董事會與高階管理團隊特質對研究發展投入和經營績效之影響

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Title:	董事會與高階管理團隊特質對研究發展投入和經營績效之影響
Other Titles:	The Effects of Characteristics of Board and Top Management Team on R&D Intensity and Corporate Performance
Authors:	吳仲謙
Contributors:	張允文;陳育成 Chang ,Yeun-Wen;Chen, Yu-Cheng 東海大學會計學系
Keywords:	董事會特質;高階管理團隊特質;公司治理;研究發展;經營績效 the characteristics of board;the characteristics of TMT;corporate governance;research and development;corporate performance
Date:	2005
Issue Date:	2011-05-19T07:28:37Z (UTC)
Abstract:	本研究從微觀的組織角度，探討董事會與高階管理團隊(TMT)特質對企業投入研究發展活動與經營績效的影響﹔並進一步討論R&D(R&D)對經營績效的影響。董事會特質包括董事會規模、董事會持股比例、內部董事、機構投資董事、常務董事、家族董事和董事長雙元性等變數。TMT特質有TMT規模、TMT持股比例、TMT教育程度、TMT教育程度異質性和TMT專業背景等變數。研究期間和樣本選取以民國86至91年間，台灣上市公司的傳統產業與高科技產業為研究樣本對象。有關傳統產業方面的結論，(一)董事會與TMT特質對企業投入研究發展的影響，內部董事、機構投資董事對R&D有顯著的負面影響；而常務董事之設置、董事長雙元性、TMT規模、TMT教育程度、教育程度異質性和專業背景對R&D則有顯著的正面影響。(二)董事會與TMT特質對經營績效影響，董事長雙元性對經營績效有顯著的負面影響；而董事持股比例、TMT教育程度異質性和TMT專業背景則對經營績效有顯著的正面影響。(三)在R&D對經營績效的影響部分，公司投入的研究發展投資對當期經營績效沒有顯著的影響，但是對遞延1期至遞延4期的經營績效表現則有顯著的正面影響。有關高科技產業方面的結論，(一)董事會特質與TMT特質對企業投入研究發展活動的影響部分，只有董事持股比例對R&D有顯著的負面影響；而TMT教育程度和TMT專業背景則對公司R&D有顯著的正面影響。(二)董事會與TMT特質對經營績效之影響，只有TMT教育程度異質性對經營績效有顯著的負面影響，而董事持股比例則對公司經營績效有顯著的正面影響。(三)檢驗R&D對經營績效的影響部分，公司投入的研究發展投資對當期和遞延1期之經營績效有顯著的負面影響，但是對遞延2期至遞延5期的經營績效表現沒有顯著的影響。 The main purpose of this research is to study the effects of characteristics of board and top management team on R&D intensity and corporate performance of listed companies in Taiwan. Furthermore, this research is to verify the effects of R&D intensity on corporate performances. The surrogate variables of characteristics of board are the size of board, the shareholdings of board, the inside directors, the institutional investors, the standing director, the family directors and CEO duality. As for the characteristics of TMT, there are five surrogate variables that are the size of TMT, the shareholdings of TMT, the educational degree of TMT, the diversity of educational degree of TMT and the professional background of TMT. The empirical results of traditional industries are as follow. (1) The influences of the characteristics of board and TMT on R&D intensity: the inside directors and institutional investors would have significant negatively influences on R&D intensity. However, the standing director, the CEO duality, the size of TMT, the education degree of TMT, the diversity of education degree of TMT and the professional background of TMT would have significant positively influences on R&D intensity. (2) The influences of characteristics of board and TMT on R&D intensity: the CEO duality would have significant negatively influence on corporate performances. However, the shareholdings of board, the diversity of education degree of TMT and the professional background of TMT would have significant positively influences on the corporate performances. (3) R&D intensity wouldn’t have significant influence on the current period of corporate performance, but it would have significant positively influences on the lag first period to lag fourth period of corporate performances. The empirical findings of high technology industries are as follow. (1) The influences of characteristics of board and TMT on R&D intensity: the shareholdings of board would have significant negatively influence on R&D intensity. However, the education degree of TMT and the professional background of TMT would have significant positively influences on R&D intensity. (2) The influences of characteristics of board and TMT on corporate performances: just only the diversity of education degree of TMT would have significant negatively influence on corporate performances. However, the shareholding of board would have significant positively influence on corporate performances. (3) The R&D intensity would have significant negatively influences on the current and lag first period of corporate performances, but would not have significant influences on the lag second period to lag fifth period of corporate performances.
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