台灣上市櫃營建業董事會教育程度 對資本結構影響研究The Impact of Education Level of Board Members on Firm’s Capital Structure: Evidence from Taiwan Construction Industry Listed and Over-The-Counter Companies

本研究利用台灣上市櫃營建公司董事會成員教育程度與財務相關資料，依據不同時間跨 度及政府政策實施狀況，探討董事教育程度對公司使用財務槓桿的影響。研究發現教育程度 對公司的資本結構會產生不同程度的影響，擁有碩士學歷成員因具備專業知識，在面對不動 產景氣快速成長時，願意承擔較高的財務槓桿以促使營收增長，具有高中學歷的成員由於多 為企業創辦人或具利害關係的董事，憑藉豐富的業界經歷，顯著影響公司資本結構的制定。 此研究填補了公司治理領域的空白，深入探討了營建公司資本結構的形成，強調董事會教育 背景對決策的重要性。

關鍵詞：董事會教育程度、財務槓桿、資本結構、公司治理

This study investigates the impact of the education level of board members on the capital structure of listed construction companies in Taiwan from 2006 to 2022. Utilizing detailed information on the educational level of board members and the financial data of both listed and OTC construction companies, we analyze how education level affects financial leverage across various time intervals and governmental policy implemented. The findings reveal that the education level of board members plays a significant role in shaping capital structure decisions. Specifically, board members with master’s degrees tend to favor higher financial leverage, leveraging their specialized knowledge to drive revenue growth while ensuring financial stability and corporate development, particularly during periods of rapid real estate market expansion. Moreover, board members with a high school education, often founders or key stakeholders with extensive industry experience, exert a considerable influence on capital structure through their practical knowledge and deeply involved in the company’s capital structure decision. This study addresses a gap in corporate governance literature by highlighting the critical role of board members’ education in capital structure decision-making, offering new insights into the governance dynamics within the construction industry.

Key words: Education Level of Board Members, Financial Leverage, Capital Structure, Corporate Governance