資訊揭露透明度、公司治理與經營績效 -台灣金融與食品業之跨產業實證

Disclosure of Information Transparency, Corporate Governance and Business Performance - The Cross-Industrial Empirical Study of Taiwanese Financial and Food Industry

陳玉儒(Yu-Ju Chen)

指導教授 ： 劉定焜

朝陽科技大學/管理學院/財務金融系/碩士(2015年)

摘要

90年代後，由於金融國際化與貿易條件的開放，不論是機構或個人有極多投資海外市場的管道，但在相對資訊不透明的情況下，台灣許多金融業者紛紛投入雷曼兄弟連動債權的投資，但次級房貸打垮了雷曼兄弟並引爆了2008年的金融風暴危機，讓全球與台灣面臨了金融與經濟上的困境。可見，投資大眾對於銀行業所涉及的金融風險狀況並不透徹，而內部公司治理的監督機制也未能執行完全。面臨不斷推出陳新的金融商品，金融業除了本身的經營績效外，應對投資者層層把關，考量資訊的揭露及透明度作為公司治理的核心。近兩年來，台灣食安風暴讓食品產業重創民眾的信心，因此，食品業的來源、加工以及產出的透明度對於大眾來說是極為重要的。而公司治理也扮演內部系統運作的核心角色，除了對經營者是一種監督與制衡機制，也有助於公司決策達到守法及有效性，以維護公司及消費者的利益。
有鑑於此，本文建構2005年到2013年的firm-level balance panel data，探討影響企業經營績效之因素，除納入公司治理變數、財務/非財務變數、產業結構CR4以及總體變數外，本研究亦考量過去文獻較少探討的資訊揭露透明度變數，另外亦納入IFRS與巴塞爾協定規範之考量。此外，本研究除運用傳統績效指標之總資產報酬率 (return on assets, ROA)、股東權益報酬率(return on equity, ROE) 外，進一步採資料包絡法 (data envelopment analysis,以下簡稱DEA) 建構企業之經營績效指標，探討此變數對企業經營績效之影響程度，並進一步比較金融業與食品業之差異。
實證結果顯示金融業，在DEA模型裡，透明度變數有顯著影響，相較傳統績效模型並無顯著。可見，透明度對金融業來說是相對重要的。公司治理，在傳統績效模型，大股東持股比例為負向顯著，表示金融業不應讓大股東持股過高以防大股東持股過高影響績效。
食品業的部分，只在資產報酬率模型發現顯著變數較多，自願性揭露呈負向顯著，被動揭露反而績效較好，表示食品業隱匿訊息的可能性。而公司治理的部分，發現皆是負向顯著，對於獨立董和大股東持比，食品業在資產報酬率模型上表示不宜過高，績效才會提升，可見食品業對於資產利用效率，不願讓外部的獨立董及過高的大股東所控制。

關鍵字

Balanced Panel Data ； DEA ； 公司治理 ； 資訊揭露透明度 ； 食品業 ； 金融業

並列摘要

After 90s, with the opening of international finance and terms of trade, both institution and person have lots of ways to invest abroad. But under the information asymmetry, many investor of Taiwan put their money in Lehman Brothers. However, the subprime mortgage triggered the financial crisis of 2008, and cause the bankrupt of Lehman Brothers, then made the global economic depression especially Taiwan.
This shows that, most investors do not perceive the risk of financial which institution involved. Besides, the monitoring system of Corporate Governance is not executed completely. To face the financial products which emerge continually, the finance company should not only care for their performance but also fulfill the information transparency for investors.
Recent two years, food safety crisis in Taiwan had brought down the people’s faith. Thus, it’s important for people that the transparency of resource、process and produce in food industry. Corporate Governance also plays a core role of monitor and balance between the operator and investor.
Consequently, we construct firm-level balance panel data during 2005-2013 to study the company’s determinants of performance. Besides, the corporate governance, financial, non-financial, CR4, and microeconomic variables, this study discusses the information transparency that rare seem in previous literatures. We also take into account the IFRS and Basel III. In addition, this study uses the traditional financial performance indicators of return on asset (ROA), and return on equity (ROE). This study applies data envelopment analysis (DEA) to construct company’s efficiency as the performance of firms. Further, we discuss the impact of determinants on firm performance, to compare the difference from financial and food industry.
According to our result, transparency factor has a significant influence on finance industry, by DEA. In Corporate Governance, our result shows that, major shareholding has a significant impact on performance, which means major shareholding should not take too much from the view of traditional performance model.
Respect to food industry, we find more significant factors in ROA, and we find that passive expose on information is better than voluntary expose on performance, which means in food industry will have the incentive to hid information. Moreover, in the food industry, with the lower independent directors and major shareholding, causes the higher the firms’ performance.

並列關鍵字

Food Industry ； Balanced Panel Data ； DEA ； Corporate Governance ； Disclosure of Information Transparency ； Financial Industry

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