公司治理的好處：來自亞洲新興國家資料的觀察

本研究使用里昂證券（CLSA）資料庫中亞洲10個新興國家共573個樣本，樣本期間為2001年1月至2005年12月，區分積極面及消極面探討公司治理的好處。積極面為探討公司治理對績效的影響，績效表現以會計指標（ROA）與財務股票市場價值指標（Return）為代表；消極面包括資金成本及盈餘操縱。資金成本分別以帳面對市價淨值比（BTM）與BETA為衡量指標；盈餘操縱則使用應計項目（Accruals）為衡量指標。此外，納入「景氣」狀況，探討公司治理表現是否更能表現出其鑑別能力。實證結果顯示：（1）積極面（股價報酬及會計績效）實證結果顯示無論是有無控制景氣狀況下，公司治理表現與積極面的股價報酬或會計績效無顯著相關性存在，顯示在亞洲新興國家資料中並未能觀察到公司治理表現與股價報酬或會計績效之間有顯著相關性存在。（2）控制景氣狀況前後，公司治理表現與資金成本有顯著性的關係存在。（3）以公司治理與盈餘操縱關係之實證結果發現無論有無區分景氣，公司治理表現與盈餘操縱之間無顯著性的關係存在，即表示在探討盈餘操縱程度上，「公司治理」指標並不能發揮其鑑別能力。

關鍵字

公司治理；績效表現；資金成本；盈餘操縱；多（空）頭

並列摘要

This paper investigates the relationship between corporate governance, equity return, the cost of capital, and earnings management, using the sample from the ten emerging markets of Asia. Different from the literatures, we examine the relationship between corporate governance, equity return, the cost of capital, and earnings management during the hot season, The sample period is 2001-2005. Firstly, we examine that if there exist a positive relationship between corporate governance and equity return. Secondly, we examine that if there exist a positive relationship between corporate governance and performance of corporate. Thirdly, finding that the relationship between corporate governance and the cost of capital. Finally, we examine that if corporate governance could decline the motive of earnings management. Empirical results show that there is not significant relation between corporate governance and performance.We only find that corporate governance score has significant relation of cost of capital.But the empirical result don’t show the company which has higher corporate governance score having lower motivation for earnings management.