公司治理觀點分析公司專屬性資產與績效之實證研究

Empirical Study of the Firm-Specific Assets and Performance on Corporate Governance Viewpoint

李嫺柔(Shian-Rou Lee) ； 余惠芳(Hui-Fun Yu) ； 陳梅君(Mei-Chun Chen)

《全球管理與經濟》 11卷1期 (2015/06) Pp. 1-14

https://doi.org/10.6565/JGME.2015.11(1).1

摘要

企業經營績效的好壞是取得競爭優勢的重要關鍵，管理者必須清楚了解資源配置，以及如何執行才能真正有利於公司績效，並反映在公司策略上。以往學者對行銷能力與績效之研究結果不一致，在研發能力與績效上個別研究也不存在相同結果，因此，其中必有干擾變數存在。此二能力同屬於公司專屬性資產，具備沉沒成本特性，因此本研究試圖以公司治理為干擾變數，研究公司治理對專屬性資產與績效之影響。實證結果顯示，高行銷能力與高董監持股之公司，有較好的總資產報酬率（ROA）獲得支持；高行銷能力與高董監持股之公司，有較好的股東權益報酬率（ROE）未獲支持。高研發能力與高董監持股之公司，有較好的總資產報酬率ROA表現，此假說獲得支持；高研發能力與高董監持股之公司，有較好的權益報酬率ROE表現，未獲得支持。實證價值與管理涵義，實施公司治理對高行銷能力與高董監持股之公司，高研發能力與高董監持股之公司，確實可提升公司績效；實證結果對企業經營管理實務者及未來研究者，在企業經營及管理者培育上具有參考價值。

關鍵字

公司治理 ； 公司專屬性資產 ； 公司績效

並列摘要

A business performance is good or bad which is the enterprise obtain the key success factors to competitive advantage, managers must clearly understand the allocation of resources, how to perform in order to truly help the company performance and strategy. Research differ on the results and capability of R&D and marketing in the individual studies do not exist the same result, therefore, the existence of which there must be moderate variables. The two belong to the same company the exclusive property costs, have sunk cost characteristics, which must be more to strengthen the effectiveness of its use. Empirical results show that the high capability of marketing with the company's high-shareholding of directors, which the ROA have better performance in support, and the ROE in a better performance have not set up. But the high capability of marketing with the company's high-shareholding of directors, which the ROA have better performance in support, and the ROE in a better performance have not set up. Empirical value and management implication, is in prioritizing the corporate governance mechanism of the high capability of marketing with the company's high-shareholding of directors, which can enhance corporate performance. The paper is useful to researchers or practitioners who are focused on corporate governance implementation.

並列關鍵字

Corporate Governance ； Firm-Specific Assets ； Corporate Performance