本研究分析控制權與現金流量權之偏離以及資訊透明度等公司治理變數是否對我國電子業上市公司之績效造成影響。有別於以往國外研究以股份控制權衡量大股東的控制權,本研究提出以較適合台灣實務環境的席次控制權之定義,衡量控制權與現金流量權之偏離程度。實證結果顯示,國內電子業存在控制權與現金流量權偏離的情形。同時,電子業上市公司亦利用金字塔結構與交叉持股的方式增強控制權,而造成代理問題。最後,本研究發現公司控制權與現金流量權偏離程度加大者,其代理問題將愈嚴重,公司價值愈低。在資訊透明度的衡量方面,本研究之實證結果亦顯示資訊透明度與公司績效成正相關。
This study investigates the effects of information transparency and deviation between control rights and cash flow rights on firm performance. Unlike the previous literature which uses the voting right of controlling shareholders to define the control right, the study introduces board seat ratio as a new measure of control rights, which is more appropriate in Taiwan, to redefine the degree of deviation between control rights and cash flow rights. Based on the new measure of control rights, we find that control rights frequently exceed cash flow rights in the electronics industry and the firm value falls when the control rights exceed cash flow rights through the pyramids structure and cross-shareholding. As to the transparency of information disclosed, the empirical results show that the firm value increases with the transparency and disclosure of annual reports.