公司治理異質性與營運效率：台灣集團企業之實證

本文旨在藉由主成份分析、集群分析及共同邊界生產函數，探討台灣集團企業公司治理異質性與營運效率之攸關性。主要實證發現包括：(1)以累積常態分配機率大小所反映之公司治理機制，顯示八大構面治理程度存在顯著差異；平均而言，股權結構最佳，而組織與人事穩定度最差；(2)將樣本重配置為五個群組，發現八個公司治理構面皆呈現組間顯著異質性，而組內則無顯著差異；換言之，採共同邊界生產函數方能正確反映台灣集團企業之營運效率；(3)公司治理機制，大抵有利於改善技術無效率；(4)在生產規模上，大抵處於遞減但接近固定規模報酬，而由產出彈性間接推估勞動份額(約23%)遠低於資本份額(77%)，間接印證台灣功能性所得分配不均問題；(5)台灣集團企業為了降低金融海嘯對財務績效之衝擊，反而更重視內部實體效率之提升；(6)整體而言，台灣集團企業尚有42%的效率改善空間；換言之，企業有必要再強化公司治理機制與資源配置效率，且應正視薪資所得惡化之現象。

關鍵字

集團企業；公司治理異質性；共同邊界生產函數；營運效率

並列摘要

This paper is intended to examine, with principal component analysis, cluster analysis, and common frontier production function, the association between operating efficiency and the heterogeneity in corporate governance among Taiwanese conglomerates. Major empirical findings are as follows. (1) The corporate governance mechanisms ordered by the cumulative probability under normal distribution shows significant differences. Overall, the equity structure is the best ehile organizational and human resource stability is the worst. (2) There is significant heterogeneity for the eight corporate governance constructs across the five subsamples but the heterogeneity appears absent within each subsample. (3) In general, the corporate governance mechanism improves technical inefficiency, which acts as a monitoring tool. (4) Production exhibits decreasing to constant returns to scale. Estimation of the output elasticity shows that the labor share of income (23%) is much lower than the capital share of income (77%), which indirectly substantiates the inequality of functional income in Taiwan. (5) Taiwanese conglomerates have raised internal efficiency in order to mitigate the impact of the 2008 financial crisis on financial performance. (6) As a whole, Taiwanese conglomerates can still improve efficiency by 42%. In other words, they need to enhance the corporate governance mechanism and resource allocation efficiency in addition to solving the problem of stagnant compensation.