公司治理與企業績效之關聯性研究

The Study on Relationship between Corporate Governance and Firm Performance

邱鳳美(Feng-Mei Chiu)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2007年)

https://doi.org/10.6840/cycu200700638

摘要

公司治理是近年來學者與政府及業界所共同關注的熱門議題，在歷經一連串弊案衝擊後，各國政府紛紛採行多種強化公司治理機制的相關措施，以期透過法律面的規範及後續有效的執行，提升整體公開發行公司的治理水準。
　　本研究主要針對董監事組成、股權結構、關係人交易、資訊透明度四大構面來探討其與企業績效之關聯性，以供作為制定公司治理機制之參考，本研究以台灣上市上櫃公司為樣本，共分別擷取580家與388家公司。研究結果如下：
一、股權結構方面：上市公司組之股權結構因素對於ROE 及Tobin’sQ皆具有顯著的正向關係，上櫃公司組則只有在以ROE來衡量績效時，是顯著的正向影響。
二、在董監事組成方面：獨立董監席次比不論是在上市公司組或上櫃公司組，對於ROE及Tobin’sQ皆為顯著的正向影響；而萃取出來之董監事組成因素，上市公司組之實證結果呈現負向且達顯著水準，上市公司組－非電子業之實證結果則為顯著的正向影響，則是說明了當內部管理者擔任董事席位比率愈高，對公司價值應有較正面的影響。
三、在關係人交易方面：在上市公司組之下，皆為正向關係，但僅Tobin’sQ為顯著影響，可能原因為Tobin’sQ內含投資人對公司未來前景的看法，ROE則屬於事後的衡量，反應公司過去或目前的績效。上櫃公司組之實證結果則與上市公司組相反，雖然同樣為正向關係，但僅ROE呈顯著水準。
四、資訊透明度方面：上市公司組不論以ROE或Tobin’sQ來衡量，皆呈現顯著的正向影響，在資訊不對稱的情形下，管理當局唯有藉助即時且適當的揭露，才會增加投資人的投資意願，以及提高投資人對企業的評價。企業要永續經營，就一定要提升競爭力，藉由透明度的提升，創造企業價值，達到永續經營的目標。

關鍵字

公司治理 ； 因素分析 ； 資訊透明度 ； 階層迴歸分析

並列摘要

In recent years, corporate governance has become a hot issue which concerns scholars, the governments of many nations, and businesses. After a series of scams, the various governments began to take measures to reinforce corporate governance, in the hope that through regulatory laws and efficient subsequent performance, efficiency in the governance of public companies could be promoted.
　　The research aims at offering a model for corporations to construct their governance systems and studies the relationships among the efficiency of a corporation and the four indices: the constitution of directors and supervisors, the structure of share ownership, the transactions of related persons, and the transparency of information. In this research, 580 listed companies and 388 over-the-counter (OTC) companies in Taiwan were taken as analysis samples. The results are as follows:
1.The structure of share ownership: Among the listed companies, the structure of share ownership presents a positive impact on ROE and Tobin’sQ, while in the OTC companies, only when ROE is used to measure a corporation’s efficiency does this factor show a positive impact.
2.The constitution of directors and supervisors: The seat ratio of independent directors and supervisors has a positive impact on both listed companies and OTC companies, while the constitution of directors and supervisors shows prominent negative impact on the listed companies. However, the non-electronic businesses among the listed companies suffer significant negative impact. This result indicates that the higher the ratio of corporate administrators holding directorships, the more positive the impact that the corporation’s efficiency receives.
3.The transactions of related persons: This factor shows a positive impact on all listed companies’ efficiency, but only on the Tobin’sQ is the influence noticeable. This might be because the Tobin’sQ contains investors’ predictions for the corporation’s future, while ROE is a lagging measurement indicating the present or past efficiency of a company. The impact of this factor on the OTC companies is not quite the same as it is on listed companies; it has a positive impact on companies’ efficiency too, but only the influence on ROE is noticeable.
4.The transparency of information: In the listed companies, whether the efficiency is measured by ROE or by Tobin’sQ, information transparency shows a positive impact for corporation efficiency. In a situation of Information Asymmetry, only when the corporation’s management would properly and timely release corporate information could the investors’ valuation of the corporation be raised, and hence their investment intentions encouraged. If a corporation wants to continually develop, its information transparency and competitiveness should be raised so that corporate value can be created, and hence the goal of perpetual growth, attained.

並列關鍵字

factor analysis ； hierarchical regression analysis ； information transparency ； Corporate governance

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