因各國財務弊案事件陸續之發生,而使公司治理議題趨受重視,本研究有別於過去研究公司治理的單一構面如:股權結構、董事會特性等,而係考量整體公司治理機制,旨在探討公司治理品質與企業價值之關係,參考過去相關公司治理之文獻,建立相關假說及迴歸模型,以2005年至2010年間台灣上市櫃之製造業公司資料實證,並將樣本觀察值區分為電子製造業及非電子製造業,進行穩定性測試。本研究目的為檢驗公司治理品質是否影響企業價值,治理品質較佳之公司是否具有較高的企業價值,治理品質之衡量主要以中華公司治理評量及學者發展之Gov-score公司治理品質分數為依據,分別以Tobin’s Q及三種不同調整方式之經濟附加價值(EVA)代表企業價值。實證結果為:(1)通過中華公司治理評量之公司與其Tobin’s Q呈負相關;(2)通過中華公司治理評量之公司與其經濟附加價值呈顯著正相關;(3)Gov-score公司治理品質分數與Tobin’s Q呈顯著正相關 ;(4)Gov-score公司治理品質分數與經濟附加價值呈顯著正相關。研究結果顯示公司治理品質與企業價值指標呈正相關,代表公司治理品質愈佳,其企業價值愈高,此結果亦與相關文獻研究結果相符。
The corporate governance issue has become important increasingly because of the several financial scandals in the world. This paper aims to verify the relationship between corporate governance quality and firm value. The author review many literatures and establish the empirical hypotheses and regression models. TCGA’s corporate governance assessment system and Gov-score (Jiraporn, Kim, and Kim, 2011) were adopted as proxies for corporate governance quality. The samples are collected from Taiwanese manufacturers over the period of 2005-2010. The result shows that there is a significant positive effect of corporate governance quality on firm value, and improvements in corporate governance quality leads to better firm value.