公司治理與公司績效關係之研究－以台灣上市電子工業為例

Corporate Governance and Corporate Performance of Listed Electronics Industry in Taiwan

黃小玉(Shoue-Yu Huang)

《興國學報》 3期 (2004/07) Pp. 153-167

https://doi.org/10.29950/JHKUM.200407.0013

摘要

公司治理與公司績效間之關係，是目前最熱門的話題。本研究針對公司治理內部機制之相關議題，如所有權集中程度及董監事會組成，分別以每股盈餘、資產報酬率、股東權益報酬率及Tobin'sQ比率，做為公司績效的衡量指標，探討公司治理與公司績效間之關係。以台灣上市電子工業189家為研究對象，蒐集2000年至2002年之資料進行迴歸分析。結論有以下幾點：1、股權愈集中，董監事會規模愈小、持股比例愈高、常務董監事席次比例愈高、獨立董監事席次比例愈低。2、股權愈集中，公司績效愈差。3、董監事會規模、常務董監事席次比例與公司績效間無顯著關係；董監事持股比率愈高、獨立董監事席次比例愈高，則公司績效愈好。4、研究結果，顯示獨立董監事制度的引進是值得推廣的政策。

關鍵字

公司治理 ； 公司績效 ； 所有權集中程度 ； 董監事會組成 ； 迴歸分析

並列摘要

The relationships between corporate governance and corporate performance that is the most popular subject in recent years. The effect of ownership concentration, board composition on overall corporate performance is investigated. Performance is measured using the EPS, ROA, ROC and Tobin's Q ratio. The study including the calculation of 9 variables and regression analysis in the sample of 189 listed electronics industry from 2000 to 2002.Result: 1.The ownership of board directors, the percentage of general directors in the board positive react to the ownership concentration significantly. The sizes of the board, the percentage of independent directors in the board negative react to the ownership concentration significantly. 2. Evidence for a negative impact is found of a relationship between performance and ownership concentration. 3. There is no significant difference between the sizes of the board, the percentage of general directors in the board to the performance. The ownership of board directors, the percentage of independent directors in the board positive react to the corporate performance significantly.4.The independent directors system to recommend that is a policy worthy to popularize.

並列關鍵字

corporate govemance ； corporate perforrnance ； ownership concentration ； board composition ； regression analysis

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