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1
臺大管理論叢
2017/6
第
27
卷 第
2
期
1-34
DOI:10.6226/NTUMR.2017.JUL.R.13016
董事及高階主管政治連結與公司績效之關聯性
Political Connection and Firm Performance
摘 要
本文主要探討公司成員政治背景是否影響企業績效。本文以大股東、最高階主管或董
事成員是否擔任過中央政府官員、民意代表及相關政黨工作等特性，作為公司政治背
景之替代變數，以台灣
2005
年至
2011
年之上市櫃公司為研究對象，實證結果發現，具
有政治背景之公司，無論是會計績效或市場績效皆顯著較差。另將政治相關職位做進
一步的分析發現，當公司有較高比例的董事成員擔任過中央政府官員或民意代表時，
不但未能替公司增加價值，反而會產生較差的公司績效，此結果不受董事成員專業知
識高低的影響，且在金融海嘯前後期均有相同的結果。最後，本文亦考慮公司取得政
治連結的動機，結果發現，無論是否有較高的未來投資機會，政治連結均與公司績效
呈顯著負相關，此外當公司有未來融資需求以及有較高的租稅管理程度時，政治連結
對公司績效有顯著負向影響。
【關鍵字】
政治背景、公司績效、公司治理
Abstract
This paper investigates how political connections affect firm performance. Different from
prior studies, we enlarge the scope of political connections to include the board of directors
in addition to large shareholders and top management. Besides, we also examine connection
types, including connections through political parties, members of parliament, and
government ministers. Using a sample of Taiwanese-listed firms from years 2005 to 2011,
we find that politically-connected firms have lower accounting performance as well as lower
market performance. Further analysis indicates that firms have weaker performance when
they have higher proportions of directors serving as central government officers or legislative
body representatives. The negative association is not affected by the director’s level of
professional knowledge and exists both before and after the financial crisis. The results are
also consistent across different incentives (including future growth opportunities, financing
needs, and tax avoidance) for politically-connected firms.
【
Keywords
】
political connection, firm performance, corporate governance
紀信義
/
國立中興大學會計學系教授
Hsin-Yi Chi
, Professor, Department of Accounting, National Chung Hsing University
翁慈青
/
逢甲大學會計學系副教授
Tzu-Ching Weng
, Associate Professor, Department of Accounting, Feng Chia University
廖芝嫻
/
國立臺灣大學會計學系副教授
Chih-Hsien Liao
, Associate Professor, Department of Accounting, National Taiwan University
黃馨儀
/
國立臺灣大學會計學研究所博士候選人
Hsin-Yi Huang
, Ph.D. Candidate, Graduate Institute of Accounting, National Taiwan University
Received 2013/4, Final revision received 2014/7