非財務資訊(公司治理、員工酬勞)與企業價值的相關性實證分析

Empirical Analysis on the Positive Correlation of Non-financial Information (Corporate Governance, Employee Compensation) and Enterprise Value

劉二榛(ERH-CHEN LIU)

指導教授 ： 王志誠

國立中正大學/管理學院/會計資訊與法律數位學習碩士在職專班/碩士(2016年)

摘要

摘要 過去有關企業評價之研究，大多僅侷限於會計資訊及價值攸關性之範疇，難以跳脫財務報表相關資訊應用之窠臼，缺乏對於超額盈餘與非財務資訊之解釋能力。本研究透過結合會計資訊及市場經營績效之衡量，將財務報表所無法涵蓋的公司治理變數，納入企業評價模型中，以探討公司股權結構與公司治理及員工酬勞等因素，與企業價值的攸關性。Ohlson(1995)提出的股權評價模型，因該理論係建立於剩餘淨利的觀念，已隱含滿足企業投資者對資金成本的要求，此與公司治理機制係確保資金提供者的合理報酬觀念相符，而其著重於企業長期價值創造的假說，似乎又與公司治理的最終目的不謀而合。故本研究採Ohlson(1995)股權評價模式，以2007-2013台灣上市公司及上櫃公司為研究對象，探討公司治理及員工酬勞特性所傳遞的訊息內涵與企業價值的攸關性，經由結合財務與非財務資訊以有效的解釋企業之股權價值。 首先本論文研究董事會規模結構下，董監比率、董事會規模與內部董事比等三項，是否均與經營績效具有相關性?其次，探討外部(獨立)董事與經營績效間相關性?進而分析機構法人、雙元性、董事會穩定性與股份盈餘偏離差等四項顯著水準；再將經營績效作為工具變數後，再度分析公司治理變數對企業價值的解釋能力如何?其次，雙元性與董事會兩變數的顯著水準又如何?及，外部(獨立)董事與董事會對企業價值的相關性? 員工酬勞在2008年之前我國未認列為成本，財報嚴重失真，為解決長久以來的爭議，並與國際會計準則接軌起見，我國自2008年1月1日施行財務會計準則第39號公報”股份基礎給付之會計處理準則”，該項公報實施以來，對公司的員工配股政策產生相當大的響。所以探討員工酬勞對企業價值的相關性? 關鍵詞：企業評價、公司治理、剩餘淨利、Ohlson 股權評價模型、雙元性

關鍵字

非財務資訊

並列摘要

Abstract
Previous studies evaluated the relevant enterprises, mostly limited to the scope of accounting information and the value of the stake is difficult to escape the stereotype of the financial statements information about the application, the lack of ability to explain the excess of surplus and non-financial information. In this study, through a combination of accounting information and to measure the operating performance of the market, the company's financial statements can not be covered by the control variables into the enterprise evaluation model to explore the company's ownership structure and corporate governance and compensation of employees and other factors at stake and Corporate Value sex. Equity evaluation model Ohlson (1995) proposed by the theory builds on the concepts of the remaining net profit, has implied cost of capital to meet the business requirements of investors, and this corporate governance system to ensure that the concept of equitable remuneration consistent fund providers, its focus on long-term enterprise value creation hypothesis seems the ultimate goal of corporate governance coincide. Therefore, this study adopted Ohlson (1995) equity evaluation model for 2007-2013 listed companies in Taiwan and OTC companies for the study, investigate and Enterprise Value message connotation stake of corporate governance and employee reward characteristics passed through binding financial and non-financial information in order to effectively explain the equity value of the business.
First, this paper Directorate scale structure, the ratio of directors and supervisors, board size and ratio of three inside directors, whether and operating performance are relevant? Secondly, to explore the outside (independent) directors and management performance among the correlation? Further analysis organization legal, dual nature, the Board shares earnings stability and significant deviation from the standard of four poor;? then after operating performance as instrumental variable, once again analyze how corporate governance variables on the enterprise value of explanatory power Secondly, the Board of Directors and two dual nature significant level variables and how? and external (independent) directors and the board of directors of the enterprise value of the correlation?
Employee compensation in the year 2008, China is not recognized as costs, earnings serious distortion, to solve the long-standing dispute, and with the international accounting standards convergence reasons, our country since January 1, 2008 implementation of Financial Accounting Standards No. 39 Communique " share based payment accounting treatment guidelines, "the communique since the implementation of the company's employees placement policies have a considerable impact. So investigate reward employees of the enterprise value of the correlation?

Key words: evaluation, corporate governance, and the remaining net profit, Ohlson equity evaluation model, the dual nature

並列關鍵字

Non-financial Information

參考文獻

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