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題名:董事與監察人對員工分紅配股之影響:以上市電子業為例
作者:郭佳如
作者(外文):Chiaju Kuo
校院名稱:雲林科技大學
系所名稱:管理研究所博士班
指導教授:傅鍾仁
王翰屏
學位類別:博士
出版日期:2007
主題關鍵詞:公司治理員工分紅配股獨立監察人獨立董事corporate governanceindependent directors/ supervisors.employee stock bonus plans
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本論文著重於以公司治理與證券交易法對董事、監察人之規範,探討董事、監察人對上市電子公司員工分紅配股之影響。除此之外,亦探討證券交易法及相關法規之適當性。美國與英國之董事會除了監督亦執行業務,有別於英、美,台灣的董事會主要負責業務之執行;而監察人主要負監督之責。筆者懷疑以往將董事與監察人持股比率合併為一個變數之研究是否適當,因此,本論文不僅將董事與監察人持股比率拆為兩個變數,亦將獨立董事人數與獨立監察人人數視為兩個變數,並採用較接近股東會召開時之資料進行實證研究。本論文試圖找到一個反證,而非將實證結果一般化。
實證結果大致支持本論文之預期。員工分紅配股率隨著全體監察人持股比率或獨立監察人人數之增加而增加;但隨著全體董事持股比率或獨立董事人數之增加而減少。結果支持筆者以下論點:由於董事與監察人角色不同,先前之研究將董事及監察人相關資料合併處理之方式可能不恰當。除此之外,實證結果大致與所探討之相關法規相容。最後,證據顯示:不同規模的公司(以資本額而言),需要不同的內部公司治理機制。
This study’s focus is on the effects of the Securities and Exchange Act with regard to ownership and structure of (independent) directors and (independent) supervisors on employee stock bonus plans of the TSEC-Listed electronics companies. In addition, related rules of Securities and Exchange Act are examined. Supervisors carry the duty of supervision whereas boards of directors are responsible for business execution in Taiwan, which is different from the system in the USA or in the UK where boards of directors not only carry the duty of supervision but also execute business. The author doubts that it may be inappropriate to combine the directors’ ownership with supervisors’ ownership as an explanatory variable as adopted by previous studies. Thus, different from previous studies, not only directors’ ownership and supervisors’ ownership but also the number of directors and number of supervisors are taken as separate independent variables, instead of combined as one, respectively, in this study.
Empirical results generally support the expectations of this study. The level of employee stock bonuses granted increase in accordance with the increase of all supervisors’ ownership or number of independent supervisors, whereas they decrease in accordance with the increase of all directors’ ownership or number of independent directors. The evidence provides support for the author’s argument that, owing to the different characteristics, it may be inappropriate to combine directors’ data with supervisors’ data as one explanatory variable as has been done in previous studies. Moreover, the empirical results are generally compatible with related regulations. Finally, the evidence shows firms with different scale, such as paid-in capital, need different corporate governance mechanisms.
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