在各國陸續爆發公司財務危機後,主管機關及投資人逐漸意識到公司治理機制(corporate governance),實為健全資本市場的關鍵因素。國內立法院亦於2001年修正公司法,強調董事會的獨立性,以強化上市公司的公司治理機制。然公司治理的優劣是否確實會影響到公司價值評估,相關的實證研究仍嫌不足;因此本研究擬就上市公司之公司治理進行評估,之後再探討公司治理與公司價值評估之間的關係。 研究中採用2000年到2002年之439家上市公司為樣本,以董監事組成、股權結構、管理型態及董監質押三個構面來為公司治理評分,結合Ohlson 模式,以驗證公司治理與公司價值之攸關性,研究結果發現: 1. 公司治理與公司價值在2002年呈顯著正向關聯,蓋因在2001年開始,各界開始重視公司治理,故在2002年效益才顯現,對股價具有攸關性。 2. 電子產業之模式其解釋力明顯高過傳統產業,且在二個產業之下,公司治理變數在2001年及2002年皆呈顯著正相關,顯示電子產業之公司治理優於傳統產業。 3. 以2002年之樣本,加入獨立董監的虛擬(Dummy)變數後,來探討獨立董監是否會對公司價值造成影響;結果顯示,在加入獨立董監變數後,公司治理變數仍呈顯著正向關聯,但獨立董監變數的影響則不顯著。
After many companies have the financial crunch in a lot of country, the chamber constituted corporation law in order to emphasize the corporation governance and the independent of directorate and monitorship. The first step of the research is to apprize the sample’s corporation governance performance ,and later will use the Olson model to design the estimate model. The research according to the 439 companies’ directorate and monitorship composition, stock share contexture, administration style and pledge form 2000 to 2002 uses to apprize the sample’s corporation governance performance to estimate the Olson model. The conclusions are follows: 1. The corporation governance has a positive relationship with corporation value. Because many companies start to concentrate on the corporation governance in 2001, the relationship is obviously in 2002. 2. The model’s explanation of Electornics is obvious higher than tradition industry, so we analogize the performance of corporation governance is better than tradition industry. 3.We use the dummy variable of independent directorate and monitorship to investigate the influence of the corporation value and find that if we use the dummy variable,the corporation value still have positive relationship with corporation governance performance ,but doesn’t have the relationship with the dummy variable.