吳孟紋，2000，銀行業最終股權結構與CAMELS之關係，東吳大學國際貿易學系碩士論文。 葉銀華、李存修與柯承恩，2002，公司治理與評等系統，商智文化。 沈中華、吳孟文，2002，，銀行治理、銀行失敗與銀行績效-以台灣為例，亞太經濟管理評論。 方逸順，2002，銀行財務績效與董事會特性之關聯性-以上市櫃公民營銀行為例，國立台灣大學會計學系碩士論文。 杜相如，2003，台灣地區銀行業市場結構、行為與雞孝之研究，朝陽科技大學財務金融研究所碩士論文。 蔡書瑜，2008，從董事會特性及道德風險觀點評析銀行經營績效，國立高雄第一科技大學財務管理系碩士論文。 黃資東，2009，董事會特性、股權結構與公司經營績效之關聯性研究-以台灣電子產業上市公司為例，國立台北大學國際財務金融碩士論文。 吳愛鳳，2010，所有權結構、董事會組成與買回庫藏股宣告之市場反應，國立台灣大學會計學系碩士論文。 賴瑋捷，2010，女性董事、公司治理與財務績效-以台灣上市公司為例，國立台北大學金融與合作經營學系碩士論文。 趙苑婷，2011，股權結構、董事會組成對公司績效之影響-以台灣上市公司為例，潮陽科技大學財務金融系碩士論文。 張登茵，2011，董事會特性、股權集中度與企業價值之關聯性研究，中國文化大學會計系碩士論文 |
| Description | 碩士 國立政治大學 財務管理研究所 99357019 102 |
| 資料來源 | http://thesis.lib.nccu.edu.tw/record/#G0993570191 |
| Type | thesis |
| dc.contributor.advisor | 顏錫銘 | zh_TW |
| dc.contributor.author (Authors) | 邱浩軍 | zh_TW |
| dc.creator (作者) | 邱浩軍 | zh_TW |
| dc.date (日期) | 2013 | en_US |
| dc.date.accessioned | 1-May-2014 15:23:29 (UTC+8) | - |
| dc.date.available | 1-May-2014 15:23:29 (UTC+8) | - |
| dc.date.issued (上傳時間) | 1-May-2014 15:23:29 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0993570191 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/65786 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 99357019 | zh_TW |
| dc.description (描述) | 102 | zh_TW |
| dc.description.abstract (摘要) | 2008年由次貸危機引發的金融海嘯，凸顯了銀行的公司治理機制的問題。本文由董事會的規模以及組成來探討公司治理對於公司績效所帶來的影響，採用台灣銀行為樣本，期間為1996年到2012年，以董事會規模、獨立性及性別多樣性作為主要變數來探討與公司績效的關係。首先，我們先以CAMEL指標做為應變數，探討在資本適足、資產品質、經營管理能力、獲利能力以及流動性共五個面向中，董事會的內部治理對於此五面向的個別影響為何，而此五個面向的變數，最終亦會反映在銀行的獲益率上。故本文使用股東權益報酬率(ROE)作為公司績效的代理變數，實證董事會特性相關變數對於公司績效的關聯性。 我們發現董事會規模愈大及獨立董事比率愈高在CAMEL五個面向皆呈現有利的影響，然而女性董事比率與CAMEL績效並無顯著相關性。而以股東權益報酬率作為公司績效代理變數時，董事會規模與獨立董事比率與之呈現正相關。 最後，我們以不同的性質，如銀行規模、資本適足率以及逾放比率，將銀行分類，結果顯示董事會規模對於資產規模較小的銀行以及資本適足率較差、逾放比率不佳的銀行來說特別顯著，表示董事會在相對體質沒那麼好的銀行中發揮了顯著的影響力。而我們也嘗試了其它績效指標做為我們公司績效的代理變數，結果發現董事會規模、獨立董事比率與其它績效指標比率呈現正相關，再次驗證董事會規模愈大、董事會的獨立性可增加公司績效，不過女性董事的比率則無顯著相關。 | zh_TW |
| dc.description.tableofcontents | 謝辭 I 摘要 III Abstract IV 目錄 V 表目錄 VII 圖目錄 VIII 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 4 第三節 研究流程與章節架構 5 第二章 文獻探討 7 第一節 公司治理之意涵與機制 7 第二節 銀行業之公司治理 9 第三節 銀行績效CAMEL指標 12 一、C –資本適足性 13 二、A –資產品質 18 三、M –經營管理能力 22 四、E –獲利能力 25 五、L –流動性 28 第四節 董事會規模與公司績效 31 第五節 董事會結構與公司績效 33 第三章 研究設計與方法 37 第一節 研究架構 37 第二節 研究範圍與資料來源 38 第三節 變數定義 41 第四節 研究假說 53 第五節 研究模型與分析方法 56 第四章 實證結果與分析 58 第一節 敘述性統計分析 58 第二節 Pearson 自我相關分析 60 第三節 董事會特性對CAMEL指標分析 62 第四節 CAMEL指標對公司績效分析 70 第五節 董事會特性對公司績效迴歸分析 78 第五章 結論與建議 95 第一節 研究結論 95 第二節 研究限制及建議 97 參考文獻 98 | zh_TW |
| dc.format.extent | 1420278 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0993570191 | en_US |
| dc.subject (關鍵詞) | 公司治理 | zh_TW |
| dc.subject (關鍵詞) | 董事會規模 | zh_TW |
| dc.subject (關鍵詞) | 董事會獨立性 | zh_TW |
| dc.subject (關鍵詞) | 性別多樣性 | zh_TW |
| dc.title (題名) | 銀行董事會規模、結構與公司績效關聯性之研究 -以臺灣的銀行機構為例 | zh_TW |
