公司治理與經營效率之研究

公司治理於1997 年亞洲金融風暴及2008 年全球性的金融海嘯後，愈來愈受各界所重視，近年來已成為顯學。本研究針對公司治理對經營效率之關聯性進行探討。研究對象為臺灣上市公司，研究樣本計4,099筆觀察值，研究期間為2012年至2016年。先利用資料包絡分析法得出各公司的經營效率，再以CEO雙重性、董事會規模、管理階層持股及大股東持股等四個公司治理指標變數，評估各變數是否符合設定之條件，視其狀況決定是否得分，計算出公司治理分數，以迴歸模型進行實證分析。研究結果發現，公司治理指標與經營效率為正相關，表示當公司治理良好的公司，經營績效愈好。另因金融事業性質，在財報上金融業與一般產業有相當的差異，故另外檢測不包括金融事業的樣本。在排除金融業後，公司治理的良窳與經營績效優劣的關係仍顯著，支持上述實證。

關鍵字

公司治理；經營效率；資料包絡分析法；公司治理指標

並列摘要

The 1997 Asian financial crisis and the 2008 global financial crisis drew much attention to corporate governance, which has since evolved into a prominent subject area. This study investigates the correlation between corporate governance and operational efficiency by drawing samples from listed companies in Taiwan. A total of 4099 observation values between 2012 and 2016 are analyzed for this purpose. This study first uses data envelopment analysis to measure the operational efficiency of a company. Four corporate governance indexes are then examined—namely CEO duality, size of board of directors, managerial ownership, and blockholder ownership—to determine whether these variables meet the preset standards, according to which scores are given in order to calculate a corporate governance score. The obtained corporate governance scores are then incorporated into a regression model for empirical analysis. The results indicate that the corporate governance indicators are significantly and positively correlated with operational efficiency; that is, sound corporate governance measures can enhance operational efficiency. Because of differences in financial statements between the financial industry and other industries, this study also conducts a separate analysis excluding samples from the financial industry. The results of this separate analysis also indicate a significant correlation between corporate governance and operational efficiency, supporting the overall findings.