營建業上市櫃企業公司治理落實程度之關聯因素分析

Characterizing the corporate governance of Taiwan listed real estate development and construction companies

王依靜(Yi-Jing Wang)

指導教授 ： 周慧瑜

朝陽科技大學/理工學院/營建工程系/碩士(2016年)

摘要

1997年亞洲金融危機發生後，台灣企業經營危機接然發生，強化公司治理機制被認為是企業對抗經營危機的良方。過去曾有針對上市櫃公司的研究顯示，營建產業的公司治理落實程度較其他產業的總體平均程度低，但究竟此種情況與何種產業特性有關，至今尚缺乏相關研究。本研究針對營建業較其他產業而言比例偏高的「家族經營」特性，探討其與公司治理落實程度是否存在關聯性。公司治理落實程度的評分依據，是採用臺灣證券交易所成立的公司治理中心在2014年推出的「第二屆公司治理評鑑指標」，研究對象則鎖定歸類於營造建材類(包括建設類與營造類)的上市櫃企業。
研究結果發現，營建業整體而言在公司治理的五大構面上，落實程度表現較高的是「提升資訊透明度」，最低的是「落實企業社會責任」；若從構面指標來看，則落實程度表現較高的指標包括「公司年報的揭露資訊」、「公司內部控制聲明書的執行和揭露」、「公司經營財務狀況和發展計畫的揭露」及「公司員工福利和工作環境之保護措施的設置」，而落實程度表現較低的指標則有「高於法規設置獨立董事席位」、「編制企業社會責任報告書」、「揭露公司二氧化碳年排放量」等。進一步就家族特性來看，從敘述統計結果觀察，非家族企業有稍微顯現出較家族企業更高的公司治理落實度，不過從統計上來看，家族企業與非家族企業並未通過差異性檢定，無法認定家族企業特性顯著影響了公司治理落實程度。再就行業類別來看，營造類上市櫃企業在敘述統計觀察上有稍微顯現出較建設類企業更高的公司治理落實度，不過此現象也並未通過差異性檢定，同樣無法認定行業類別顯著影響了公司治理落實程度；即使將營建業以建設類及營造類分開來看時，是否具有家族企業特性，在公司治理的表現上也沒有顯著差異；不過若將建設類及營造類公司皆再分別分出上市與上櫃兩種群組，則可發現上市公司中建設類與營造類企業在公司治理落實度上呈現出了顯著差異，差異結果是營造類高於建設類，而上櫃公司中建設類與營造類企業在公司治理落實度上也呈現出顯著差異，差異結果是建設類高於營造類。

關鍵字

差異檢定 ； 公司治理落實程度 ； 家族企業

並列摘要

After the 1997 Asia Financial Crisis, Taiwanese businesses continued to be faced with operational and management crises as a result. To mitigate the situation, strengthening the level of corporate governance was seen as beneficial to the cause. Prior research focused on companies listed in the stock exchange and/or over-the-counter (OTC) market in Taiwan revealed that the degree of corporate governance implementation in the construction industry is comparatively lower than that of other industries domestically. However the link between the findings and whether they are related to any specific industry characteristics remains a topic in need of further research. This study focused on the “family-owned businesses” characteristic that is more prevalent within the construction industry compared to other industries, specifically whether this characteristic may have any relation to the degree of corporate governance implementation. The rating system used to determine the degree of corporate governance in this study was adapted from “Corporate Governance Evaluation System” established in 2014 by the Corporate Governance Center of the Taiwan Stock Exchange. The subjects for evaluation in this study were selected from companies that were listed in the stock exchange or OTC market and classified under the construction and building materials category (including companies categorized as either construction or building companies).
The results of the study showed that among the five major categories of corporate governance implementation evaluation, the highest degree of implementation in the construction industry was “Information Transparency”, whereas the lowest was “Corporate Social Responsibility”. From the perspective of individual indicators listed under each of the respective five major categories, the indicators showing the highest degrees of corporate governance implementation were “Disclosure of information in a company annual reports”, “Execution and disclosure of company internal control statements”, “Disclosure of company financial statements and business plans”, and “Establishment of measures ensuring employee welfare and action plans for providing safe working environments”. Indicators that demonstrated low degrees of corporate governance implementation include “Appointment of more independent directors than required by law”, “Preparation and publication of corporate social responsibility report”, and “Disclosure of annual emissions of CO2 or greenhouse gases”, among others.
Focusing on the family-owned business characteristic, the statistical results of the evaluated companies showed that non-family-owned businesses scored slightly higher in the degree of corporate governance implementation when compared to family-owned businesses. However, when analyzed from a statistical standpoint, the test of family-owned against non-family-owned businesses did not pass the difference testing measures, therefore making it difficult to confirm whether the family-owned business characteristic has any effect on the degree of corporate governance implementation. Next, from examining the comparison between company types, building companies listed in the stock exchange or OTC market scored slightly higher statistically than construction companies in the degree of corporate governance. Yet, this occurrence also did not pass difference testing, making the prospect that company type may have an effect on the degree of corporate governance implementation inadmissible. This would imply that even by separating companies in the construction industry as either building type or construction type companies the prevalence of the family-owned business characteristic did not appear to have much effect on the degree of corporate governance implementation. However, if the building type and construction type companies are further separated by listings on either the stock exchange or the OTC market, the results showed significant differences between the two in terms of degree of corporate governance implementation. When only looking at the companies listed on the stock exchange, building type companies scored higher than construction type companies in the degree of corporate governance implementation. Conversely, focusing on the companies listed on the OTC market, a marked difference was also present between the scores, where construction type companies showed higher degrees of corporate governance implementation than building type companies.

並列關鍵字

degree of corporate governance implementation ； Family-owned businesses characteristic ； difference testing

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