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標題: 獨立董監兼職數與財務報表品質之關聯性研究
On the Association of Multiple Directorships of Independent Supervisions and Financial Reporting Quality
作者: 潘豐裕
Pan, Feng-Yu
關鍵字: 公司治理;Financial reporting quality;獨立董監;財務報表品質;盈餘管理;Independent directors;Independent supervisors;Corporate governance;Earnings Management
出版社: 會計學研究所
政府及學界最近均意識到公司治理的重要性,在討論如何進一步加強公司治理效能之際,設立獨立董監議題遂成為大家所爭論的焦點。在各種討論之中,不乏從管理行為及法律層面等角度所提出的卓見宏論,但從實證研究切入的討論則付諸闕如。我國上市(櫃)公司股權普遍較為集中於少數大股東,因此,公司治理的重點在於保障小股東及其他利害關係人之權益,以避免公司被少數不肖控制股東進行利益輸送或掏空資產。另外,就落實公司治理的精神而言,強化會計稽核與財務資訊透明化是一重要關鍵(傅豐誠 ,2004)。Chen and Jaggi (2000) 研究發現,獨立董事能增進公司財務資訊的品質,但是Beasley (1996) 則發現,獨立董事的兼職數會使財務報表品質受到一定程度的不良影響。故本研究試圖以獨立董監兼職數對財務報表品質之影響為出發點,首先針對獨立董監兼任其他公司獨立董事或獨立監察人席次的現行規定,探討其限定範圍的可議之處。其次,再從兼職情況對財務報表品質之影響層面,探討獨立董監兩者對於抑制盈餘管理及強化財務報表稽核之主導程度,並且從實施獨立董監制度預期成效上,對學者專家所爭論的監控雙軌制提供一實證意見。本研究實證結果發現關於現行兼任限制規定顯然有不合理之處,無法體現該兼職限制之基本精神。此外,從各兼職狀況之實證結果顯示,獨立監察人相較於獨立董事,其對財務報表品質之影響程度較大。

The government and the academic have both realized recently the importance of corporate governance . The issue of establishing independent directors and independent supervisors becomes the focus of the debates. Most of the debates are based on the views of administrational and legal perspectives; little is found to discuss the issue from empirical analysis. The ownership of the listed companies in TSE is generally clustered in a few blockholdors. Therefore, the emphasis of corporate governance in Taiwan is to ensure the rights and interests of the minority shareholders and other related parties. In particular, how to prevent companies from creating arm's-length transactions and/or illegal disposal of companies' assets is vital to successful corporate governance (Feng chen Fu, 2004). Chen and Jaggi (2000) find that independent directors can promote the quality of the disclosures of financial information. However, Beasley (1996) finds that independent director will lower the quality of financial reporting if the independent director holds multiple directorships. This study examines whether independent directors and independent supervisors hold multiple directorships or supervisorships influence the quality of financial reporting. First, I discuss the unreasonableness of current regulations on the independent directors and independent supervisors holding multiple independent directorships and/or independent supervisorships. Second, I investigate the relation between the the quality of the financial reporting and the holding of multiple directorships or supervisorships. Finally, I propose feasible suggestions on dual overseeing system based on my empirical results. The empirical results suggest that the current regulation on independent directors and independent supervisors holding multiple independent directorships or independent supervisorships obviously is unreasonable. Moreover, independent supervisors are comparatively exerting a greater influence on the quality of financial reporting than that of the independent directors.
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