公司治理品質與企業經濟附加價值

The Relationship between Corporation Governance Quality and Economic Value Added in Firms

陳松山(Sung-Shan Chen) ； 孔羿琁(I-Hsuan Kung) ； 黃德舜(Derek-Teshun Huang)

《評價學報》 9期 (2015/12) Pp. 45-72

摘要

有鑑於各國財務舞弊醜聞層出不窮，致使公司治理議題持續受到關注，本研究以台灣上市櫃公司為主要研究對象，研究期間為2005年至2012年共八年，探討並檢驗公司治理品質與企業經濟附加價值之關係，並將樣本觀察值區分為電子製造業及非電子製造業，進行穩定性測試。本研究主要以財團法人中華公司治理協會之「公司治理制度評量」通過與否及Jiraporn, Kim, and Kim (2011)公司治理品質分數(Gov-score)做為公司治理品質之衡量依據，以三種不同調整項計算方式之EVA經濟附加價值(economic value added簡稱EVA)代表企業價值。實證結果為：(1)通過中華公司治理制度評量之公司與其EVA呈顯著正相關；(2)公司治理品質分數(Gov-score)與EVA呈顯著正相關。而EVA對於電子產業的解釋能力又高於非電子產業。此研究結果證實公司治理品質與企業經濟附加價值呈現顯著正相關，亦即公司之治理品質越佳，則其企業價值越高。

關鍵字

公司治理品質 ； 公司治理品質分數 ； 企業價值 ； 經濟附加價值 ； 托賓Q

並列摘要

Some cases of corporate fraud scandals in many countries have been attracted to pay attention to corporate governance issues. This study uses listed companies in Taiwan as samples to explore and examine the relationship between corporate governance quality and economic value added in firms from 2005 to 2012. Then the sample observations are divided into two groups, electronic manufacturing and non-electronic manufacturing, and tested the research’s robustness. We use whether pass ＂Corporate Governance Assessment＂ of Taiwan Corporate Governance Association and Jiraporn, Kim, and Kim (2011) Corporate Governance Quality Score (Gov-score) to measure the corporate governance quality of samples companies as well as Tobin’s Q and three different adjustment methods of EVA (Economic Value Added) to represent firm value. The empirical results are: (1) The companies which pass Taiwan Corporate Governance Assessment have shown significant positive correlation with their EVA; (2) Corporate Governance Quality Score (Gov-score) has shown a significant positive correlation with EVA. The results of this study confirm that corporate governance quality and firm value present a significant positive correlation, the better governance quality of the Companies, the higher EVA in firms.

並列關鍵字

Corporate Governance Quality ； Gov-score ； Economic Value Added (EVA) ； Tobin’s Q