違反法規與公司治理對公司績效之影響

The Effect of Regulations Violated and Corporate Governance on Firm Performance

許玉敏(Yu-Min Hsu)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系企業經營碩士在職專班/碩士(2018年)

https://doi.org/10.6846/TKU.2018.00014

摘要

本研究樣本為2014至2017年台灣證交所上市公司四年期間的資料，本研究探討金融業遭重大裁罰、糾正、罰款是否對公司績效會有影響，並得到以下的研究發現，其一、金融業受到重大裁罰及糾正時，對公司價值反而呈現正向的影響，其表示若公司有違反銀行法的情事發生，其對公司的績效的影響並非負面，其可能成因乃是若某些金融業可能過度積極地爭取業務甚至爭取灰色地帶的業務，是以雖受到有關單位的重大裁罰或糾正，然而卻不影響其公司績效的提升。其二、經理人及董監事持股比率愈高，對公司之向心力及監督功能愈能發揮，公司之績效表現及公司價值亦愈佳。其三、淨利率與權益資產比和公司價值呈正向顯著關係，顯示公司獲利越高及自有資金佔資產比重越高，則公司價值越高。

關鍵字

違反法令 ； 公司治理 ； 公司價值

並列摘要

By employing the firms listed in Taiwan Stock Exchange over the period 2014-2017, we explore whether financial sanctions, corrections, and fines occurred for the firms falling into banking industry would affect their performance and reveal the following important findings. First, we reveal that the financial sanctions and corrections occurred for these firms would have positive impact on firm value. We argue that some firms may aggressively expand their business which might violate the regulation set by the authority. As a result, even though sanctions or corrections are occurred for these firms, their firm performances might not be affected even better off. Second, the firms with higher managers’ holding ratio, directors’ holding ratio would have better performance, indicating the firm with better corporate governance would have better performance. Third, the firms with higher net profit ratio and higher equity over asset ratio would have higher firm value, implying that the firm with higher profitability and lower debt ratio would have higher firm value.

並列關鍵字

Violation of the Act ； Corporate Governance ； Firm value

參考文獻

參考文獻

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