董事会结构资讯揭露透明度与财务危机之关系研究.docVIP

董事會結構、資訊揭露透明度與財務危機之關係研究 Board Structure, Information Transparency and Financial Crisis 研究生：鄭清安 Ching-An Cheng 指導教授：許文西 Wen-Hsi Hsu 【摘要】 近年來國內外相繼爆發企業弊案，使得公司治理成為世界關注的焦點。其中資訊不透明以及公司高層不道德的行為所引發之貪污與舞弊事件，是傷害企業體及社會最為嚴重的主要因素；因此，本研究探討與公司治理相關之變數對財務危機發生之相關研究。 有鑒於過去研究大多探討公司治理與績效、，In recent years, there have been several corporate scandals both in Taiwan and around the world making the corporate governance a global concern. There are two main factors causing these corporate scandals which damage the business itself and the whole society: insufficient information transparency and immoral behaviors of the corporate management. This research aims at analyzing the relationship between the variables of corporate governance and the corporate financial crisis. In the past, what most research papers probed into were either the relationships between corporate governance and its performance, stock prices, and financial qualities or the influence of a single aspect of corporate governance on corporate financial crisis. Very few mentioned the influence of the two main aspects of corporate governance on corporate financial crisis: Information Transparency and Board Structure. This research will probe into what influence both information transparency and board structure have on corporate financial crisis. It is expected that the findings of the research will determine the potential factors of corporate financial crisis. Through logistic regression analysis, we find that the most significant variable on corporate financial crisis is the independence of the board. The analysis shows a significant negative relationship between the independence of the board and the corporate financial crisis, implying that the more independent the board is, the less the probability of a corporate financial crisis will be. The study also shows that independent directors from the outside are of professional knowledge and are more independent and objective in determining, evaluating and monitoring the full-scale