營造業公司治理之研究

A Study on Corporate Governance in the Construction Industry

吳英亮(Ying-Liang Wu)

指導教授 ： 李建中

國立中央大學/工學院/土木工程學系/博士(2012年)

摘要

本研究首先探討公司治理基本理論與牽涉之法理。其次，在全球化的熱潮之下，由德國、日本、台灣的公司治理發展過程中，發現各國公司治理漸向英美模式靠攏，雖然是不容否認的趨勢。但是從比較法研究中，吾人可以發現，在統合的過程中，也存在許多因素的影響。畢竟各國公司治理的改革走向，不完全僅是考慮經濟效率，「腳步依循理論」即指出各國有其特殊的治理文化、政治與社會背景，因此即便有此向英美模式靠攏的發展趨勢，然而在統合收斂與固守不變兩者間的張力是始終存在的。接著，進行董事受任人義務的比較法分析，發現英國公司法對董事義務採類型條文化，美國則藉由判例來補實抽象的法條規定，我國公司法則仍維持抽象的法條規定。再來，探討營造業的公司治理特性以及由失敗案例所帶來的啟示。
本研究另一重點是，藉由探討ENR雜誌上排名世界前百大營造廠的公司年報，建立營造公司推行良善公司治理的核心議題，發現股權結構、治理結構、治理與倫理、資訊揭露、永續發展、利害關係人參與等六項構成營造廠商推動公司治理的核心議題。並以該等營造廠商以及國內39家上市營建公司為例，在這些核心議題上如何推動公司治理的情形作一比較分析。主要結果發現由於所有權與經營權分離的情況在我國營建業並不明顯，營建公司利用公司治理來降低代理成本的誘因不大，因此年報中顯示國內上市營建公司於推動公司治理上雖尚能「符合法令」，但是「自我監控」的部份仍有改善空間。最後，嘗試將該等核心議題如何由上位的「治理概念」，逐次建立施行「管理目標」，再到具體「行動方案」，以供國內營造業推動良善公司治理的參考。

關鍵字

建設環境 ； 治理結構 ； 腳步依循理論 ； 公司治理 ； 受任人義務 ； 資訊揭露

並列摘要

This work starts with the examination on the basic theory and legal system associated with corporate governance. Next, this work found that there is no denying a trend to incline to Anglo-American model under the pressure of globalization. However, this work found that many factors will influence the convergence process through comparative legal study. The dominant factor to the reform of corporate governance is not based on the consideration on efficiency only. Rather, the theory of path dependence indicates that each country has its unique governance culture, political and societal background. There is a trend to present inclination to Anglo-American model, however, the tension between convergence and persistence exists eventually.
A comparative legal analysis on fiduciary duty is to be undertaken following the above discovery. It reveals that while a director’s duties under UK’s company law presents categorized clauses, precedents are complementary to the abstract legal clauses in the US. Still, the statute of Taiwan’s corporate business law remains in an abstract manner. The characteristic of corporate governance in the construction industry and the implication behind the corporate failure case then are presented. Another point of this work is an empirical study on construction industry. This work intends to develop core agenda to corporate governance for construction firms through exploring the annual reports of the top 100 worldwide construction firms posted in ENR 2010. It is revealed that a total of six issues including ownership structure, governance structure, governance ethics, information disclosure, sustainable development and stakeholder engagement constitute the core agenda to corporate governance. Based on the 100 construction firms and 39 publicly listed companies in Taiwan, a comparative analysis has been conducted on the enforcement of corporate governance through such core agenda.
This work mainly found that the fact the insignificant degree of separation between ownership and control may be resulted in the lack of incentive to reducing agency cost through corporate governance. Thus, although a construction firm’s annual reports indicates that while the implementation to corporate governance is complied with its legal requirement, there still is room for better enhancement to the dimension of self-regulation. In the last, such core agenda with top level involvement will be implemented by management objective. This study further provides solid action plan to be adopted by the construction industry as reference.

並列關鍵字

Built Environment ； Information Disclosure ； Fiduciary Duty ； Theory of Path Dependence ； Corporate Governance ； Governance Structure

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