以公司治理觀點探討公股事業管理之研究

The Study on the Management of State-Owned Enterprises from the Perspective of Corporate Governance

葉協隆(Hsieh-Lung Yeh)

指導教授 ： 劉啟群 ； 陳坤志

國立臺灣大學/管理學院/會計與管理決策組/碩士(2017年)

https://doi.org/10.6342/NTU201701360

摘要

行政院自78年起積極推動公營事業民營化，在未完全釋股情形下，政府於該等民營化事業，絕大多數仍維持最大股東身分，資產規模相當龐大。長久以來，公股於其投資事業公司治理中應扮演之角色並不明確，以致問題叢生。綜觀相關公股事業經營事件與爭議之根源，可發現均與公股事業之公司治理有無落實密切相關。因此，本研究藉由公股事業公司治理相關文獻之探討，掌握相關重要課題，並與公司治理專家、上市公股事業負責人，以及公股管理機關主管等三大群組共計7位專家進行深度訪談，期透過不同群組專家之多元觀點，了解我國公股事業公司治理真正問題；另一方面，並以財政部、經濟部、交通部及退輔會等4個主要公股事業主管部會投資之19家上市櫃公股公司為範圍，同步進行台灣證券交易所辦理之公司治理評鑑資料蒐集與分析，以了解各上市公股事業於公司治理之實際表現，除與專家訪談之結果進行比對外，並進一步將訪談成果與公司治理評鑑分析情形加以綜整，以歸納出我國公股事業公司治理之相關問題，並據以提出改善建議，以供相關政策單位參考。
研究結果發現，依據專家深度訪談意見，我國公股事業之公司治理主要有「董事會由政府以法人代表方式選任公股董事，未能以公司之最佳利益(Best interest)為目的，亦難以落實公司法規範董事之忠實及注意義務，擺脫政治責任，亦限制董事會功能之發揮及思考方向」等8項主要問題，並可歸納為所有權政策、董事會的組成與運作、公股事業經營自主性，以及所有權實體管理效能等面向。另依據公司治理評鑑資料分析，整體而言，公股事業公司治理表現明顯優於非公股事業平均表現，各部會中則以財政部投資之公股事業公司治理表現最佳，其次為交通部、經濟部、退輔會。各部會公股事業則有重複出現「政府機關占董事會席次達三分之一以上」等5項指標未能得分情形，而各屆評鑑有若干指標得分率低於40%，均應為有待改善之處。另由各部會不同構面表現自我比較分析結果得知，落實企業社會責任構面為經濟部、交通部、退輔會等三部會公股事業共同相對需強化之構面，財政部則以維護股東權益構面為其公股事業相對需強化之構面。
本研究經參照訪談專家意見，以及經濟合作與發展組織(OECD)於2015年發布修訂之「國有事業公司治理指引」，針對上述問題分別就政策面、組織面、管理面、提升董事會效能，以及程序與策略面等五大面向，提出相關改善對策。最後，並建議行政院正視面對我國公股事業公司治理諸多根本性、結構性問題，並成立跨部會改善小組，邀集國內外產官學研各界共同研討，提出短中長期之具體行動方案落實推動，方能澈底改善提升我國公股事業之治理效能。

關鍵字

公股事業 ； 公司治理 ； 公司治理評鑑 ； 所有權實體

並列摘要

Since 1989, the Executive Yuan has been actively promoting the privatization of public enterprises. Under the condition of incomplete stock release, the government still remained the major shareholder in those enterprises with tremendous assets. For a long time, the government’s role has not been well-defined in state-owned enterprises (SOEs) which resulted in many management problems. If we take a deeper look into the SOE-related disputes, it can be observed that the causes of the disputes are closely related to the implementation of corporate governance. Therefore, this study discussed literatures in corporate governance of SOEs to collect the important topics, conducted 7 in-depth interviews with experts from three fields including corporate governance experts, heads of SOEs and government administrations’ supervisors for different perspectives. In addition, the study also collected and analyzed the data of corporate governance evaluation of the 19 listed SOEs supervised by the Ministry of Finance(MOF), Ministry of Economic Affairs(MOEA), Ministry of Communications and Transportation(MOTC) and Veterans Affairs Council(VAC) to realize their actual corporate governance performance. By analyzing and summarizing the interviews and research on corporate governance performance, the study further provided suggestions for the government agencies.
According to the in-depth interview with experts, the study found that there are eight problems of corporate governance of SOEs in Taiwan, the major one is "The board of directors elected by the government as legal representatives to the SOEs, cannot act for the purpose of the company's best interest, neither comply loyal obligations. They can’t think or act independently due to the concern of political responsibility ". The problems can be categorized into aspects of ownership policy, the composition and operation of the board, SOEs’ autonomy, and ownership entities management effectiveness. According to the analyses of corporate governance evaluation data, the overall performance of SOEs is significantly better than non-public sector. The SOEs’ of MOF have the best overall performance, followed by the MOTC, the MOEA, and the VAC. There are five indicators the SOE’s cannot score, such as "more than one-third of the board of directors are assigned by the government", and there are several indicators score less than 40% which should be improved. The “Corporate Social Responsibility “is the relative aspect needed to be improved for the MOTC,MOEA and the VAC, while the “Protection of Stakeholder Interests” is aspect needed to be improved for the MOF.
Based on the perspectives from experts being interviewed, along with the " Guidelines on Corporate Governance of State-Owned Enterprises " revised in 2015 by Organization for Economic Co-operation and Development (OECD), the study proposed some suggestions and solutions from the policy, organizational, managerial perspectives, the improvement of SOE’s effectiveness and the procedures and strategies for implement. Finally, the study suggested that the Executive Yuan take the fundamental and constructional problems of SOEs’ corporate governance into serious consideration, and form the cross-sectoral team consisting of diversify experts to take the short-term and long-term actions in order to improve the governance effectiveness of the SOEs radically.

並列關鍵字

state-owned enterprise ； corporate governance ； corporate governance evalution ； ownership entity

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