| dc.title (題名) | Bank board size、structure and performance - Evidence for Taiwan banking companies | en_US |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 一、英文部分 Adams, Renee B., Ferreira, Daniel, 2007. A theory of friendly boards. J. Finance 62 (1), 217–250. Adams, R., Ferreira, D., 2009. Women in the boardroom and their impact on governance and performance. Journal of Financial Economics 94, 291–309. Agrawal, A., Knoeber, C., 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31 (3), 377–397. Agrawal and Chadha, 2005. Corporate governance and accounting scandals. Journal of Law and Economics, vol. XLVIII Ashbaugh-Skaife, H., Collins, D.W., LaFond, R., 2006a. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42, 203–243. Ashbaugh-Skaife, H., Collins, D.W., LaFond, R., 2006b. Corporate Governance, Risk and Cost of Equity Capital. SSRN Working Paper. Bohern, Q., & Strom, R. O. (2005). Aligned, informed, and decisive: characteristics of value-creating boards. Unpublished Working Paper. Norwegian School of Management BI. Carter, D.A., Simkins, B.J., Simpson, W.G., 2003. Corporate governance, board diversity, and firm value. The Financial Review 38, 33–53. Catalyst, 2010. Catalyst Census of Women Board Directors of the Fortune 500, Catalyst, New York, NY. Chung-Hua Shen, Yuan Chang, 2012. To join or not to join? Do banks that are part of a financial holding company perform better than banks that are not? Contemporary Economic Policy, Vol.30 No.1, January 2012, 113-128. Coles, Jeffrey L., Daniel, Naveen D., Lalitha, Naveen, 2008. Boards: does one size fit all? J. Finan. Econ. 87, 329–356. Cornett, M.M., McNutt, J.J., Tehranian, H., 2009. Corporate governance and earnings management at large US bank holding companies. Journal of Corporate Finance 15, 412–430. Coughlan and Schmidt,1985. Executive compensation, management turnover, and firm performance : An empirical investigation. Journal of Accounting and Economics Volume 7, Issues 1–3, Pages 43–66 Eagly, A., Carli, L., 2003. The female leadership advantage: an evaluation of the evidence. The Leadership Quarterly 14, 807–834. Eisenberg, T., Sundgren, S., Wells, M., 1998. Larger board size and decreasing firm value in small firms. J. Finan. Econ. 48, 35–54. Fama, E. E,1980. Agency Problems and the Theory of the Firm. The Journal of Political Economy, Vol. 88, No. 2, pp. 288-307 Fama, E. E. and Jensen, M. C.,1983. Separation of ownership and control. Journal of Law and Economics, Vol. 26, No.2, 301-325. Fan, J.P.H., Wong, T.J., Zhang, T., 2007. Politically connected CEOs, corporate governance and post-IPO performance of China’s partially privatized firms. Journal of Financial Economics 84 (2), 330–357. Farrell, K.A., Hersch, P.L., 2005. Additions, to corporate boards: the effect of gender. Journal of Corporate Finance 11, 85–106. Fisher and McGrowan,1983. The misuse of accounting rates of return：comment. The American economic Review, Volume 74, issue 3, 501-506. Gul, F.A., Srinidhi, B., Ng, A.C., 2011. Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics 51, 314– 338. Hermalin, B., Weisbach, M., 2003. Boards of directors as an ndogenously-determined institution: a survey of the economic literature. Econ. Pol. Rev. 9, 7–26. Hsin-I Chou , Huimin Chung , Xiangkang Yin,2013. Attendance of board meetings and company performance:Evidence from Taiwan . Journal of Banking & Finance 37, 4157–4171. Jensen, M., 1993. The modern industrial revolution, exit, and the failure of internal control systems. J. Finance 48, 831–880. Kirkpatrick, Grant, 2009. The corporate governance lessons from the financial crisis. Finan. Markets Trends 96 (1), 52–81. Lemmon, M.L., Lins, K.V., 2003. Ownership structure, corporate governance, and firm value: evidence from the East Asian Financial Crisis. The Journal of Finance 58, 1445–1468. Lipton, M., Lorsch, J., 1992. A modest proposal for improved corporate governance.Business Lawyer 48, 59–77. Mishra, C.S., Nielsen, J.F., 2000. Board impendence and compensation policies in large bank holding companies. Financial Management 29, 51–70. Morck, R., Shleifer, A., Vishny, R., 1988. Management ownership and market valuation: an empirical analysis. J. Finan. Econ. 20, 293–315. Qi Liang, Pisun Xu, Pornsit Jiraporn,2013. Board characteristics and Chinese bank performance. Journal of Banking & Finance 37 2953–2968 Raheja, C.G., 2005. The determinants of board size and composition: a theory of corporate boards. Journal of Financial and Quantitative Analysis 40, 283–306. Richard, O.C., Barnett, T., Dwyer, S., &Chadwick, K., 2004. Clutural diversity in management, firm performance, and the moderating role of entrepreneurial orientation dimensions. Academy of Management Journal, 47, 255-266. Robinson, G., Dechant, K., 1997. Building a business case for diversity. Academy of Management Executive 11, 21–30. Rosenstein, S., Wyatt, J.G., 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics 26, 229–250. Todd Mitton,2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics ,215–241 Weisbach, M. S.,1988. Outsider directors and CEO turnover. Journal of Financial Economics, Vol. 20, No.1,2, 431-460. Yermack, D., 1996. Higher market valuation of companies with a small board of directors. J. Finan. Econ. 40, 185–211. Yoon, S. S., amd G. A. Miller,2002. Cash from operations and earnings management in Korea.The International Journal of Accounting 37(4), 395-412. Yun, H.,2008. Higher market valuation of companies with a small board of directors. Journal of Financial Economics, Vol. 40,1996,185-212. Zahra, S. A. and Pearce, J. A.,1989. Boards of directors and corporate financial performance: A review and integrative model. 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