公司治理指標及財務指標與企業經營績效關係之研究—以IC製造業為例

The Relationships of Corporate Governance and Financial Indexes to Corporate Operational Performance – Using IC Industry as an Example

莊淑蕙(Shu-Hui Chuang)

指導教授 ： 古永嘉

國立臺北大學/商學院/企業管理學系/碩士(2013年)

摘要

本研究主要探討公司治理指標及財務指標及與企業經營績效之關聯性，以IC製造為本業之上市櫃公司2001年至2011年間季資料進行實證觀察。本研究將企業經營績效分為每股盈餘 (EPS)、總資產報酬率 (ROA) 及股東權益報酬率 (ROE)，考量公司治理指標及財務指標兩組構面，先檢視所有變數間是否存在高度共線性，再透過因素分析法建立分析構面，並同時採用逐步迴歸法篩選變數，以求得能解釋企業經營績效之最佳構面及變數組合，最後再將具顯著解釋力之因素構面及變數按重要性予以排序，並依影響之正負方向一併彙整分析。本研究之實證結果如下：
一、檢視IC製造業之公司治理指標，以本國政府及董監持股情形對IC製造業之經營績效具顯著正向解釋力，且平方項呈先升後降之「倒U型」非線性關係。另外，外國金融機構持股對IC製造業之三項績效指標均具正向解釋力，其他公司治理指標則未對三項績效指標均具顯著解釋力。
二、檢視IC製造業之財務指標，具顯著解釋力者繁多，以收益力、償債能力及長期安全力能同時解釋三項績效指標，且長期安全力呈先降後升之「U型」非線性關係。另現金流量比率、營收成長率及負債比率等等，均對三項績效指標具顯著解釋力。
三、綜合考量公司治理指標及財務指標之重要性，董事兼任經理人情形、償債能力及長期安全力對IC製造業之每股盈餘最具顯著影響力；而長期安全力亦對總資產報酬率及股東權益報酬率具顯著影響力，然總資產報酬率則另受到本國政府及董監持股先升後降之「倒U型」非線性關係，股東權益報酬率則係受外國自然人持股與監察人持股先升後降之「倒U型」非線性關係影響。

關鍵字

公司治理 ； 公司績效 ； 股權結構 ； 董事會特性 ； 財務比率

並列摘要

This study investigates the relationships of corporate governance and financial indexes to financial performance of IC Industry using observed financial data between 2001 to the 2011. In this study, the business performances were divided into Earnings Per Share (EPS), Return on Assets (ROA) and Return on Equity (ROE). Using corporate governance and financial indexes as independent variables, and EPS, ROA and ROE as dependent variables, degree of collinearity were first checked and then factor analysis were used to develop constructs. At the same time, stepwise regression was used to screen variables in order to develop construct and variable combinations that can best analyze business performances. Finally, the factors and variables with the most significant impact were sorted in the order of importance.
The results of the analyses are as follows:
1.After checking the IC manufacturing corporate governance indicators, there is a positive significant impact between the shares held by government, board of directors and business performances. Also such impact showed a non-linear inverted U shape. In addition, the holdings of foreign financial institutions and three performance indicators of IC Manufacturing showed positive significant impacts. However the other corporate governance indicators did not show any positive significant impacts with the three performance indicators.
2.Profitability ability, liquidity and long-term stability ability were all significant of three performance indicators. Also the long-term stability ability showed an inverted U nonlinear relationship. In addition, cash flow ratio, the revenue growth ratio and the debt ratio also have positive significant impact with the three performance indicators.
3.CEO duality, liquidity and long-term stability ability show most significant impact on the EPS of IC manufacturing industries and long-term stability ability shows significant impact on the ROA and the ROE. The ROA, the national government and major shareholders showed inverted U-shaped nonlinear relationship. Foreign natural person, supervisors’ holdings and the ROE also showed an inverted U-shaped non-linear impact.

並列關鍵字

Corporate Governance ； Corporate Performance ； Ownership Structure ； Board Characteristics ； Financial Ratios

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