公司治理與財務績效-以台灣上市電子公司為例

Corporate Governance and Financial Performance – An Empirical Analysis of the Listed Electronic Companies in Taiwan

詹雯瑾(WEN-CHIN CHAN)

指導教授 ： 洪振義

朝陽科技大學/管理學院/財務金融系/碩士(2017年)

摘要

本研究主要探討台灣上市公司電子產業公司治理與財務績效的關係，以2016年405家台灣證券交易所上市之電子產業公司為研究樣本，利用獨立樣本t檢定之方法，探究外資持股比率、董事長總經理是否同人、經理人之持股比例、董監質押比例、董監事親屬持股比例、董事總人數、獨立董事人數、十大股東總持股比例等八項公司治理變數與財務績效之關聯性。研究結果顯示，外資持股比率、經理人之持股比例、董監事親屬持股比例、十大股東總持股比例與財務績效呈正相關；董事長總經理同一人之電子產業公司財務績效較低；而董監質押比例、董事總人數、獨立董事人數高低則與財務績效無關。
整體而言大部分公司治理機制會影響台灣電子產業公司的財務績效，因此企業可透過不同公司治理機制的安排與執行，如提高外資持股比率、經理人之持股比例、董監事親屬持股比例、十大股東總持股比例等，或避免公司之董事長兼總經理，以提高企業的財務績效。

關鍵詞：電子產業公司、公司治理、財務績效

關鍵字

公司治理 ； 電子產業公司 ； 財務績效

並列摘要

The relationship between the corporate governance and financial performance of the listed electronic companies in Taiwan is mainly explored in this study. The relevance between the financial performance and the eight corporate governance variables like foreign shareholding ratio, whether the board chairman and the general manager is the same person, shareholding ratio of managers, pledge ratio of directors and supervisors, shareholding ratio of relatives of directors and supervisors, total number of directors, number of independent directors and total shareholding ratio of the top ten shareholders is explored by taking the 405 electronic companies listed in Taiwan Stock Exchange Corporation (TSEC) in 2016 as the samples of study and using the independent sample t test method. The study results show that the foreign shareholding ratio, shareholding ratio of managers, shareholding ratio of relatives of directors and supervisors and total shareholding ratio of the top ten shareholders are all positively related with the financial performance; the electronic companies having the same person as the board chairman and general manager have relatively lower financial performance; and the pledge ratio of directors and supervisors, total number of directors and number of independent directors are irrelevant with the financial performance.
Most corporate governance mechanisms would have influence on the financial performance of the electronic companies in Taiwan. Therefore, the enterprises can improve their financial performance through the arrangement and implementation of different corporate governance mechanisms, such as increasing foreign shareholding ratio, shareholding ratio of managers, shareholding ratio of relatives of directors and supervisors and shareholding ratio of the top ten shareholders or avoiding the duties of company’s board chairman and general manager performed by the same person.

Keywords：Electronic Companies, Corporate Governance, Financial Performance

並列關鍵字

Financial Performance ； Corporate Governance ； Electronic Companies

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