公司治理與經營績效關聯性之研究

本研究目的探討臺灣的公司治理相關變數與公司經營績效是否有關聯性。臺灣公司治理評鑑自2014年起每年辦理一次，以前一年度(即受評年度) 1月1日至12月31日之完整年度公司治理情形為評鑑分析範圍。本研究以公司治理評鑑等級作為公司治理的主要變數，而探討其與公司績效的關聯性，研究資料為2016年至2020年間共5年的全臺灣上市櫃公司資料，剔除資料缺漏不全者，共分為四大群體，分別是整體產業（不含金融業）、傳統產業、電子業、及其他產業，分別分析公司治理的優劣對於公司經營績效的影響以及在不同產業間有何區別。本文並考慮另外8個變數且以股東權益報酬率為經營績效指標，利用追蹤資料(Panel Data)分析法分別找出各群體適合的檢定方式以進行分析。本文發現公司治理評鑑對公司經營績效影響，會因不同產業而有所不同，實證結果顯示公司治理評鑑等級、外資持股比率對傳統產業、電子業、整體產業為正向(即有助於提高經營績效)；董監事持股比率、盈餘股份偏離比對傳統產業為正向；董監事規模對整體產業、電子業為正向；公司規模對整體產業、傳統產業為正向；負債比率對整體產業、傳統產業、電子業均為負向。

關鍵字

公司治理評鑑；經營績效；股東權益報酬

並列摘要

The objective of this study is to investigate the relationship between the related variables of ranking of corporate governance and the operational performance of companies in Taiwan. The ranking of corporate governance in Taiwan has been published once a year since 2014, using the complete corporate governance status from Jan. 1 to Dec. 31 of the previous year (i.e. the rated year) as the evaluation analysis scope. In this study, the ranking of corporate governance is used as the main variable, then the correlation between the ranking of corporate governance and the operational performance are investigated. The data of total five years from 2016 to 2020 for the whole listed cabinets in Taiwan are chosen, with missing or incomplete data deleted, and then divided into four big groups, such as the overall (excluding financial industry), traditional industry, electronics industry and other industries. The influence of the ranking of corporate governance to the operational performance among four industries are separately analyzed, and the differences among them are identified. There are eight variables are introduced, and return on equity is adopted as the operational performance index, using the panel data regression to find the suitable check method for each of four big industries. Our main empirical findings show that the ranking of corporate governance and the foreign ownership ratio have positive effect for the overall, traditional industry and electronics industry. The shareholding ratio of directors and supervisors has positive effect on the traditional industry. The deviation ratio of surplus shares has positive effect on the traditional industry. The size of directors and supervisors has positive effect on the traditional industry and electronics industry. The company size has positive effect on the overall and traditional industry. The debt ratio has negative effect on the overall, traditional industry and electronics industry.