台灣上市櫃金融保險業之公司治理與經營績效之研究

本文研究方法採用民國九十九年至民國一百零五年之台灣上市櫃金融保險業之公司治理資料，利用Panel Data迴歸模型，且採用固定效果模型進行實證研究，以Eviews軟體分析樣本，從公司治理的角度去探討台灣上市櫃金融保險業之經營績效及企業價值時，所需調整的公司治理變數，作為台灣上市櫃金融保險業評估經營績效、企業價值之參考。研究結果發現獨立董事教授比率和十大股東持股比率皆與Tobin’s Q公司之企業價值呈現顯著正相關，而董監事人數與公司企業價值呈現顯著負相關性。而公司經營績效資產報酬率(ROA)方面則是與監察人人數、有美國據點兩個變數呈現顯著正相關性，與獨立董事教授比率、董監事人數、內部懂事人數呈現顯著負相關性。股東權益報酬率(ROE)只和有美國據點呈現顯著正相關性。

關鍵字

公司治理；經營績效；企業價值

並列摘要

The study method of this paper adopts the corporate governance data of the Taiwan listed financial industry from 2010 to 2016 using the Panel Data regression model, and using the fixed effect model for empirical research, using Eviews8 software analysis samples, From the perspective of corporate governance to explore the operation performance and corporate value of Taiwan's listed financial industry, the corporate governance variables that need to be adjusted are used as a reference for Taiwan's listed financial industry to assess operation performance and corporate value. The study found that the ratio of independent directors to professors and the shareholding ratio of the top ten shareholders were positively correlated with the corporate value of Tobin’s Q, and the number of directors and supervisors was negatively correlated with the company’s corporate value. The company's performance (ROA) is positively correlated with the number of supervisors and the number of US branch, and has a negative correlation with the ratio of independent directors, directors and supervisors, and Internal director. Return on equity (ROE) is only positively correlated with US branch.