CEO雙元性、財務決策對公司績效之影響：大陸上市公司之實證

CEO Duality, Financial Decision on Corporate Performance: Evidence from Chinese Listed Firms

本文主要以中國大陸上市（櫃）之傳統產業公司為研究對象，探討CEO雙元性之財務決策，對公司績效影響，降低公司發生經營危機之可能性，達到事前預警與風險管理之效。樣本資料為2008年至2017年，合計164家公司。實證結果顯示，CEO雙元性，影響公司績效的變數有流動比率、股東權益報酬率（ROE）、每股盈餘（EPS）；CEO非雙元性，影響公司績效的變數有利息保障倍數、現金再投資比率、ROE、總資產報酬率（ROA）、每股現金流量。管理涵義，CEO雙元性，當公司稅後淨利增加，建議經理人之財務決策為1.宜先行買回庫藏股（股利政策），減少流通在外股數，提高EPS與ROE，增強公司獲利能力；2.償還短中期負債（融資決策），提高流動比率，增強公司償債能力。CEO非雙元性，當公司稅前息前淨利（EBIT）增加，利息費用過高時，建議為1.宜先行償還貸款（融資決策），降低利息費用，提高利息保障倍數，增強公司償債能力；2.購置本業資產（投資決策）、發放現金股利（股利政策），降低ROA與現金再投資比率，增強公司獲利與經營能力；3.買回庫藏股（股利政策），減少流通在外股數，提高ROE與每股現金流量，增強公司獲利能力與現金流量。 This study examines the effect of CEO duality on company performance based on 164 listedfirms in traditional business in China from 2008 to 2017. The empirical results indicate that withCEO duality, the variables that affect company performance include liquidity ratio, return on equity(ROE), and earnings per share (EPS). Without CEO duality, the factors that impact companyperformance comprise times interest earned ratio, cash flow reinvestment ratio, ROE, return onassets (ROA), and cash flow per share. This paper contributes to the literature by using a novel setof database in a prediction model to warn corporate managers of possible financial distress.The results provide managerial implications. With CEO duality, when managers see higherearnings after tax, they may 1. Reduce the number of shares outstanding through stock repurchase(dividend policy) to increase EPS and ROE, strengthening the company’s profitability. 2. Repayshort and mid-term loan (financing decision) in order to increase liquidity ratio, enhancing thecompany’s ability to repay debt. Without CEO duality, when managers see higher earnings beforeinterest and tax (EBIT) with a large tax amount due, they could 1. Repay loan (financing decision)in order to reduce interest expense and increase times interest earned ratio, enhancing thecompany’s ability to pay debt. 2. Purchase assets for normal business operation (investmentdecision), distribute cash dividend (dividend policy), decrease ROA and cash flow reinvestmentratio in order to heighten the company’s profitability. 3. Reduce the number of shares outstandingthrough stock repurchase (dividend policy) in order to increase ROE and cash flow per share,improving the company’s profitability and cash flow.