Relationships between Corporate Governance and Firm Value for the Electronic Listed Firms in Taiwan

公司治理與公司價值關聯性研究－以台灣電子上市公司為例

姚蕙芸(Hwey-Yun Yau) ； 黃銘圭(Ming-Kuei Huang)

《北商學報》 16期 (2009/07) Pp. 1-24

https://doi.org/10.29871/JNTCB.200907.0001

摘要

本文第一部分(Introduction)包括背景說明、研究動機與研究目的。第二部分為文獻探討(Literature Review)，首先回顧代理理論及公司治理之相關文獻。代理理論起源於Jensen and Meckling (1976)之第一篇長篇論文：認為公司不是個人，不會有單一的目標；並視代理關係為一項契約，由於一個公司之股東、管理者、債權人之立場不盡相同，有時甚至會有利害衝突的情況產生。委託人為避免代理人之偏差行為或確保本身的權益，勢必提供適當的激勵或監督以限制代理人，因而有代理成本及公司治理的產生，並敘述可行及有效之公司治理機制。第三部分為多變量分析(Multivariate Analysis)，探討公司治理變數與企業價值關係，以2003至2006年上市電子公司為對象進行實證研究。第四部分則以解釋性個案研究方法(disciplined configurative study)來探討台積電公司治理之卓越表現是否能有效提升公司價值。台積電個案之研究，即以此公司治理標竿企業來驗證公司治理與公司價值之關聯性。最後第五部分為本文結論，並針對台灣目前在公司治理方面應加強部分提出建議，例如：分散股權、提昇財務資訊透明度應採重要性原則、修訂法案規範應從嚴以防止企業舞弊及保護一般投資大眾及小股東等。

關鍵字

代理理論 ； 公司治理機制 ； 公司價值 ； 解釋性個案研究方法

並列摘要

This paper aims to evaluate the relationship between corporate governance (CG) and firm value for the Electronic Listed Firms in Taiwan. We summarize major research on key topics that have emerged in terms of CG and also discuss the various designs of efficient governance mechanisms in the first and second sections. In the third part, multivariate analysis is applied to examine the relationships between CG and firm value in 217 selected Taiwanese electronic listed companies between January 2003 and December 2006. Tobing's q value, Return on Equity (ROE) and Return on Assets (ROA) are selected as the proxy variables for the firm value of the observed electronic listed firms. The empirical results show that both Managers' Shareholding and Legal Entities Shareholding are positively related with the firm value. In the fourth part, disciplined configurative case study is introduced. In this section it also includes an example of Taiwan Semiconductor Manufacturing Company (TSMC), which has been reconfirmed its best practice of CG leads to a continuous higher corporate equity returns and corporate performance. Finally, the conclusion and some recommendations for improving current CG in Taiwan are proposed.

並列關鍵字

Agency theory ； Corporate Governance Mechanism ； Firm Value ； Disciplined configurative case study