公司治理與公司價值相關性探討

The relationship between corporate governance and corporate value

張志為(Chin-Wei Chang)

指導教授 ： 陳家聲

國立臺灣大學/管理學院/商學研究所/碩士(2003年)

https://doi.org/10.6342/NTU.2003.00002

摘要

自2000年美國能源巨擘安隆公司爆發作帳醜聞，並使世界知名會計師事務所安德森會計事務所因而倒閉，其涉案有關人員現正面臨美國證管會起訴，安隆案對國際金融市場之影響，不亞於1998年亞洲金融風暴所產生之影響。
　　究其主因則為安隆公司公司治理機制不健全所致，故公司治理機制也應受到重視。因此本研究針對上市（櫃）電子公司，區分不同九大次產業，以公司治理特性及與公司價值之關聯性。
　　茲對民國87年至90年所有上市（櫃）電子公司，删除資料不全之公司後，共得311家公司及588個樣本，分別作基本分析、相關性分析及複迴歸分析。結果顯示:
一、管理者持股比率與公司價值不呈顯著相關。
二、董監事持股比率與公司價值不呈顯著相關。
三、外資法人持股比率與公司價值呈正相關。
四、經理人兼任董事與公司價值不呈顯著相關。
五、大股東持股方式與公司價值不呈顯著相關。
六、公司負債比率與公司價值呈正相關。

關鍵字

公司治理 ； 公司價值

並列摘要

Since 2000, Enron company that is the one of largest energy company in USA has been found accounting scandal. The syndrome of Enron case is that one of the most famous accounting offices closed. The managers of Enron company were accused them of cheating financial statements by SEC. The impact of Enron case in international financial market is more than it of Asia financial storm in 1998.
The main reason of Enron case is that the mechanism of the corporate governance didn’t make it effect. According the reason, companies have to take consideration in the mechanism of the corporate governance.
By using descriptive statistics, correlation and regression, the 511 samples of 311 firms listed in Taiwan Stock Exchange and OTC for the 1998-2001 periods are investigated. The results are as follows:

1. The relationship between the ratio of manager’s stock and corporate value is not significant.
2. The relationship between the ratio of Board member’s stock and corporate value is not significant.
3. The relationship between the ratio of foreign investment institution’s stock and corporate value is positive.
4. The relationship between the both same person of managers and Board member and corporate value is not significant.
5. The relationship between the difference of the model of the ultimate owners and corporate value is not significant.
6. The relationship between liability ratio and corporate value is positive.

並列關鍵字

corporate governance ； corporate value

參考文獻

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