本研究旨在找出極大化公司價值之公司治理配置,解答以往文獻於公司治理與公司價值的研究,無一致性定論的課題,研究方法上導入計算智慧技術—類神經網路以及遺傳演算法,克服傳統計量方法估計上的不足之處。研究發現遺傳演算法可解決公司治理制度配置問題,實證結果大多指出董事會之最適規模約11至13人,外部董事之最適比例約在五成左右,較現行規定高;股權結構方面,董監事持股最適比率約在32% 至56% 之間,經理人最適持股比率在1%至5% 之間,十大股東最適持股比率大致在20%至23% 之間,法人機構持股之最適比率皆在43%至79%之間,股權偏離程度最適範圍大多在4至9之間。研究意涵,找出公司治理最適配置、克服非線性估計的問題以及計算智慧之跨領域結合;實務意涵,可供建置公司治理評鑑制度,以及公司管理當局股權配置之參考,且本研究之公司價值函數,可作為投資人買賣交易決策依據。未來的研究方向,可繼續朝向會計議題與計算智慧技術結合,建置並強化公司治理之評等制度,以及結合模糊理論探討公司治理的最適區間與最適的公司治理情境。
The purpose of this study is to discover the optimal allocation model of corporate governance, to resolve non-consistent result of corporate governance and firm value. This study use computational intelligence, Neural network and Genetic algorithm, to improve the disadvantage of traditional econometric method. The findings of this paper indicated genetic algorithm that could resolve the allocation’s problem of corporate governance. The result of this paper is as follows. The optimal size of board of director is 11 to 13 people. The optimal percentage of outside director is around 50%. That is more than request of regulator now. About ownership structure, the optimal shareholdings of director and supervisor are about 32% to 56%. The optimal shareholdings of CEO are 1% to 5%. The optimal shareholdings of block holders are 20% to 23%. The optimal shareholdings of institute investor are about 43% to 79%. The optimal deviation of control right is 4 to 9. The implication of academic is finding the optimal allocation of corporate governance, resolve estimate problem of nonlinear model and combine the technical of computational intelligence. The implication of practice is providing to structure the valuation system of corporate governance and help management to allocate the ownership structure. The value function of this paper is useful for investor to make trade decision. Future research could continue integrate accounting issue and computational intelligence technical, enhance the valuation system of corporate governance and link up fuzzy theory to discuss the optimal situation of corporate governance.