股東權益週轉率、代理問題與公司價值之實證研究

本文運用統計科學方法，除探討財務比率變數外，更加入公司治理變數，建構有效的財務預警模型，進而保障債權人及股東權益。實證分析上，以Logit?歸模型法篩選出影響公司績效(Corporate Performance)之顯著變數，作為企業財務預警之用。實證結果發現，財務與非財務變數影響公司績效以償債能力、經營能力、獲利能力及公司治理(Corporate Governance)指標為主；利息保障倍數愈高，企業償債能力愈強，對債權人愈有保障；當董事長不兼總經理，宜適度降低股東權益週轉率與內部保留比率，可增強公司治理能力，提高公司績效；當經營權與所有權分離，專業經營(Capability)提高公司治理能力，增強內外部監督降低代理問題(Agency Problems)，進而提高公司價值。因此，本研究實證價值與管理意涵為專業經營、代理問題、公司治理與公司績效。

關鍵字

專業經營；代理問題；公司治理；公司績效

並列摘要

Scientific statistic methods were employed, and not only the variable of financial ratios but also the variable of corporate governance were included to establish an effective financial alert model and further ensure the rights and interests of creditors and shareholders. In terms of empirical analysis, the logit regression model was employed to select significant variables influencing corporate performance for the corporate financial alarm. The findings are as follows. Financial and non-financial variables influenced corporate performance mainly in terms of debt-paying ability, management capability, profitability, and corporate governance. The higher the interest protection multiples were, the stronger the corporate debt-paying ability would be, and the more protection the creditors would have. When a president did not concurrently serve as a general manager, the shareholders’ equity turnover ratio and the retention ratio should be moderately reduced, which could strengthen the corporate governance and increase the corporate performance. When the right of management was separate from ownership, capability would advance corporate governance, enhance inside and outside supervision, decrease agency problems, and further increase corporate value. Consequently, the empirical value and management implication lay in capability, agency problems, corporate governance, and corporate performance.