| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 99 === In this research, the samples are all the companies in the Taiwan Stock Exchange Corporate(TSEC) and Over-the Counter market(OTC), and financial industry is excluded. The data consists of 550 companies from firms listed on TSE and 176 companies from firms on OTC in Taiwan from 2001 to 2006. The first part of this research is to find the factors for companies to voluntarily appoint independent directors.OLS is used in the first part of this research. The second part of this research is to find the effect of voluntary appointment of independent directors on performance, which include: financial performance (ROA, ROE and EPS)，market value (TOBINQ and PROXYQ)，and the relation to company operating crisis. OLS is used to test the effect on financial performance and market value. LOGISTIC model is used to test the relation between voluntary appointment of independent directors and company operating crisis.
The empirical results are summarized as follow. First, outside blockholders, institutional investors, and the deviation between controlling right and cash flow right are all insignificantly associated with voluntary appointment of independent directors. Second, companies listed on TSE which voluntarily appoint independent directors do have higher financial performance and market value, while companies listed on OTC which voluntarily appoint independent directors have lower market value. Finally, companies which voluntarily appoint independent directors have lower risk of company operating crisis.
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