2007年迄今的全球次貸危機引發的經濟衰退,再度凸顯公司治理機制的重要性,本研究的目的在探討影響公司績效與績效變異程度的主因,而影響上市櫃公司績效的變異程度的主要因素在於公司治理機制的三大構面組成因素-控制股東的董事席次比例(或控制權、現金流量權)、控制權與現金流量權間的偏離程度(或控制股東的董事席次比例與現金流量權或控制權間的偏離)以及董事會組成及股權結構;本研究以台灣1996年至2007年的上市及上櫃公司為研究對象,12年中合計有15,889家觀察公司;實證結果發現:董監持股比例(DS_SHARE)及公司規模(SIZE)對資產報酬率、股票報酬率及杜賓Q的變異性均呈顯著負相關;而其餘變數中,董事會規模(BOD_SIZE)、經理人持股比例(M_SHARE)均與資產報酬率、股票報酬率的變異性呈顯著負相關;而董事長兼任總經理(DUAL)、董監質押比例(PLEDGE)、及負債比率(DR)與資產報酬率、股票報酬率及杜賓Q的變異性呈顯著正相關;在控制變數中,研究發展費用比率(RD)與資產報酬率、股票報酬率的變異性呈顯相著正相關。
The economic recession initiated by global subprime loan crisis since 2007, highlighted the importance of corporate governance mechanism once again. This study’s purpose is to discussed the key determinants on corporate performance and standard deviation of corporate performance, and dynamically investigates the impacts of three dimension of corporate governance-control shareholder's seat proportion in board of directors (or voting rights, cash flow right), the deviation between voting right and cash flow right (deviation between control shareholder's seat proportion in board of directors and cash flow right, or voting right), the components of board of directors and structure of share on corporate performance and standard deviationv of corporate performance of listed companies in Taiwan. This study adopts listed companies to be research samples during 1996 to 2007 in Taiwan, which include 15,889 companies. The main findings are as follows: the percentage of directors and supervisors shareholding(DS_SHARE)and firm’s size (SIZE)have significantly negative effect on standard deviation of return on total assets(STD_ROA), stock return(STD_RET) and Tobin’Q(STD_Tobin’s Q). Size of board of directors(BOD_SIZE)and percentage of managers’ shareholdings(M_SHARE) have significantly negative effect on standard deviation of return on total assets and stock return. While chairman is also CEO(DUAL), percentage of pledging of directors and supervisors(PLEDGE), and debt ratio(DR) have significantly positive effect on standard deviation of return on total assets, stock return and Tobins’s Q. The control variables, such as proportion of research and development(RD)and have significantly positive effect on standard deviation of return on total assets and stock return.