董事會結構、自由現金流量與公司績效之關連性研究

The Study of Board Structure, Free Cash Flow, and Firm Performance

本研究以2014到2018年台灣上市公司為研究樣本，探討自由現金流量、董事會結構與財報表現對公司績效的影響，並進一步探討是否自由現金流量會增強或削弱董事會結構對公司績效之影響。本研究從實證結果得到以下發現:第一、內部人持股比例較高的公司可能具有較高的公司績效。我們推斷內部人的股票增加可能被視為一個積極的信號。其次，現金流量比率對公司績效產生積極而重大的影響，表明現金流量較高的公司能夠應付不可預測的風險，從而增強公司的實力。第三，負債比率比及董監事質押比率與公司績效呈負相關，上述說明財報與公司治理有疑慮的公司，可能比較不容易有較佳的公司績效表現。

By employing the firms listed in TWSE from 2014 to 2018 as our samples, we explore the impact of free cash flow, board structure, and financial performance on firm performance, and we also further explore whether free cash flow will strengthen or weaken the board structure on firm performance. We reveal several important findings. First, the firm with higher insiders' holdings ratio might have higher firm performance. We infer that increasing insiders' shareholding might be regarded as a positive signal. Second, the cash flow ratio has a positive and significant impact on firm performance, indicating that the firms with higher cash flow are able to cope with unpredictable risks, thereby enhancing firm performance. Third, the firm with either higher debt ratio or higher directors' pledge ratio might not have higher firm performance, indicating that the firms with either financial or corporate governance issues might not have higher firm performance.