公司治理變數與經營績效、企業價值之關係研究：以金控公司為例

A STUDY ON THE RELATIONSHIP AMONG CORPORATE GOVERNANCE VARIABLES, FIRM PERFORMANCE, AND ENTERPRISE VALUE： EVIDENCE OF FINANCIAL HOLDING COMPANIES

黃柏樺(PO-HUA HUANG)

指導教授 ： 陳達新

國立臺北大學/商學院/國際財務金融碩士在職專班/碩士(2009年)

摘要

本研究探討國內金控公司成立後採行公司治理之成效，以每股盈餘(EPS)、資產報酬率(ROA)為經營績效的衡量指標及(Tobin’s Q)為企業價值的衡量指標之關聯性研究。研究期間以十四家金控公司自2004年第1季至2008年第3季止之季資料，以多元迴歸模型為研究方法，將自變數區分為公司治理變數與營運指標兩大構面，將因變數區分為每股盈餘(EPS)、資產報酬率(ROA)及Tobin’s Q。實證結果如下：
一、非線性模式下的公司治理變數對於每股盈餘(EPS)、資產報酬率(ROA)及Tobin’s Q，三者之判定係數(R2)值與線性模式下的(R2)值相互比較；非線性式下的公司治理變數解釋能力較佳。研究中亦發現當因變數與自變數有正向關係時符合「利益收斂假說」(Jensen and Meckling，1976)有極小值存在，因變數與自變數有負向關係時符合「利益掠奪假說」(Jensen and Ruback，1983) 有極大值存在。
二、非線性模式下的公司治理變數與每股盈餘(EPS)之關聯性，本研究得知董監事持股比例、外資總投資股比例、自營持股比例及負債比率均有顯著的差異存在。以楊雨順(2007)不同金控主體購併績效之研究結果，探討虛擬控制變數對經營績效與企業價值的影響程度，實證後優劣順序為：以銀行為經營主體的金控→以保險為經營主體的金控→以證券為經營主體的金控。
三、非線性模式下的公司治理變數與資產報酬率(ROA)之關聯性，本研究得知董監事持股比例、大股東持股比例、自營持股比例及負債比率均有顯著的差異存在。
四、非線性模式下的公司治理變數與Tobin’s Q之關聯性，本研究得知董監事持股比例、董監事持股質押比例、總資產、外資總投資股比例、投信持股比例、自營持股比例與及負債比率均有顯著的差異存在。

關鍵字

公司治理、經營績效、企業價值、Tobin’s Q

並列摘要

This study investigates the relationship between earnings per share (EPS), return on assets (ROA) for the measurement of firm performance indicators and (Tobin's Q) for the enterprise value indicators to examine the effectiveness of corporate governance in domestic established financial holding companies. The study period is ranged from 2004 1th to 2008 3th quarterly data of 14 financial holding companies,and the research method is based on multiple regression models. Independent variables are categorized into two structures of corporate governance variables and operation indicators. Dependent variables are categorized into earnings per share (EPS), return on assets (ROA),and (Tobin's Q) .Empirical results are as following:
I. This study focused on the comparisons between coefficient determination (R2) of earnings per share(EPS), return on assets(ROA), and Tobin’s Q under the nonlinear model and the coefficient determination(R2) under linear model of the corporate governance variables. Corporate governance variables can better explain under the nonlinear model. This research also discovered that when the positive relationship between independent variables and dependent variables accommodates with “convergence of interest hypothesis(Jensen and Meckling，1976)” then the minimum exists. When the negative relationship between independent variables and dependent variables accommodates with “conflict of interest hypothesis(Jensen and Ruback，1983)” then the maximum exists.
II. The correlations between the corporate governance variables and EPS in nonlinear model. This study found there are remarkable diversities among the percentages of executive board share holding, foreign capital investment, self-operate share holding, and debts rate. The research result of “An Analysis of Merger Performance of Different Characteristic Financial Holdings Companies in Taiwan” by Yang, Yeu-Shun(2007) has probed into how invented variables have effects on the operational achievements and enterprise values. The sequence from good to bad is: financial holding company operates majorly as bank → financial holding company operates majorly as insurance →financial holding company operates majorly as stock.
III. The correlation between corporate governance variables and ROA in nonlinear model. This study found that there are great diversities among the percentages of executive board share holding, major shareholder share holding, self-operate share holding, and debts rate.
IV. The correlation between corporate governance variables and Tobin’s Q in nonlinear model. This research has discovered that there are great diversities among the percentages of executive board share holding, executive board share holding hypothecation, total assets, foreign capital investment, investment trust share holding, self-operate share holding, and debts rate.

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