董事會特質、企業風險管理與券商分析師盈餘預測準確度之關聯性

Board Characteristics, Enterprise Risk Management and Security Analysts’Forecasts Accuracy

本研究主要係探討董事會特質是否會影響券商分析師盈餘預測準確度，並加入企業風險管理此一變數，觀察其與董事會特質互動對於券商分析師盈餘預測準確度的影響。研究中利用董事長兼任總經理、董事會規模及獨立董事席次比率作為董事會特質的衡量，以2012 年至2017 年台灣上市櫃公司為研究對象，實證結果發現董事長兼任總經理、董事會規模及獨立董事席次比率均與券商分析師盈餘預測準確度呈顯著負相關。此外，本研究發現企業風險管理有助於提升券商分析師盈餘預測準確度。最後，本文證實在良好的企業風險管理之下，可改善董事會規模及獨立董事席次比率二者對於券商分析師盈餘預測準確度不利的影響。

The purpose of this study is to explore the relationship between board characteristics and security analysts’ forecasts accuracy and join variable of enterprise risk management to observe the board characteristics on security analysts’ forecasts accuracy. The samples are selected from Taiwan listed companies during the period 2012-2017, the results show that CEO duality, board size and the percentage of independent directors are negatively related to security analysts’ forecasts accuracy. Furthermore, this study also indicates that risk management is positively related to security analysts’ forecasts accuracy. Finally, the evidence shows that the relationships between board size & risk management and between the percentage of independent directors & risk management have effects on security analysts’ forecasts accuracy.