高標準公司治理的企業,通常資訊揭露較佳及透明度較好。對機構投資人而言,對投資標的傾向選擇公司治理較佳的公司。本研究以TEJ資料庫及MOPS選取2011-2014 年臺灣上市櫃公司之資料建構公司治理模型,採用SPSS統計軟體進行分析,以檢驗公司治理在公司經營績效與機構投資人持股間所扮演的角色,研究結果分述如下: 一、 大股東持股比例、獨立董事席次比、設置審計委員會及企業永續報告書揭露等對機構法人持股比例呈顯著正向影響,但在董事會規模及董監事持股比例則對機構投資人持股比例有顯著負向影響。 二、 董監事持股比例、大股東持股比例、董事長未兼任總經理及獨立董事席次比等對EPS呈顯著正向影響;董監事持股比例、大股東持股比例及資訊揭露透明度等對ROA、及ROE呈顯著正向影響;設置審計委員會對ROA呈顯著負向影響。 三、 企業永續報告書揭露愈佳,對機構投資人持股比例越高。 實證結果發現,公司治理部分變數和企業永續報告書揭露對機構投資人有正面的影響。另公司治理部分變數及資訊透明度對經營績效亦有正面影響,建議公司每年定期進行公司治理的全面性檢視,並及早規劃相關措施,以利提升經營績效。
Corporations with high corporate governance standards usually provide better disclosure and transparency. For institutional investors, there is a preference for stocks with better corporate governance.This research uses the TEJ database and MOPS data, selecting 2011-2014 Taiwan domiciled listed and OTC companies as the study population to develop a corporate governance model using SPSS statistical software for data analysis. This research tests the role of corporate governance in its business performance and its role in institutional investor stock holdings. The study has the following conclusions: (1)Major shareholder holdings, the ratio of independent directors, the establishment of an audit committee, and the publication of CSR reports have a positive impact on institutional investor holdings. However the size of the board and shareholdings of directors and supervisors has a negative impact. (2)Shareholding ratios of directors and supervisors, ratio of major shareholders, and the separation of the chairmanship and general manager positions, and the ratio of independent directors has a positive impact on EPS; the shareholding ratio of directors and supervisors, shareholding ratio of major shareholders, and information transparency ratings has a positive impact on ROA and ROE; establishing an audit committee has a negative impact on ROA. (3)The better the disclosure in the CSR report, the more positive impact on institutional investor holdings. Research proves, selected variables in corporate governance and corporate sustainability report disclosures has a positive impact towards institutional investor holdings. Also, selected variables in corporate governance and information transparency has a positive impact on management performance. We suggest companies evaluate corporate governance annually, and implement related policies and procedures to improve management performance.