| Summary: | 碩士 === 國立高雄應用科技大學 === 資訊管理系碩士在職專班 === 105 === The Financial Supervisory Commission (FSC), in order to strengthen the internal oversight mechanism of corporate governance, issued an administrative order in December 2013 to regulate all listed companies at stock exchange market(over-the-counter market ) to set up independent directors in 2015, which indicated the the necessity of an independent director system. In recent years, some enterprises were involved in scams(for example,2016 Lok Sheng case, 2017 Yongfeng Financial holdings case, etc.),which was questioned by the public whether the independent directors had done their duty.The main purpose of this study is to explore the impact of independent directors' setting ratio on real earnings management and corporate performance. The subject of the study is taiwanese listed companies at stock exchange market(over-the-counter market ) ranging from 2007 to 2016 , through the vertical and horizontal regression analysis, the results show that:
1.Independent directors' setting ratio is positively correlated with the performance of the company (ROA, ROE and Tobin's Q).
2.Independent directors' setting ratio is negatively correlated with real earnings management.
3.Independent directors' setting ratio through real earnigs management behavior is negatively correlated with the short-term performance of the company(ROA, ROE and Tobin's Q).
This result shows that the establishment of the independent directors in taiwanese enterprises can really enhances the performance of the companies.Additionally, the setting of independent directors can reduce the real earnings management (manipulation) behavior. Finally, in the analysis of taking the real earnings management for moderator to inquire into the setting of the independent directors to the performance of the enterprises, the results showed that the enterprise which independent directors' setting ratio is high would also reduce corporate performance value through real earnings management.
|
|---|
