獨立董監事對公司績效與盈餘品質之影響－－控制股東之調節效果

The Effects of Independent Director and Supervisor on Firm Performance and Earnings Quality -The Moderating Effect of Controlling Shareholder

由於國內家族、集團企業特性的影響與法規制度未能切實執行，致使董事會與監察人未能發揮應有的功能，因而引進不具利害關係的獨立董事、獨立監察人制度，期以改善公司內部治理機制不佳的情形。本研究之目的，一則在於探討獨立董監事之設置，對於公司經營績效及盈餘品質是否具有提昇之功能；二則考量國內公司普遍存在控制股東之現象，本研究檢視獨立董監事功能之發揮是否會受到控制股東控制權之影響。實證結果顯示，獨立董監事之設置與公司績效呈顯著正向相關，當獨立董監事比率愈高，愈能提昇公司績效。但並未發現獨立董監事與盈餘品質之間的關聯性；此外，本研究也發現控制股東掌握公司的控制權愈多，確實愈會降低獨立董監事改善公司績效之功能。 The characteristics of family controlling and business group in domestic corporationsinfluence the function of board of directors. By introducing the independent director andsupervisor, the authoritative regulators hope to improve the corporate governance. Thepurpose of this study is to investigate whether the independent director and supervisor arebeneficial to firm performance and earnings quality. Besides, this study also examines themoderating effect of controlling shareholders on the relationship between independentdirector (supervisor) and firm performance or earnings quality. The empirical resultsindicate that the independent director and supervisor can improve firm performance butcan’t improve earnings quality. Furthermore, the effect of independent director andsupervisor on firm performance is reduced when the controlling shareholders commandmore controlling or voting right.