過去文獻指出公司治理與競爭程度皆會影響公司績效,而競爭程度與公司治理也有關聯性,在國內競爭程度甚至被視為公司治理的代理變數之一,這會對國內在探討三者關係時造成偏誤,無法區分競爭程度與公司治理對績效的影響是互補、互抵或單一變數的貢獻。而本文試著使用與公司治理正交化後之競爭程度,也就是排除競爭程度與公司治理之關聯性後,探討公司治理機制與競爭程度會如何去影響公司績效。此外,產業競爭程度常會與各公司之國際化程度有關,而許多文獻亦指出國際化程度會影響公司績效,因此本研究納入國際化程度,探討國際化程度、競爭程度與公司治理機制會如何去影響公司績效。本文之研究設計參考Xavier & Holger (2011)之架構,將公司績效分為三構面,分別為股票報酬、公司價值與營運績效,並以三者分別作研究設計。股票報酬部分,作多公司治理極端好與放空公司治理極端差之股票來建構一投資組合,再依投資組合內各股之競爭程度與國際化程度作分組,最後探討各投資組合之績效是否有明顯差異。公司價值部分,採用TobinQ作為代理變數,將公司治理、競爭程度、國際化程度與其交乘項作panel迴歸,探討各變數和交乘項之係數與其正負顯著性。營運績效的部分,採用ROA、ROE與NPM作為代理變數,並將公司治理、競爭程度、國際化程度與其交乘項作panel迴歸,探討各變數和交乘項之係數與其正負顯著性。 實證結果指出,無論位於何種競爭程度的產業裡,改善公司治理都會明顯的提升公司績效,但在高競爭程度下,提升的績效會明顯大於低競爭程度,競爭程度與公司治理對於公司績效之影響為互補。另外國際化的部分,若企業處於高競爭程度的產業內,並有進行國際化動作,改善公司治理所提升的公司績效會明顯大於其他情況的企業。
In this study, we examine how globalization, competition, corporate governance affects company’s performance. We employ eleven empirical proxies to measure corporate governance, HHI index to measure the degree of competition, and a globalization proxy to measure the degree of globalization. All the proxies we used are widely used in Taiwan. Following Xavier & Holger (2011) research’s framework, we decompose corporate governance into three aspects: stock returns, company value, and operating performance. According to the empirical evidence in this study, we find that improving corporate governance will significantly enhance company’s performance no matter under which kinds of competition degree in the industry. However, the scope of performance increment is significantly greater in the high level of competition than in the low level of competition. We infer that there exist the complementary effect between the degree of competition and corporate governance. On the other hand, for the aspect of globalization, we also find that if the company is under the high level of competition within the industry, then the higher degree in globalization will lead to the greater scope of performance increment when improving corporate governance.