績效優良企業與公司治理之相關性分析

An Analysis of the Relationship between Good Performance Companies and Corporate Governance

陳妍如(Yen-Ju Chen)

指導教授 ： 柯承恩

國立臺灣大學/管理學院/會計學研究所/碩士(2006年)

https://doi.org/10.6342/NTU.2006.10113

摘要

自1997年亞洲金融風暴發生後，全球接連發生重大企業財務舞弊的醜聞，如美國的安隆（Enron）、台灣的博達與訊碟等弊案。這些事件發生的主因皆屬公司治理不佳，因此引發各國政府暨主管機關、社會大眾輿論與學術界熱切討論有關公司治理的相關議題。
本研究即著重於公司治理的內部機制，包括董監事組成及股權結構，探討其與公司經營績效之關連。對於公司績效的衡量，本文有別於以往直接採用各種經營績效指標（如ROE、ROA等）的方式，改用平均淨利成長率、平均營業利益率、平均每股盈餘、平均資產報酬率、累積股票報酬率等五項績效指標，區別出績效優良的77個樣本，並根據產業別及營業收入各配對績效不佳公司及一般公司，共計231個樣本。實證分析後，本文發現公司監察人規模愈大及經理人擔任董事席次愈多時，對績效有正面影響；而公司董事會規模及最終控制股東成員擔任董事席次比率較大時，對績效將有負面影響。
故本文建議投資人，可以留意董監事組成有關的公司治理變數，將有助提高投資決策的正確性。而企業內部之控制股東及管理當局則應明瞭提升公司治理機制，不是徒增成本，而是有助於提升公司績效，從而建立外部投資人對公司經營績效的信心。

關鍵字

公司治理 ； 董監事組成 ； 股權結構 ； 經營績效

並列摘要

After Asia’s financial meltdown in 1997, serious corporation fraudulence continuously happened in the world, such as “Enron” in U.S. and “Infodisc”, “Procomp Informatics” in Taiwan. The major cause of these events is weak corporation governance. For this reason, the government (including Securities and Exchange Commission, Ministry of finance and related organization), the public opinion and the academic community start discussing the hot issue of corporate governance in the world.
In my research, I focus on the relationship between internal corporate governance mechanism (including the components of director and supervisors and ownership structure) and corporation performance. About corporation performance, the traditional research directly uses operation performance measure (for example: ROE, ROA, Tobin’s q, et al.) as the dependent variable. Nevertheless, I choose five performance measures (containing average profit growth rate, average operation income rate, average EPS, average ROA and accumulated stock return) to classify sample companies. After sorting, I pick out 77 good performance companies. In accordance with operation income and industry, I use pair sample method to select 77 bad performance companies and 77 ordinary performance companies. So, the total samples are 231 companies. The empirical results are summarized as following:
1. The size of supervisors and the number of manager serving as board or supervisor are positive relation with performance.
2. The size of board and the number of ultimate control shareholder serving as board are negative relation with performance.
In a word, this research result suggests that the investors may pay attention to the components of director and supervisors for any investment target. At the same time, control shareholders and governance authorities should understand that improving corporate governance is not only increasing operation performance, but also good for company reputation.

並列關鍵字

corporate governance ； the components of director and supervisors ； ownership structure ； operation performance

參考文獻

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