Sun Yat-Sen Management Review

  Journal Fullview

Sun Yat-Sen Management Review  2008/12

Vol. 16, No.4  p.703-742


Title
管理特質對企業績效之影響
The Impact of Management Characteristics on Firm Performance
(633719588224913750.pdf 6,217KB)

Author
林秀鳳、李建然/東海大學會計系、臺北大學會計系
Hsiu-Feng Lin、Jan-Zan Lee/

Department of Accounting, Tunghai University , Department of Accounting, National Taipei University


Abstract(Chinese)

本研究以2003 至2005 年台灣上市公司高階主管為研究對象,探討管理特 質是否影響企業績效良竄。實證結果顯示,擁有管理專業教育背景比率較高之 管理團隊獲利較佳; 但擁有管理經驗比率較高,獲利則較差。CEO在團隊內 部權力愈集中,績效愈好,但董事長與CEO 權力結合之績效差。扁平式組織 結構、管理者外部聲望及經濟誘因亦與企業績效正相關。另一方面,市場預期 管理人力愈多,公司績效愈好,但未發現投資人正面評價管理專業背景。此外, 管理團隊平均任期與外部董事會連結雖有助於企業獲利, 但市場予以負面評償。進步考量市場競爭後發現,不同績效衡量指標的實證結果在市場競爭度 較高的產業呈現較搞調和之現象,而管理特質在競爭環境下更能顯現效益。

(633719588224445000.pdf 55KB)

KeyWord(Chinese)

管理特質、企業績效、高階管理團隊、代理理論


Abstract(English)

This study empirically explores the relationship between management characteristics and firm performance by using the top management members of Taiwan listed companies during the period of 2003 to 2005 as a samp1e. The results demonstrate that top management teams with higher management education background have higher accounting performance. However, the results also show that the more management experience the top management teams have, the lower the accounting performance. Firms whose CEOs maintain highly centralized internal power experience higher profitability, while CEO duality has a negative impact on accounting performance. Moreover, flatter organizational structures, managers' reputations, and financial incentives for managers have a significantly positive influence on a firm's performance. On the other hand, although the management team size is positively associated with accounting performance, the strength of the team's management background is not reflected in the value of Tobin's q, a proxy for market value. Surprisingly, we find that the average tenure of the top management team and outside directorate ties help increase a firm's accounting performance, but that they also have a negative impact on its market value. Furthermore, we present the evidence that the divergent directions in the impact of management characteristics on accounting performance and market value, respectively, can be attributed to the degree of market competition. Specifically, for firms in highly competitive industries, the effect of management characteristics on accounting performance is in agreement with management characteristics on market value.

(633719588224445000.pdf 55KB)

KeyWord(English)

Management characteristics, Performance, Top management team, Agency theory


Policy and management implications
(Available only in Chinese)

本研究旨在對管理能力驅動企業績效與價值的關鍵性因素加以辨識,分別檢視管理階層具備管理方面之知識與經驗、結構、外部聲望以及經濟誘因等管理特質與績效之關係。人力質量係指管理團隊成員所具備的知識、技能與經驗;結構構面強調管理團隊之組成、層級與領導者之權責定位;管理者的外部名聲佳可降低資訊不對稱,減少交易成本與享有較低的資金成本,企業擁有較好與較多有聲望的管理者,具有較強之資訊整合與處理能力,較可能挑選好的計劃。良好的團隊結構可發揮整體協同優勢,有利於經理人效能充分發揮;經濟誘因則關係工作積極性,可強化其努力意願,故能出色地執行計劃,績效卓越。因此,本研究認為人力質量、團隊結構、外部聲望與經濟誘因對績效皆有正向作用。 實證結果顯示,管理特質確實與企業績效有關,且所影響之績效不僅指內部經營績效 (股東權益報酬率),並包含外部對企業未來績效期待之市場價值評價 ( ),因此對管理特質加以積極創造、累積及管理,對企業而言係為一影響其內部經營績效與外部對其評價之重要課題。 從本研究亦可獲得啟示,透過強化管理能力以提昇績效之可行方式:1. 低競爭環境之企業為增進績效,高階主管規模不宜過於龐大,維持管理團隊人事穩定,讓CEO擁有較高權限,可考量於管理團隊內部權力集中,但不宜將董事長與CEO權力結合。2. 高競爭環境之企業可簡化管理組織為扁平式結構,增加團隊中低階主管成員,並適當授權,以提高對環境變化之靈敏度。3. 高競爭產業擴大管理團隊年資差異以兼顧經驗傳承與企業創新。4.鑒於高階主管的管理能力對公司而言,屬於有限的資源,故公司應評估企業狀況來決定是否支持經理人擔任其他司董事,在競爭資訊取得較為重要的高競爭產業,公司可增加外部董事會連結以獲取資源。


References