公司治理、代理問題與公司績效之實證研究--集團與非集團業比較

An Empirical Study of Corporate Governance,Agency Problem and Corporate Performance-Comparison of Groups and Non-Groups Company

呂娟宜(Chuan-Yi Lu)

指導教授 ： 余惠芳

共同指導教授 ： 吳 克(Wu Ke)

健行科技大學/商學院/國際企業管理研究所/碩士(2012年)

摘要

摘 要
本文利用Logistic 迴歸統計科學方法，建構集團業財務預警模型(Financial Early-Warning Models)，考慮代理問題(Agency Problems)，首次嘗試與非集團業比較分析其差異，期望於財務風險(Financial Risk)發生前，提前預測風險發生的機率，以達事前預警與風險管理之效。實證分析上，利用28個財務比率變數及3個公司治理變數，進行K-S tests 、M-U tests 與Logistic 迴歸分析，篩選出影響公司績效之顯著變數，作為預測企業財務預警之用。
實證發現，當董事長兼任總經理，影響非集團業公司績效主要變數除財務結構、償債能力、經營能力、獲利能力、現金流量等指標外，集團業增加了公司治理變數。研究建議，集團業宜提高流動比率、現金流量比率、自有資金比率及降低借款依存度，可改善企業的財務結構、增加現金流量與償債能力；儘早設置獨立董監事、避免更換會計師，增強公司治理能力，提高公司績效。非集團業宜提高現金流量允當比率，增強經營能力。集團業與非集團業皆須降低內部保留率、提高現金再投資比率，提升經營能力與獲利能力，降低財務風險發生的可能性。因此，本文實證價值與管理意涵為，集團業儘早設置獨立董監事、避免更換會計師，增強公司治理能力，進而提高公司績效。

關鍵詞：公司治理、代理問題、財務風險管理、財務預測

關鍵字

公司治理 ； 代理問題 ； 財務風險管理 ； 財務預測

並列摘要

Abstract
By logistic regression statistics, this study constructed a financial warning model for group enterprises and discussed agency problem. Group enterprises and non-group enterprises were compared to predict the probability of financial risk as pre-warning and risk management. As to empirical analysis, this study conducted K-S tests, M-U tests and logistic regression analysis by 28 financial ratio variables and 3 corporate governance variables to extract the significant variables of corporate performance as the criteria for prediction and warning of corporate finance.
According to the findings, when the chairman undertakes the job as general manager, the main variables of non-group enterprises corporate performance are financial structure, solvency ratio, operational capability, profit capability and cash flow. Moreover, corporate governance is included for group enterprises. This study thus suggests that group enterprises should increase flow ratio, cash flow ratio, capital ratio and reduce debt dependency in order to improve the financial structure, increase cash flow and solvency ratio. They should construct independent directors and supervisors, avoid changing accountants, enhance corporate governance capability, and increase corporate performance. Non-group enterprises are suggested to increase cash flow adequacy ratio and enhance operational capability. Group enterprises and non-group enterprises should reduce retention ratio, increase cash re-investment ratio, enhance operational capability and profit capability, and avoid the financial risk. Thus, according to this study, the empirical value and managerial implication are below: group enterprises should construct independent directors and supervisors, avoid changing the accountants, enhance corporate governance capability, and increase corporate performance..

Keywords: corporate governance, agency problem, financial risk management, financial prediction

並列關鍵字

corporate governance ； agency problem ； financial risk management ； financial prediction

參考文獻

參考文獻

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