公司治理與公司價值-台灣

Corporate Governance and Firm Value - Evidences from Taiwan

張珮婷(Pei-Ting Chang)

指導教授 ： 李詩政

元智大學/管理學院/會計學系/碩士(2008年)

摘要

從1997年發生亞洲金融風暴及隨後世界各國發生重大弊案至今，公司治理的問題已成為資本市場上熱列討論的重要議題。然而，有關公司治理與公司價值之研究文獻中，大多以資本市場的角度來探討公司治理與公司價值的關係，較少研究以會計評價基礎的角度來探討公司治理與公司價值的關係。因此，本研究主要的目的在於以會計評價基礎的角度來探討公司治理是否為決定公司價值的重要評價因素。我們運用單根 (unit root) 與共整合檢定方法 (cointegration test) 測試Ohlson模型的時間序列特性，並且將公司治理因素引入Ohlson (1995) 模型中，進一步探討上述因素是否改善原始模型的解釋程度。
本研究由台灣經濟新報資料庫(TEJ)萃取具有民國88年第4季至95年第4季完整資料之219家股票上市公司為樣本。實證結果發現，在1%信賴水準下，帳面價值和異常盈餘與市價呈現共整合僅佔樣本的20.55%。然而，公司治理因素之引入大幅改善了原始模型的共整合情形，共整合的程度由原始模型的20.55%提升至92.24%。因此實證模型的結果顯示，公司治理確實為影響公司價值的一個重要評價因素。

關鍵字

Ohlson 模型 ； 單根檢定 ； 共整合 ； 公司治理

並列摘要

Since East Asian financial crisis (1997), corporate governance has become an important issue in capital market. However, almost of the prior studies research on relation between corporate governance and firm value focus on the capital market, but few researchers have linked corporate governance to firm valuation using accounting valuation (Ohlson equity valuation model) to discuss relation between corporate governance and firm value. Consequently, the main purpose of this study is to investigate whether corporate governance has an impact to the firm value from the accounting valuating concept base on the view of accounting valuation. We apply unit root and cointegration test to examine time-series properties of the Ohlson model and explore whether corporate governance factors incorporated into the Ohlson model are effective in improving the cointegration.
Our sample firms are selected from Taiwan Economic Journal (TEJ) database, and 219 firms were selected. This study is based on time series data of 33 consecutive quarters from the fourth quarter of 1998 to the fourth quarter of 2006. Empirical results show that the book value and residual income cointegrate with market value in only 20.55 percent of the sample firms at the 0.01 significance level in Ohlson model. However, an improvement was found in the cointegration effects when corporate governance factors were incorporated into the Ohlson model. The cointegration effect increases from 20.55 percent to 92.24 percent of the sample firms at the 0.01 significance level. As mentioned above, our model results and empirical evidence indicate that corporate governance is an important factor for the firm valuation.

並列關鍵字

Ohlson model ； Unit root test ； Cointegration ； Corporate Governance

參考文獻

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