台灣電子業公司治理內部機制之研究

A Study on the Internal System of Corporate Governance in Taiwan Electronics Industry

張建豪(Chien-Hao Chang)

指導教授 ： 高孔廉

中原大學/商學院/企業管理研究所/碩士(2004年)

https://doi.org/10.6840/cycu200400229

摘要

摘要
本研究旨在瞭解台灣上市的電子公司在公司治理內部機制的表現上，若是優於同產業的公司時，是否能提升公司的經營績效。並且探討從公司本身，與專業投資者或一般投資者對公司治理內部機制的認知是否有明顯差異。本研究所稱公司治理內部機制係指董事會結構、股權結構、薪酬等，績效係指資產報酬率、股東權益報酬率、每股盈餘等。
本研究對公司寄發電子問卷278份，回收有效問卷35份，回收率為12.59％，對專業投資者投顧、證券公司發送問卷，回收70份，另隨機發送一般投資者，回收144份，以敘述統計、相關分析、迴歸分析等方法進行分析。
實證結果顯示：
一、公司治理內部機制與經營績效呈正相關
本研究發現公司治理內部機制當中，董事會若有外部獨立董監事，會有助於公司治理；同時若有內部董事，使董事會能瞭解公司的營運，也會有助於提升績效。在股權揭露資訊上越是透明，績效表現越好。此外，董監事、高階經理人薪酬越是公平合理，越是透明，對績效的表現就越好。因此，本研究建議企業應當強化公司治理，使其表現優於同業，有助於提升企業的營運績效，增加在產業中的競爭力。
二、公司與專業投資者、一般投資者三者認知有顯著不同
本研究發現三者之間認知有顯著不同，分數由高至低依次是公司、專業投資者、一般投資者，其原因可能是獲取資訊的管道不足，或是資訊過於複雜，導致的資訊不對稱現象，亦或是投資人對公司治理的期望較高所致。因此本研究建議企業應當強化公司治理，同時要增加溝通的管道，並提供簡易懂的資訊給投資者，以縮減不對稱的情況。

關鍵字

公司治理

並列摘要

Abstract
The purpose of this study is to investigate the status of the internal system of corporate governance including the board of directors, ownership structure and salaries in the electronics companies listed publicly in Taiwan. If the corporate governance of the firm is superior to others in the same industry, the performance, ROA, ROE, EPS, of the firm is promoted. Furthermore, we research whether the cognitions of companies and professional and general investors for the internal system of corporate governance are different or not.
A total of 278 questionaries to companies were mailed by internet and 35 effective returns were received. At the same time, questionaries to professional and general investors were mailed and 70 and 144 returns were received. The methods used in the research include descriptive statistic, correlation analysis and regression.
Results of this study show that：
1. The internal system of corporate governance has positive relation with firm performance.
We found if there were outside independent directors in the board, the performance, ROA, ROE, EPS, of the firm is promoted. So did inside directors. The information about ownership structure and payments of directors and manager is more clear, the performance is more better. Therefore, we suggest that companies should strengthen the internal system of corporate governance to raise the performance and competitive forces.
2. The cognitions of companies and professional and general investors are different.
We found that the cognitions of companies and professional and general investors are different, and the sores in turn are companies, professional investors and general investors. The reasons are that the channels getting information are too insufficient or the information is too complicated to lead the information which is asymmetric. Therefore, we suggest that companies should expand the channels and simplify the information for investors to lessen the asymmetric situation.

並列關鍵字

corporate governance

參考文獻

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