近幾年來爆發許多重大弊案,使公司治理的議題顯得相當重要,讓擁有健全公司治理機制的企業,財務結構才能完整健全,並且維持企業長期的競爭力,因此公司治理是企業成敗的關鍵因素。 本研究探討公司治理前後的公司經營績效之比較,針對股權結構與董事會特性變數去了解並加以分析,利用公營事業民營化公司為研究樣本,應用多元迴歸分析股權結構與董事會特性對經營績效之影響。經由實證結果發現股權結構方面,公司治理後大股東與經理人持股與與績效有正向相關,在董事會特性方面,董事席次也對公司治理後產生正向的相關性;因此證明在公司治理後提升經營績效,需要改善大股東與經理人持股問題,加強董事會的規模,以達到最佳經營績效。
Due to the occurrence of several scandals in the recent years, the corporate governance issue became aggressively important. In the long history, those corporations with a complete corporate governance mechanism are steady in their finances, and the mechanism makes the corporate compatible in the long term. Therefore, corporate governance is the key to success. This research focuses on the effect of corporate governance on performance before and after implementation of governance. We use privatized firms as the sample and apply the multiple regression analysis on shareholder ownership. Moreover, we analyze the influence of board characteristic on performance. The results show that shareholder ownership after the implementation of corporate governance and the stock ownership of the major stockholder and the manager are positively related with achievements. In terms of the board characteristic, the changes in the board seating arrangement after the corporate governance was implemented show positive effect. Therefore, the present study proves that the implementation of corporate governance aimed at promoting the performance should address the issue of ownership of stocks by the major stockholder as well as the manager, and strengthen board seating arrangement in order to achieve the best performance.
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