銀行業股權結構對經營績效、財務績效與股價之影響

The Impacts of Banking Industries' Equity Structure on Operational Performance, Financial Performance and Stock Price

林泉源(Chuang-Yuang Lin)

《輔仁管理評論》 16卷2期 (2009/05) Pp. 43-75

https://doi.org/10.29698/FJMR.200905.0003

摘要

公司治理股權結構影響財務績效，也影響股價表現（林泉源與柯彥宏，2008）。這些變數間的影響是交互性的、同期相關的。過去有關公司治理的研究多僅探討一般企業，分析只着眼單一構面，經營績效則採主觀的部分觀點。銀行業對國家經濟影響頗鉅，其公司治理更值得研究。本研究採用近似無相關迴歸(Seemingly Unrelated Regression, SUR)，以降低殘差異質性與同期相關性，對台灣銀行業的股權結構與經營績效關係，進行較多層構面的實證研究。
本研究以SUR迴歸模型，以2003年至2007年台灣上市櫃金控銀行與獨立銀行共22家爲研究對象，採用七項公司治理指標與四項績效指標進行驗證。實證研究發現公司治理、股權結構變數對每股盈餘、股東權益報酬率、資產報酬率、及股價等四項績效指標均具有顯著影響。整體來說，各項公司治理指標變數，除了管理者持股比率變數顯著性不足外，其他各項指標與股價關係相當顯著。
目前台灣銀行業之公司治理機制仍不夠完善，才會金融弊案連連。本研究發現，台灣銀行業之公司治理股權結構與財務績效間具有顯著的關係，故銀行業者應對本身公司治理指標特別注重，以提升其良好的經營績效。主管機關則應隨時注意各銀行公司治理施行狀況，避免銀行因不健全的公司治理而造成舞弊或掏空的情形並危害存款人，以防止績效不彰而發生倒閉的狀況發生

關鍵字

公司治理指標 ； 績效指標 ； SUR迴歸 ； 股價 ； 股權結構變數

並列摘要

Corporate governance has become one of the financial most popular themes. Especially, in the past couple years.
Owing to unduly corporate governance, 2008 became the year of financial tsunami. The epicenter of financial crises was erupted in the United States of America. Taiwan banking industries also suffered, and more severely damaged, because of the so-called 'second financial revolution,' and 'local sub-mortgage' financial typhoon.
So, it is in urgently needed to devote ourselves to the study of banking corporate governance.
The main purpose of this study is to examine the relationship between Corporate Government Mechanism and Financial Performance. This research has set the parameter on the banking and financial holding company in Taiwan stock exchange, including 10 banks and 12 financial holding companies from 2003 to 2007 as the studying sample.
The conclusions are: (1) There is significantly relationship between ownership structure and corporate financial performance. (2) There is significantly positive relationship between insiders' ownership ratio and financial performance. (3) There is significantly positive relationship between government ownership ratio and financial performance. (4) There is significantly positive relationship between institutional’ ownership ratio and financial performance. (5) There is significantly positive relationship between managers' ownership ratio and financial performance. (6) There is significantly negatively relationship between supervisors' ownership ratio and financial performance. (7) There is significantly negatively relationship between block stockholders' ownership ratio and financial performance. (8) The board of directors' size is no correlated with the financial.

並列關鍵字

Taiwan banking industries ； corporate governance ； board of directors ； financial performance ； SUR regression

參考文獻

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林泉源、柯彥宏()。