摘要 公司治理(corporate governance)概念一般泛指公司管理與監控的方法。早在1930年代公司治理的概念即已出現,直到1997年亞洲金融危機發生後,這個議題才又被廣泛討論。 有關資訊揭露的衡量,本研究採用內容分析法,並分為年報強制性揭露,共計54個項目,與自願性揭露,共計38個項目,若研究對象符合本研究之項目,給予1分,否則不給予分數,總計92分。本研究係將樣本公司年報、財務報告中相關揭露內容,與本研究自行設計的揭露評分表之揭露項目逐一比對,並考慮資訊揭露詳細程度之差異,進行項目評分,再加總得出一揭露總分之方式。 本研究係以2004年證券暨期貨市場發展基金會所公布資訊揭露較透明之上市公司205家,排除金融業13家公司以及資料不齊39家公司,蒐集到153家上市公司。本研究期間為2002至2003年,各年樣本數為153家上市公司,共計有306家上市公司為研究對象。 研究結果發現: 一、董事會特性部份會影響公司經營績效。 二、資訊揭露與公司經營績效未具顯著關係。 三、董事會特性與資訊揭露部份具顯著影響關係。惟2003 年達顯著水準。 四、董事會特性、資訊揭露的交互作用會影響公司的經營 績效。 五、公司規模的不同,其董事會特性、資訊揭露與公司經 營績效的關係不同。 六、產業的不同,其董事會特性、資訊揭露與公司經營績 效的關係。 因此,公司治理的核心觀點即是「追求股東投資報酬極大化」。應讓經營績效好的公司公開財務預測,達到充分揭露的原則,以符合公司治理之透明度精神。
Abstract The concept, corporate governance, has been emerging since the early 1930’s in response to the perceived lack of effective board oversight that contributed to the poor performance problems. In 1997 there were numbers of scandals and corruption within Asian financial markets that led to severe Asian financial crises. In the respect of information disclosure , this study adopts the method of Content Analysis, including 54 items of mandatory revealing annual financial report and 38 items of voluntary disclosure. The way to measure the disclosure level is that the study designs a disclosure checklist to examine if these disclosure items appear on sample enterprises’ information disclosure of annual report and financial report, and also scrutinize to what extent the disclosure detail of information reaches. Finally the study gives each item a point, and sums up a total grade. The study samples are companies listed in Taiwan Stock Exchange in 2002 and 2003, but exclude banking and insurance industry, companies with insufficient judging information are excluded. The rest amount to 306 samples. The major findings are summarized as follows: 1.There is a partly significant correlation between the attributes of board of directors and corporate performance. 2.No significant relationship was found between information disclosure and corporate performance. 3.There is a partly significant correlation between the attributes of board of directors and information disclosure. 4.The interaction of the attributes of board of directors and information disclosure interference effect to the corporate performance. 5.The nature of the relation between the attributes of board of directors and information disclosure and corporate performance is different for small firms versus large firms. 6.The nature of the relation between the attributes of board of directors and information disclosure and corporate performance is different for electronic industries versus traditional industries. Therefore, the core principle of corporate governance is to “maximize stakeholders’ return on investment.”It makes good operating performance firms to reach the principle of fully disclosure and the transparency of cooperate government.
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