公司治理品質、董事會結構對經營績效之影響-以台灣證券交易所資訊揭露評鑑系統為例

The influence of corporate governance quality, board of directors on firms performance-Evidence from Evaluation Information by Taiwan Stock Exchange.

林育廷(Yu-Ting Lin)

指導教授 ： 林佳靜

長榮大學/管理學院/經營管理研究所/碩士(2016年)

摘要

台灣證券交易所每年於網站上公告上市櫃企業公司治理評鑑之結果，若投資人在投資時，將公司治理情況納入選股的考慮，則公司治理表現較佳的企業將會受到投資人的青睞，獲得正向的回饋。透過此一連串會使得企業在經營中重視公司治理，進而提升經營績效。故本研究欲探討公司治理品質、資訊揭露評等與經營績效是否具有關聯性。
與既存文獻不同，本文分別以會計績效及市場績效兩部分來探討經營績效之表現。以「股東權益報酬率(ROE)」、「每股盈餘(EPS)」做為衡量會計績效的應變數。以「股票報酬率(Stock Return)」與「股票超額報酬率(Abnormal Return)」做為衡量市場績效的應變數。
研究結果顯示，資訊揭露評鑑等級方面，評鑑等級愈佳，會計績效與市場績效的表現均較佳。公司治理品質方面，從股權結構來看，董監事持股比例、經理人持股比例與大股東持股比例愈高時，會計績效與市場績效愈佳。從董事會結構來看，獨立董事比例愈高時，企業經營績效愈好。但董事會規模愈大、董事長兼任總經理與企業設立審計委員會時，則會降低經營績效。

關鍵字

公司治理品質 ； 股權結構 ； 董事會結構 ； 資訊揭露評鑑

並列摘要

Every year, the Taiwan Stock Exchange publishes on its website the results of the Corporate Governance Evaluation of Tsec-listed and OTC-listed companies. If investors take into account the state of corporate governance when choosing stocks, companies with stronger governance will find favor with them and be positively rewarded. In turn, companies will pay more attention to corporate governance, which will then improve their operating performance. Therefore, this study aims to examine whether there is any correlation between the quality of corporate governance and information disclosure and transparency rankings, and the operating performance of companies.
Unlike the existing body of literature, the current study examines companies’ operating performance from two perspectives: accounting performance and market performance. It uses “return on equity (ROE)” and “earnings per share (EPS)” as dependent variables in measuring the accounting performance, as well as the “stock return” and “abnormal return” as dependent variables in measuring the market performance.
This study has the following findings. With respect to information disclosure and transparency rankings, the higher the ranking of a company, the better both of its accounting performance and market performance are. In terms of the quality of corporate governance, from the perspective of equity ownership structure, the higher the shareholding ratio of directors, managers, and large shareholders in a company, the better its accounting performance and the market performance are. From the perspective of board structure, the higher the ratio of independent directors on the board in a company, the better its operating performance is. However, the larger the board size of a company, its chairman serving concurrently as its CEO, and the establishment of an audit committee will lead to lower operating performance of the company.

並列關鍵字

quality of corporate governance ； equity ownership structure ； board structure ； information disclosure ； transparency ranking

參考文獻

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