公司治理機制與經營績效之研究－以股權分置改革後中國上市電子科技公司為例

A study on the correlation between corporate and performance- Example on the China stock listed companies of electronic technology after the equity division reform

林 政 儀(Cheng-I Lin)

指導教授 ： 陳建甫

淡江大學/國際研究學院/中國大陸研究所碩士班/碩士(2009年)

https://doi.org/10.6846/TKU.2009.00744

摘要

中國大陸自1979年實施經濟改革市場開放以來，中國企業的公司治理結構改善進度非常緩慢，由於中國大陸在改革過程中，仍然保有國家對企業控制能力，國家所擁有的股權比率仍過高且國有股份無法完全上市流通，造成了中國上市公司股權結構的極度不合理狀況，使得中國的市場經濟無法完全發揮。因此，都只著重在公司內部治理，衡量與中國上市企業公司經營績效之關聯性，所以研究加入外部公司治理機制來衡量。
本文的研究目的是以公司治理與經營績效之研究，通過對股改的背景下，了解中國上市電子科技公司如何改善公司治理，提高經營績效，以實現股權全流通。從2005年4月29日至2006年9月30日實施股權分置改革期間選取56家的中國上市電子科技樣本公司，研究數據資料是從2004年到2008年的內部治理機制(股權結構、董監事會組成)和外部治理機制(負債比例)與經營績效(資產報酬率、權益報酬率)。研究樣本數據來源是由香港大學中國金融研究中心和國泰安公司共同設計開發之中國股票市場研究數據庫(CSMAR)中取得公開資訊之公司為主。
本研究採用Panel data中的隨機效果模型進行迴歸分析，主要從實證的角度對股權分置改革帶給中國上市電子公司樣本整體治理績效進行分析，實證結果從股權結構、董監事會組成和負債比例三方面來看。
本研究發現，國有股持股比例與經營績效並無顯著關係。由於大陸上市企業股權結構中，國有股份所占比例明顯偏高，企業的所有權多掌握在政府部門手中；流通股比例對於經營績效的影響屬於無顯著關係。主要原因可能有以下：是流通股持股比例仍然較小，或是上市公司現金分紅水準低。
本研究發現，前十大股東持股比例對於公司經營績效有不利的影響關係。由於股改的企業股權結構還不穩定，公司的前十大股東包含國有股、法人股和流通股，多樣化的股東對公司治理的影響不一；董事長兼任總經理對於公司經營績效有不利的影響關係。說明董事長與總經理分任可以增強董事會的獨立性，提高公司績效；獨立董事比例對於公司經營績效呈現有利的影響關係。因為獨立董事在企業內沒有擔任董事以外的職務，獨立性較高，與企業沒有直接的利害衝突，扮演監督管理者的角色。
本研究發現，負債比例與公司經營績效之間呈現顯著負向關係性水準。歸因於停滯過多的資產時，諸如現金、貨幣市場商品等低報酬或無償之資產，雖能提高短期周轉的能力，但長期下將增加公司承擔利息或保費的壓力；公司規模與公司經營績效之間呈現顯著正向影響關係。在中國規模較大的電子上市公司，大多是由大型國有企業改制而成，使得各級地方政府積極扶植大企業，更有利於大企業的發展。

關鍵字

中國股權分置改革 ； 中國電子上市公司 ； 公司治理 ； 經營績效

並列摘要

Mainland China has implemented the economic reform and opened the market since 1979.The improvement progress of the Chinese Enterprises’ company governance structure is slow because mainland China still held control to the enterprise in the reform process. As the stockholders’ shares ratio the government has owned is still high and the state-owned shares is unable to go on the market completely, it has made the extreme unreasonable condition to the stockholding structure of the listed companies in china and it causes China's market economy to be unable to develop completely. Most researches only focus on internal governance to measure the relation with the corporate performance. Therefore, this study joins the external governance to measure the relation with the corporate performance to take the motive.
The purpose of this study is to analyze the correlation between internal
(shareholding structure, the board composition) and external(external supervisory system) governance with corporate performance. Through the background of the equity division reform, we can realize how the China’s electronic technology companies do improve corporate governance and enhance corporate performance for going on the stockholders’ shares entirely. This paper quotes 56 listed electronic technology companies as simple , which started public offering in Shanghai and Shenzhen stock
market from April 29, 2005 to September 30, 2006 and takes the relate data during 2004 to 2008 . The studty sampled database is designed from the Center for China Financial Research of the university of Hong Kong and China of Stock market the development by the University of Science and Technology and Taian State Finance Database About China (CSMAR) to obtain the public information of the companies primarily.
The regression analyze used in this study is the random effect model of Panel data. It mainly analyzed the influence of the equity division reform to the listed electronic technology companies from the empirical perspectives. Several conclusions have been drawn：
The research indicated that there is no significant relation between the percentage of state-owned shares and corporate performance. Because the proportion of the state-owned shares is obviously high in the China Listed companies, the Government have the companies’ ownership；There is no significant relation between the percentage of current ratio and corporate performance. Below the primary causes have : First, the proportion of current ratio is still small. Second, the cash bonus standard of the listed companies is low.
The research indicated that the shareholding of the top 10 shareholders is negatively related with corporate performance. Because the shareholding structure under the equity division reform enterprise is unstable company's top 10 stockholders contain the state-owned shares, the and corporate shares and the current shares, the diverse shareholders influence corporate governance； Board of directors is negatively related with corporate performance. It explained that responsibility chairman and manager share may strengthen the independence of board of directors and enhance the corporate performance； Percentage of independent directors is positively related with corporate performance. Because the independent directors have not held the other posts of outside of directors in the companies and played supervised superintendent's role, the standard of the independence is high and there are not direct conflict with the companies.
The research indicated that Debt ratio is negatively related with corporate performance. Attribute to stagnating excessive properties, such as cash, money market commodity, low reward or free property and so on. Although it can enhance the short-term turnover ability, it will increase the companies’ pressure to undertake the interest or the insurance premium under the long-term；Firm size is positively related with corporate performance. The bigger listed electronic technology companies in China mostly became by the large-scale State-owned companies. Therefore, it causes all local authorities to develop the big companies positively and it is more advantageous to the big compaies’ development.

並列關鍵字

the equity division reform ； China stock listed companies of electronic technology ； corporate governance ； corporate performance

參考文獻

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