Board Characteristics and the Cost of Debt - An Empirical Analysis of the Electronic Industry in Taiwan

[[abstract]] 本研究以2007年到2010年台灣上市公司電子業為研究樣本，探討獨立董事比率、董事兼任程度、董事教育程度和董事財務經歷對負債資金成本的影響，藉以探討董事會之監督與資源提供的功能是否在負債資金成本上有所發揮。 研究結果顯示出獨立董事比率和負債資金成本的關係為顯著負相關；說明了獨立董事比率越高，會因為較具獨立性、監督較有效，而產生較低的負債資金成本。董事兼任程度和負債資金成本的關係為顯著正相關；說明了董事兼任超過五個職務時，會因為時間體力等等因素而造成無法專心於職務上，使得效率降低，而產生較高負債資金成本。董事教育程度和負債資金成本的關係為顯著負相關；說明了董事教育程度越高，會因為較具有專業知識與技能而使得負債資金成本較低。從本研究中可以發現，董事會特性對負債資金成本有一定的影響程度存在。[[abstract]] This study uses a sample of listed companies of electrical in Taiwan from 2007 to 2010 to analyze the effect of cost of debt on board independent board members with multiple board appointments board education and board experience The study discusses whether the function of board supervises and providing resources would be beneficial to cost of debt or not This thesis summarizes several perspectives as follows First the empirical results show that the cost of debt is significantly and negatively associated with the ratio of independent directors It illustrates that if the ratio of independent directors which have more independence and effective supervision is higher the cost of debt will be lower Secondly the cost of debt is positively associated with multiple directorships It represents that the cost of debt will be higher due to the directors cannot concentrate on their work because of time and stamina and will reduce the work efficiency if they serve more than five appointments Finally the relationship between the level of board education and the cost of debt is negatively significantly It interprets that the higher level of board education the cost of debt will be lower because they have more professional knowledge and skills Consequently the results provide the evidence that board characteristics influence the cost of debt in some degree