美國航空公司經營績效與公司治理關聯性之研究

The Relationship between Airlines Performance and Corporate Governance in the US

蔡佳真(Chia-Jen Tsai)

指導教授 ： 王維康

元智大學/管理學院/會計學系/碩士(2009年)

摘要

本研究主要探討航空公司經營績效與公司治理之實證分析。首先，第一階段以資料包絡分析法(Data Envelopment Analysis，DEA)進行航空公司經營效率評估，藉由效率分解概念(Efficiency decomposition)探討投入與產出項對技術效率的貢獻程度，可知公司需要改善的地方而加以改善。為了進一步了解航空公司每一投入/產出對整體效率值貢獻的共同特徵與差異，本研究執行多變量分析中的集群分析 (Cluster Analysis) 和多元尺度分析(Multidimensional Scaling, MDS)。另外，在第二階段運用創新兩階段程序，即截斷迴歸模型(Truncated-Regression, TR)，探究公司治理良窳對航空公司經營績效的影響。研究結果指出公司治理對航空公司的經營績效具有顯著影響，除了董事長兼任總經理，董事會規模與航空公司的經營績效呈顯著正相關;　開會次數、委員會數目及獨立董事席次與績效係呈顯著負相關。

關鍵字

資料包絡分析法、多變量分析、截斷迴歸模型、公司治理

並列摘要

This paper explores the relationship between the operating performance of airlines and corporate governance in the US. First, the study applies data envelopment analysis (DEA) to access the relative efficiency of the airlines, and explore contribution extent of inputs and outputs to technical efficiency using　efficiency decomposition. It helps identify the weakness of airlines so that the efficiency can be improved. In order to further understand that common features and differences of each input / output contributes to the overall efficiency of airlines. The study uses Multivariate Analysis Technique including Cluster and Multidimensional Scaling to achieve the purpose.　Second, the truncated-regression is applied to explore the corporate governance whether will affect the performances of airlines. The results indicate corporate governance have significant effect to performance and show that with the exception of CEO duality and　the board size; the number of the board meetings, the number of the committees and the number of independent non-executive director have negative relationship with performance. Finally, the study proves the corporate governance play an important role in Airlines’ operating performance.

並列關鍵字

Data Envelopment Analysis、Multivariate analysis、Truncated-Regression、Corporate Governance

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