公司治理對期間報酬、經營績效之影響研究 —以「公司治理評量制度」授證公司為例

A Study on the Relationship among Corporate Governance , Holding Period Return and Corporate Performance - Evidence from Companies received by 'Corporate Governance Evaluation System'

詹芷樺(Jhin-Hua Jhan)

指導教授 ： 張麗娟

國立虎尾科技大學/管理學院/財務金融研究所/碩士(2014年)

摘要

在景氣不好時需要藉由良好的公司治理來強化企業的條件，且更能看出其品質及監控的效果。因此本文加入金融海嘯期間進行研究，期間為2008年1月30日至2012年12月31日，為季資料，共有480筆觀察值，資料來源取自於台灣經濟新報( TEJ資料庫)。研究對象係通過中華公司治理協會「公司治理評量制度」授證之公司，將資料不齊全之公司予以剔除，篩選後共20家公司為研究對象。利用SPSS. 20版進行描述性統計分析、Pearson相關係數分析、獨立樣本ｔ檢定與逐步迴歸等實證分析。
　　本文探討具有良好的公司治理會影響其經營績效及期間報酬。實證結果為:(1)大股東持股比率對經營績效有顯著的正向之影響 (2)經理人持股比率對經營績效有顯著的正向之影響 (3)董監席次對經營績效有顯著的正向之影響 (4)董監質押對經營績效有顯著的負向之影響(5)董事長兼總經理有對經營績效有顯著的正向之影響
關鍵詞:公司治理、期間報酬、經營績效

關鍵字

公司治理 ； 期間報酬 ； 經營績效

並列摘要

During economic downturns, enhancing corporation’s conditions by well corporate governance is needed and it could see the quality and monitoring effect more. Therefore, this study added the period of financial tsunami to conduct the research; the period is from January 30th, 2008 to December 31st, 2012, it is quarterly data, there are a total of 480 observed values and the data source comes from Taiwan Economic Journal (TEJ database). Research objects are listed companies that have been granted the certificate of “corporate governance evaluation system” by Taiwan Corporate Governance Association; after getting rid of companies that don’t have complete data, this research has filtrated a total of 20 companies as research objects. Using SPSS. ver. 20 to conduct empirical analysis like descriptive statistical analysis, Pearson correlation coefficient analysis, two-Sample t test and stepwise regression…etc.
This study explored that well corporate governance would affects company’s operational performance and holding period return. Empirical results: (1) major shareholders’ share holding rate has significant positive effect to the operational performance (2) managers’ share holding rate has significant positive effect to the operational performance (3) seats of directors and supervisors has significant positive effect to the operational performance (4) pledge of directors and supervisors has significant negative effect to the operational performance (5) president and general manager has significant positive effect to the operational performance.

Keywords: Corporate governance , Holding Period Return , Corporate Performance

並列關鍵字

Corporate governance ； Holding Period Return ； Corporate Performance

參考文獻

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