過去有關企業評價議題之研究,都僅侷限於財務報表相關資訊之應用,本研究採Ohlson(1995)股權評價模式,將會計報表所無法涵蓋的資訊如公司治理觀念,納入評價模式中。以台灣上市電子公司為研究對象,探討公司治理特性所傳遞的訊息與企業價值的攸關性,實證結果發現,公司治理變數中,機構董監事比例、外部董事比例及參與管理對股權價值的影響為顯著正相關,顯示機構董監事與外部董事的比例愈高,愈能提升董事會的專業性與獨立性,並有效的發揮其監督功能,進而為公司創造價值。此外,本文並應用模型設定檢定(model specification test),測試考慮公司治理特性之Ohlson股權評價模式,研究結果發現Ohlson股權評價模式中應考慮公司治理變數,其股權評價模式才能更為完整。
Previous studies analyze a firm's market value as it relates to financial statements only. This study applies Ohlson's (1995) valuation model to examine the relationship between equity market value and corporate governance features that financial statements cannot reveal. Using a sample of all listed companies in electronic sector trading on the TSE (Taiwan Stock Exchange), this research discusses whether corporate governance affects the value relevance of equity market value. Our findings indicate that the independence and the professionalism of the board of directors can create marginal market value through effective supervision function. Additionally, this research employs the method of model specification test and finds that the inclusion of these corporate governance indicators can enhance the validity of the Ohlson valuation model.