摘要 自1997 年亞洲陸續發生金融危機以來,公司治理與資訊揭露問題一直以來為投 資市場上注目的焦點之一。本研究透過檢視公司治理與資訊揭露的關係,藉以了解相 關制度之良窳對企業經營績效是否有攸關性。 本研究資料取自台灣經濟新報(TEJ),研究對象為2005 年前上市櫃之台灣上市 櫃半導體產業企業。採用八項公司治理自變數:企業是否為家庭企業、企業是否成立 獨立董事、董監事持股比率高低、董監事質押比率高低、大股東持股比率高低、經理 人持股比率高低及採用資訊揭露評鑑。四項經營績效指標當應變數:ROA、NPM、EPS、 EVA,衍生出三十二個子假說。 本研究實證發現,公司治理與資訊揭露對企業經營績效之關聯性相關結果如下: (1). 企業是否為家庭企業,對企業經營績效指標無相關。 (2). 企業是否成立獨立董事,對企業經營績效指標有一項相關(EPS)。 (3). 董監事持股比率高低,對企業經營績效指標有一項相關(NPM)。 (4). 董監事質押比率高低,對企業經營績效指標有三項相關(ROA、EPS、EVA)。 (5). 大股東持股比率高低,對企業經營績效指標有一項相關(EPS)。 (6). 資訊揭露評鑑高低,對企業經營績效指標有四項相關(ROA、NPM、EPS、 EVA)。 (7). 經理人持股比率高低,對企業經營績效指標有二項相關(ROA、NPM)。 關鍵字:經營績效、公司治理、資訊揭露評鑑、半導體產業
Abstract After the Asian financial crisis in 1997, the importance of Corporate Governance Mechanism and Information Disclosure on Business has become the spotlight in the capital market. This paper examines the relationship between corporate governance mechanism, level of information disclosure and business performance. The study employ Taiwan Economic Journal (TEJ) database to find sample companies’ data. Sample companies are public listed companies of Taiwan Semiconductor Industry. This study employs eight variables: family business enterprise or not, outside directors on the board seats, ratio of the Directors of the Board and Supervisors stockholdings, Stock Pledging Behavior of the Directors of the Board and Supervisors, ratio of stockholdings by block holder, rate of Managers stockholdings, and the rank of information disclosure evaluation. The dependent variables used in this study are Return on Assets (ROA), Net Profit Margin (NPM), Earnings per Share (EPS) and Economy Valued Added (EVA). The research findings are as follows: (1). Family business enterprise is not significantly related to the business performance. (2). Independent directors is significantly related to EPS performance indicators. (3). The ratio of The Directors of the Board and Supervisors stockholdings is significantly related to NPM performance indicators. (4). Stock Pledging Behavior of The Directors of the Board and Supervisors is significantly related to ROA,EPS and EVA performance indicators. (5). The ratio of stockholdings by block holder stockholdings rate is significantly related to EPS performance indicators. (6). The information disclosure in view of the level of evaluation is significantly related to ROA,NPM,EPS and EVA performance indicators. (7). The rate of Managers stockholdings is significantly related to ROA and NPM performance indicators. Keywords: Business Performance; Corporate Governance; Information Disclosure; Semiconductor Industry.