借款依存度、公司治理與公司績效之實證研究

本研究採用二元Logistic廻歸做為建構企業財務危機預警模式，比較企業加入公司治理（Corporate governance）變數後，能否更準確地區別財務危機公司與正常公司，找出影響公司績效（Corporate performance）之顯著變數，降低發生財務危機機率，進而提高公司績效。實證研究發現，預測公司績效之變數主要集中在償債能力、經營能力、獲利能力、現金流量與公司治理指標；加入公司治理變數預測能力提高，財務比率指標的預測正確率前一年、前二年、前三年分別為92.25%、90.70%、86.05%，加入公司治理指標預測正確率，前三年全部提高為96.90%，顯示加入公司治理變數預測能力提高，可提供投資人選股策略參考；當董事長與總經理非同一人，經營權與所有權分開，設置獨立董監事實施公司治理，降低發生財務危機之可能性，進而提高公司績效；儘早降低借款依存度，實施公司治理，可提高公司績效。準此、本研究實證價值與管理涵義為公司治理、投資決策與公司績效。

關鍵字

借款依存度；公司治理；投資決策；公司績效

並列摘要

This study used the Binary Logistic Regression as the establishment of corporate financial distress prediction model. Whether can more accurately distinguish normal company with the financial crisis around the variables joined the company. Finding out significant variables to influence corporate performance, and lower the likelihood of financial distress. Findings, Influence the achievement result of the company have solvency, operating performance, profitability, cash flow and corporate governance indicators. Predictive ability will be improved by adding corporative variable, financial ratios indicators predictive accuracy for corporate financial distress at one, two, and three years prior to distress is 92.25%、90.70%、86.05%, adding corporative variable predictive accuracy all was improved in 96.90%. It has provided strategy reference for investors with stock picking; when the chairman and the general management (CEO) are not same person, ownership and management will be separated. Independent directors and supervisors can improve company performance, if implementation of corporate is set. In addition, independent directors and supervisors can also reduce financial crisis in order to improve company performance. Furthermore, company performance will be improved by reducing the dependence degree of loan. The paper is useful to researchers or practitioners who are focused on Corporate Governance, Investment Decisions and Corporate Performance.