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  • 學位論文

公司治理對經營績效之影響-以資本結構為中介因子

The influence of corporate governance on performance:capital structure as the mediator

指導教授 : 陳順宇

摘要


公司治理是為了降低代理成本的發生,而採取一連串管理與監督的方法,使公司的投資人與利害關係人能獲得公平合理的對待。公司治理機制不彰,管理者較易過度舉債,使得經營績效降低。本研究探討公司治理(董事會結構、股權結構與資訊揭露透明度)、資本結構(負債比)與經營績效(ROA、ROE、Tobin’s Q)間的關係,同時探討這三種變數間的關係是否會因產業別及公司規模而有差異,並進一步探討金融風暴期間公司治理機制良好的公司是否相對抗跌。 研究實證發現:(1)公司治理機制較好的公司,其經營績效顯著優於公司治理機制較差的公司。 (2) 良好的公司治理機制能降低負債比,進而增加經營績效。 (3) 不同產業的中介分析中,電子業的股權結構對負債比的影響大於傳產業,而電子業的資訊揭露透明度對負債比的影響小於傳產業;(4) 不同規模的中介分析中,大規模公司的負債比對ROA的影響小於小規模公司,而大規模公司的董事會結構對負債比的影響小於小規模公司;(5)金融風暴前後,跨期縱向中介效用有差異。金融風暴前,董事會結構、股權結構與資訊揭露透明度等三個構面皆有跨期縱向中介效用,但金融風暴後,董事會結構、股權結構與資訊揭露透明度等三個構面皆沒有跨期縱向中介效用。 依據本研究發現,建議公司管理階層應提升董事會的功能、具影響力的股權結構並增加資訊揭露透明度。政府相關單位應健全的資本市場與法令、強化獨立董事的規範並落實一股一權原則。

並列摘要


Corporate governance is a series of management and supervision a company takes in order to reduce the occurrence of agency costs, so as the company's investors and interested parties can obtain a fair and reasonable treatment. If corporate governance mechanism failed, managers tend to be more easily over-leveraged, resulting lower operating performance. This study investigates the relationships between corporate governance (board structure, ownership structure and transparency of information disclosure), capital structure (debt ratio) and operating performance (ROA, the ROE, Tobin's Q), and explore whether the relationships between these three variables are affected by Industry and company size. We further explore whether the companies with successful corporate governance are relatively resilient during the financial crisis. The result of empirical study found that: (1) The companies with good corporate governance mechanism had operating performance significantly better than companies with poor corporate governance mechanism. (2) A good corporate governance mechanism can lead to lower debt ratio, thus increasing business performance. (3) In the mediation analysis with different industries, the result shows that the effect of ownership structure on the liabilities ratio for electronics industries is greater than that for traditional industries. Meanwhile, the effect of the transparency of information disclosure on the debt ratio for the electronics industries is less than that for traditional industries. (4) In the mediation analysis with different sizes of companies, the result shows that the effect of the liabilities of large companies on the ROA for bigger companies is less than that of smaller companies. Meanwhile, the effect of the board structure on the debt ratio for bigger companies is less than that of smaller companies. (5) The cross-period vertical mediation has significant effect during the financial crisis period. Before the financial crisis, the three dimensions of board structure, ownership structure and transparency of information disclosure all had cross-period vertical mediation effects. After the financial crisis, the effects are insignificant. Based on the findings of this study, we suggest that the company management should enhance the functionality of the board of directors. In addition, the management should build influential ownership structure and increase the transparency of information disclosure. The government should improve the capital market and laws, strengthen the specification of the independent directors and implement the equal right of per share.

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