代理問題與公司績效之實證研究

本研究針對台灣2000年至2008年間曾經發生財務危機之133家上市上櫃公司及正常公司進行1：1對照比較作為研究對象，首次嘗試採用二元Logit模型將此類財務危機公司與同產業及資產規模相當之配對樣本予以分析，探討發生財務危機公司在是否董事長兼任總經理時，其在財務結構、償債能力、經營能力、獲利能力、現金流量、公司治理等六大指標上和所選取配對之樣本公司，存在之代理問題與公司績效關聯性。研究發現，一、所有權與經營權同一人，預測公司經營績效以償債能力、獲利能力及現金流量指標為主；且預測正確率較高，可降低代理問題，進而提高公司績效；當經營權與所有權未分開，增加利息保障倍數，對債權人愈有保障。二、所有權與經營權非同一人，預測公司經營績效以財務結構、經營能力、獲利能力、現金流量及公司治理指標為主；距公司發生財務危機愈遠，會計師的監控愈重要。因此，當董事長不兼任總經理，經營權與所有權分開，避免更換會計師，可增強外部監控與公司治理能力，進而提高公司績效。準此，本研究之實證價值與管理涵義為代理問題、公司治理、財務預測與公司績效。

關鍵字

代理問題；公司治理；財務預測；公司績效

並列摘要

This thesis selected 133 Taiwan listed companies ever having financial crisis between 2000 and 2008 and the same amount normally operating ones with the similar assets scale and in the same industry in that time, compared with the former , and furthermore, investigated which one(s) of the selected six indicators- financial structure, liquidity ability, operational performance, profitability, cash flow and corporate governance- is or are more useful to predict the corporate performance regarding to(with) the agency problem (here we focused on whether the director of board and general manager was the same one) by Lagit regression analysis. We found that on the one hand, if the ownership and management was the same one, liquidity ability, profitability and cash flow were the more useful indicators to predict the corporate performance and creditors got more guarantee with increased interest coverage ratio; on the other hand, if the ownership and management was not the same one, financial structure, operational performance, profitability, cash flow and corporate governance were the more useful indicators to predict the corporate performance and the avoidance of changing accountants enhanced the ability of external control and corporate governance to improve corporate performance. Overall, the empirical value and management implications of the thesis are for agency problem, corporate governance, financial forecasting and corporate performance.