內在公司治理機制對公司治理績效之關聯性研究

The Study of Relation between “Self-Governance Mechanisms” and “Corporation Governance Performance”

江明哲(Ming-Che Chaing)

指導教授 ： 鄭淩淇

中原大學/商學院/會計研究所/碩士(2009年)

https://doi.org/10.6840/cycu200900480

摘要

摘 要
良好的公司治理除了外在市場、資訊揭露等相關規範的制訂外，健全公司內部控管機制，更是公司治理的基本要務。本文擬探討內、外部股東與股權集中狀況，在公司治理中所扮演的角色與對治理績效之影響。
根據OECD的定義，公司治理同時也要兼顧短期的利潤及長期的永續經營，因此，除了獲利能力、經營效率等相關指標外，本文還納入長期與穩健的指標。而在股權集中程度的衡量方面，採大股東持股率做為衡量指標進行檢測。再者，以電子股、傳統產業之紡織股，進一步探討治理績效是否隨產業不同而有所差異？並分析隨著時間的經過，公司內在治理機制是否逐漸地形成？本文實證結果顯示如下：
一、 在股權結構與公司治理績效分析，不同股東組成與股權集中程度的確是影響內在公司治理機制的重要因素。
二、 在不同產業之分析部分，電子股之股東持股對治理績效大多具有正影響，傳統產業家族色彩濃厚的紡織股反而出現許多負影響。因此股權結構對公司治理績效會受到產業因素而有不同的影響結果。
三、 在時間因素與公司治理績效分析，隨著時間經過，內部股東及外部股東持股對治理績效有著持續的影響，由此可推論：公司內在治理機制的確逐漸地形成。

關鍵字

公司治理 ； 治理績效

並列摘要

Abstract
As everyone knows, good corporate governance can improve firm performance and national competitiveness. Except the mechanisms external to the firm such as the capital market for corporate control and transparency, internal corporate governance mechanism is the basic and more important part. From the self-governance view, this study analyses how the shareholder components (including inside investors and outside investors) and ownership concentration affect firm’s corporate governance.

As the definition by OECD , corporate governance is not only to ensure the rights of managers, board directors, and shareholders but also the stakeholders . Moreover, the objectives of corporate governance should include short-term profit maximizing and long-run sustainable operating. In the measure of corporate governance performance, we use profit ratios, efficiency ratios, operating ratios, and debt ratios.

According to our empirical result, we find the shareholder components and ownership concentration affect the corporate governance performance, and have different influences in different industry and time. Our empirical results are summarized as following:

1. The inside investors managers have positive effects on the corporate governance. Different shareholder components and concentrative ownership are the important components affect firm’s corporate governance.

2. Most of the shareholder components and ownership concentration have positive (negative) effects on the corporate governance performance in the electronic (weave) corporations. So, shareholder components will be affected by industry components that have different results.

3. The inside shareholder continue to effect on the corporate governance performance as time goes. Therefore we contend that the internal corporate governance system is developing gradually.

並列關鍵字

Corporate Governance ； Governance Performance

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