內部董事的建言功能與公司績效

The Relation between Advising Function of Inside Directors and Firm Performance

內部董事可以藉由擔任別家公司的董事而取得別家公司的特定產業經驗，此 時內部董事可以在開會時，不論是董事會上的討論抑或是公司內部的經營會議上的 討論，將這些經驗分享給其他董事抑或是公司內部其他經理人，而形成建言功能。 本研究將這些藉由擔任其他公司董事而取得之特定產業經驗再區分為：「跨產業經 驗」以及「相同產業經驗」，並進一步探討不同的公司複雜度及研發支出如何影響 公司所需的內部董事建言功能類別，且當不同的公司複雜度及研發支出與所需的內 部董事建言功能類別進行配適時，公司績效是否有提升。 本研究發現：（1）當公司複雜度越高，需要內部董事的跨產業經驗建言功能較 多；（2）當公司研發支出越多時，需要內部董事的相同產業經驗建言功能較多；（3） 當公司複雜度越高，且搭配越多內部董事的跨產業經驗建言功能，則公司績效會提 升；（4）當公司研發支出越多，且內部董事的相同產業經驗建言功能也較多時，公司 績效會較好。

An inside director can acquire industry specific experience from being a director of another firm and share his or her experience with other directors or managers during meetings, either at the board of directors meeting or at internal business meetings, thus forming an advising function. This research divides these industry specific experiences gained by serving as directors of other firms into "experience in a different industry" and "experience in the same industry". We then explore the degree to which firm complexity and R & D expenditures affect the types of advising function of inside directors required by the firm and whether firm performance is improved when different degree of firm complexity and R & D expenditures are matched with the types of advising function of inside directors required. The empirical results show that (1) firms with higher complexity depend more on the advising function from directors with experience in a different industry; (2) firms with higher R & D expenditure depend more on the advising function from directors with experience in the same industry; (3) firms with higher complexity and more advising function from directors with experience in a different industry lead to improved firm performance; (4) firms with higher R & D expenditure and more advising function from directors with experience in the same industry lead to improved firm performance.