企業股權結構、資訊透明度與公司績效之關聯 -集團與非集團企業之比較

The Relationship among Ownership Structure, Information Transparency and Firm Performance:A comparison between Group and Non-group Enterprises

吳欣儒(Shin-Ju Wu)

指導教授 ： 卓佳慶

國立中正大學/管理學院/會計與資訊科技學系/碩士(2013年)

摘要

本研究針對公司治理與公司績效之關聯性做深入探討，並針對集團企業之特性著重於公司股權結構與資訊透明度的部分與公司績效連結，並探討其效果是否會依集團與非集團之不同企業型態而隨之改變。而研究結果也顯示，其效果在集團企業與非集團企業之下結果不盡相同。研究發現，股權結構相關變數部分與公司績效之關聯符合利益掠奪假說。當股權越集中時，公司資源越有可能被不當的利用，而控制股股東甚至高階經營團隊越有可能掠奪公司資源已達成本身最大利益化。而對於非集團企業，公司持股結構之複雜度，對公司績效之負面影響較高，反觀集團企業卻無此效果。另一方面，資訊透明度在集團企業下，對公司績效都存在正向之影響，這也與過去許多的研究成果相符合。故公司若能提升本身資訊透明度，則可大幅改善此問題。但在非集團企業下，則對於公司績效無明顯影響產生。最後，我們把股權結構與資訊透明度結合並加以探討，當透明度的要素加入股權集中度之變數中，會使得原本為負向影響之集中度轉而對公司績效產生正向之影響。且在集團與非集團之下效果雷同，故我們可以發現，當公司之資訊透明度提升，便可消彌股權集中度所帶來的問題。倘若公司股權結構複雜，則可藉使其本身資訊更透明的方法來改善其所帶來之負面影響。而這也是現今使多公司可以努力之方向，可藉由如此的作法來提升公司之績效。

關鍵字:公司治理、股權結構、資訊透明度

關鍵字

公司治理 ； 股權結構 ； 資訊透明度

並列摘要

With the outbreak of many scandals in the capital market, Such as Enron, WorldCom and Xerox had triggered a global financial report for the performance of mistrust, thereby increasing the relative importance of corporate governance. Looking back at the history of what happened in the financial scandals, What we must learned is that in Taiwan's economic environment, whether corporate governance has positive or negative effect on corporate performance, it is also the main reason of this study. In this study, we focus corporate governance on ownership structure and information transparency. In order to understand the relationship among ownership structure, information transparency and corporate governance, designed regressions were to be verified. And distinguish the different effects of group companies and non-group companies. And hope this study can become the useful reference of the companies in Taiwan.

Keywords: corporate governance, ownership structure, information transparency.

並列關鍵字

information transparency ； ownership structure ； corporate governance

參考文獻

Chung, K., & Pruitt, S. (1994). A simple approximation of Tobin's q. Financial management, 23(3).

Bloomfield, R. J., & Wilks, T. J. (2000). Disclosure effects in the laboratory: Liquidity, depth, and the cost of capital. The Accounting Review, 75(1), 13-41.

Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 323-349.

Botosan, C. A., & Plumlee, M. A. (2002). A re‐examination of disclosure level and the expected cost of equity capital. Journal of accounting research, 40(1), 21-40.

Chung, C. (2001). Markets, culture and institutions: The emergence of large business groups in Taiwan, 1950s–1970s. Journal of Management Studies, 38(5), 719-745.