- 學位論文
公司治理與投資績效之研究—以臺灣50指數與富櫃50指數為例
Corporate Governance and Investment Performance with FTSE TWSE Taiwan 50 Index and Gretai 50 Index
摘要
摘 要 公司治理(Corporate Governance)議題在金融海嘯爆發後成為顯學，許多機構、學者紛紛提出研究文獻與評等模式。本研究針對公司治理架構之內部機制，參考Chen, Kao, Tsao and Wu (2007)所建構之治理指標，另加入董監事質押比例變數組合成一簡易之臺灣公司治理指標「Taiwan Corporate Governance Index」，從股權結構及董事會特性來探討其與投資績效之關聯性，分析董事會規模、董事長兼任總經理、控制股東持股比例、法人股東持股比例、大股東質押比例等變數對投資績效之影響，以供作為企業於制定公司治理機制時之參考，及法人機構及投資人於投資決策與風險管理之篩選依據。本研究選取 2011年到 2013年共三年的上市「臺灣50」、上櫃「富櫃50」指數成分公司為樣本實證對象。 實證研究結果顯示，公司治理指標與董事會規模及董事長兼任總經理視之公司規模、控制股東持股比例與法人股東持股比例呈正向關係，而大股東質押比例則呈負向關係。「TCGI」指標評等屬高度公司治理公司的投資績效報酬明顯高於低度公司治理。高度公司治理公司可正向解釋投資績效可增加部位買進持有，對於低度公司治理公司則應調整部位配置並加強風險管理 。
並列摘要
ABSTRACT Corporate Governance has become a prominent issue since the outbreak of the financial crisis in 2008, with various organizations and scholars bringing up research papers and evaluation modes. The purpose of this research is to establish a simple standard of Taiwan Corporate Governance Index, based on the inner mechanism of corporate governance structure and the research of Chen, Kao, Tsao and Wu in 2007. It aims to reveal the association of ownership structure and board characteristics with investment performance by analyzing such variables as board size, CEO duality, managerial ownership, block shareholder and pledge. The result of this research will serve as a guide for enterprises to formulate their management strategies or for foundations and investors to decide their investment policy and reduce investment risk. This research gathers the samples from the indexes of FTSE TWSE Taiwan 50 and Gretai 50, with the years ranging from 2011 to 2013 to validate its findings. This research shows that corporate governance index has a positive relation with board size, CEO duality, managerial ownership and block shareholder while the ratio of pledge has a negative impact on the index. As for the investment performance, the corporations with high TCGI gain more profits than those with low TCGI . High TCGI corporations indicate the positive result of investment performance and ownership; in contrast, low TCGI ones have investment risks to consider. Keywords：Corporate Governance, ownership structure, board characteristics, risk management