Corporate Governance Design and Choice in France: Conseil d'Administration vs. Conseil de Surveillance

公司治理系統設計與選擇－以法國企業為例

史綱(Gang Shyy) ； 許仁綜(Jen-Tsung Hsu) ； Vasumathi Vijayraghavan

《證券市場發展季刊》 16卷4期 (2005/01) Pp. 37-65

https://doi.org/10.6529/RSFM.2004.16(4).2

摘要

本研究以149家法國企業為例，探討公司治理系統之設計與選擇，並且分析55家公司治理系統轉換的個案，試圖歸納出影響公司治理系統轉變的因素。研究分析發現，下列是影響公司治理系統選擇的主要因素：(1)企業合併、收購或分割，(2)在股東控制權與企業經營管理績效，當發生管理危機或較差的經營績效，股東會傾向增加對公司的控制權，(3)在家族集團企業中，家族集團傾向保有對企業的所有權，並將企業委託給專業經理人來經營管理，(4)國營企業民營化。在法國公司治理制度中，允許企業可以轉變公司治理結構的設計，使企業能在不同的經營環境下，選擇不同的監督機制。更進一步分析公司治理系統的轉變對股價的影響，研究結果發現，公司治理系統的轉變與股東的財富和公司的價值並無直接的關聯性，假如公司治理系統的轉變是因企業組織結構的改組所引導致的轉變，則市場對此訊息會給予正向的反應。

關鍵字

公司治理

並列摘要

This paper investigates the corporate governance structure of 149 French firms listed on first board of Paris Bourse and reviews 55 cases of governance system switching since 1989. The empirical evidence shows that the factors affecting choice for corporate governance system are as follows: (1)business combination, buyout or spin-off, (2) tightening shareholder control over declining management performance, (3) retaining ownership over management by family controlled companies, and (4)privatization of state owned enterprises. Consequently, we find the dynamic French model shed light on a new design of corporate governance system in that companies are entitled to choose different monitoring system in different business environment. By closely examining the effect of corporate governance switching on stock price in the case of Banque Indosuez, we find no direct linkage between the switch and shareholder wealth and company value. However, if the switch of corporate governance is associated with sound restructuring strategy, we find the market tend to response positively toward the signal.

並列關鍵字

Corporate Governance

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