The impact of banker in board on debt ratio of firm

[[abstract]]本研究是在探討銀行進入企業董監事會對企業資本結構的影響，進而討論銀行在企業董監事會提供的服務與主要扮演的角色為何。我們的研究利用二階段程序法聯立迴歸模型。主要的實證結果發現：（1）臺灣上市公司有銀行進入企業董監事會將有顯著的長期負債比率上升，代表銀行進入企業董監事會具有提供專業負債認證的服務；（2）在整體及大企業樣本下，放款銀行進入企業董監事會會增加企業長期負債比率，而放款銀行在企業董監事會的存續期間愈長並不會減緩長期負債比率對可供擔保資產比率的敏感度，故放款銀行進入企業董監事會有不盡力的監督行為，且此不盡力的監督行為係來自於先借款再進入企業董監事會的放款銀行所產生；（3）在小企業樣本下，放款銀行進入企業董監事會會促使企業長期負債比率下降，且當放款銀行在企業董監事會的存續期間愈長時，會減緩企業長期負債比率對可供擔保資產比率的敏感度，故放款銀行為小企業會提供了監督功能，且此一監督功能係來自先借款再進入企業董監事會的放款銀行。[[abstract]]For the mixed fund families having in-house and outsourced contract arrangements simultaneously, outsourced funds are associated with better performance. Second, governance structures play important roles in discipline fund families. Fund families with smaller board size, higher percentage of independent directors, particularly those with 75% or higher, and insider chairman are associated with running their funds internally. Ownership structure does not seem to play critical role in contract arrangement. In sum, our findings reinforce SEC’s proposal that governance reform in fund industry is urgent[[note]]碩