本研究乃以上市電子公司為研究對象來探討公司治理、盈餘管理對公司績效影響,雖然公司治理課題在金融海嘯後,重要性與日劇增,而且這方面的課題被探討的也不少,然而綜觀其相關文獻,發覺將公司治理、盈餘管理及公司績效之整合性的著墨並不多見,應為值得探討之研究課題,並經由本研究有以下之重要發現:其一盈餘管理對公司財會績效變數,舉凡資產報酬率、權益報酬率與每股盈餘呈現顯著負相關,此乃源自於盈餘管理似有操弄盈餘之嫌,並無助於績效的提升,而且亦發現操弄盈餘管理的企業為公司治理有問題的企業居多。其二為在公司治理變數對公司績效的探討中,發現董事長兼總經理對公司財務績效變數與公司價值變數如Tobin’s q 呈顯著負向影響;而董監持股對公司財務績效變數與公司價值變數呈顯著正向影響,是以投資者對公司進行評估時,應對這二個公司治理變數加以重視。其三為本研究發現外資持股比與盈餘管理的交乘項對公司績效有負向關係,此表示盈餘管理會削弱外資持股對公司績效變數的影響,是以對於有操控盈餘管理之企業,外資似乎會比較敬謝不敏。本研究實證結果可知公司治理對公司績效影響甚大,因此投資者選擇投資標的除了檢視財報中資產負債表、損益表與現金流量表外,其餘揭露事項也不可忽略,從揭露事項可得知公司治理好壞,若能多方面考量,才可避開地雷股,做更有效投資。
This study is to exam the relation among corporate governance, earnings management, and firm value for Taiwan electrical industry. The importance of corporate governance would be more and more stressed by enterprises after the huge loss caused by subprime mortgage markets. Final empirical evidences show that significant negative relationship was found to exist between earnings management and financial performance variables such as ROA, ROE and EPS. However, earnings management will have positive effects on Tobin Q. It will infer that earnings management seems to be able to reduce the volatilities of profits, which might be helpful to lift up the firm values. Secondly, the empirical result shows that CEO duality is negative related to financial performance ;the proportion of shares held by directors is positively related to financial performance. It means the enterprises with the chairman of the broad with the duty of CEO might have manipulating power of earnings management. Thirdly, the interaction item between the proportion of foreign-investor-owned shared and earnings management are negative to firm value. Results support that investors concern balance sheet, income statement, consolidated statement of cash flows and disclosure item.
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