公司治理機制與公司價值之研究

The Influence of Corporate Governance Integrated Dimension on Firm Values-Applied in Structural Equation Model

陳銘嘉(Ming-Chia Chen) ； 邱素津

《興國學報》 5期 (2006/01) Pp. 35-51

https://doi.org/10.29950/JHKUM.200601.0004

摘要

本研究主要是經由整合公司治理之主要構面，探討其整合效果對公司價值的影響，因此以結構方程模式做為研究工具。而證基會為促進公司治理機制的發展，特別公告「上市櫃公司資訊揭露評鑑系統」，因此本研究以其公告表列的企業做為研究對象，期能強化本研究之效度。研究主要結果如下：一、本研究以股權結構、董監結構及資訊透明度作為公司治理之主要構面，探討其對公司價值的影響，結果顯示整體結構模型是優良的。二、股權結構、董監結構在資訊透明度高的公司，對公司價值具有重要的影響力。亦即公司治理機制的良窳對公司價值深具影響。同時亦證實證基會所公佈的「上市櫃公司資訊揭露評鑑系統」具有鑑別公司治理良窳的能力。三、在有關董監結構的構成因素中，資訊透明度與董監結構具有顯著相關，推測應為侵佔效果與代理理論的關係。

關鍵字

公司治理 ； 公司價值 ； 結構方程模式

並列摘要

This research was conducted mainly for studying the influence of corporate governance dimensions on firm values through integrating major dimensions of corporate governance. Hence, this research applied Structural Equation Model as the tool to conduct the research. For the purpose of promoting the development of corporate governance mechanism, the Securities and Futures Institute (SFI) specifically announced an ”Information Disclosure and Transparency Ranking System” (IDTRS). This research selected the companies announced by the SFI on the list of IDTRS to conduct the research in order to enhance the degree of its effectiveness. The main results of this research are listed below: 1. This research used the equity ownership structure of directors/supervisors structure and information transparency as the major corporate governance dimensions to study the influence of such dimensions on company values. The research results revealed the excellence of the overall structural model. 2. The equity ownership structure and directors/supervisors structure has an important influence on company values in companies having a higher level of information transparency. Having a good or bad corporate governance mechanism has a profound influence on the company values. This also proved that the IDTRS ranking which the Securities and Futures Institute announced has the capacity to evaluate whether a corporate governance mechanism is good or bad. 3. Regarding the composition of directors and supervisors structure, an evident relationship existed between the information transparency and directors/supervisors structure. It was inferred that the existence of such relationship was resulted from the Entrenchment Effect and the Theory of Agency.

並列關鍵字

corporate governance ； company values ； structural equation model

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