公司治理對台灣半導體公司經營績效與風險之影響

The Impact of Corporate Governance on the Performance and Risk of Taiwan Semiconductor Companies

徐汝環(Ju-Huan Hsu)

指導教授 ： 戴錦周

國立臺中科技大學/商學院/財務金融研究所碩士班/碩士(2021年)

摘要

本研究探討公司治理對台灣半導體公司經營績效與風險之影響，實證結果發現財務特性變數對經營績效產生顯著影響，其中(1)現金流量比率、總資產週轉率及資產規模對經營績效具有顯著的正向影響。(2)負債比率及資本密集度對經營績效具有顯著的負向影響。另外，探究股權結構、董監專業度、資訊透明度、高管職能穩定性、集團控制型態等公司治理特性對經營風險之影響，實證結果發現(1)法人持股及董監質押對ROA風險具有顯著負向影響，股份盈餘偏離差則具有顯著正向影響。(2)經理人持股對ROE風險具有顯著負向影響，三年內財務主管異動次數則具有顯著正向影響。(3)董監持股對經營風險具有顯著負向影響，必要控制持股、董監具公家機關背景者則具有顯著正向影響。(4)三年內內部稽核主管異動次數、共治型態對經營風險不具有顯著影響。整體而言，股權結構有助於降低經營風險。
關鍵詞：經營績效、經營風險、公司治理、半導體。

關鍵字

經營績效 ； 經營風險 ； 公司治理 ； 半導體

並列摘要

This study explores the impact of corporate governance on the performance and risk of Taiwan semiconductor companies. The empirical results found the financial characteristic variables have a significant impact on business performance. Among them, (1) cash flow ratio, total asset turnover rate and asset size have significant positive correlation with business performance. (2) Debt ratio and capital intensive have a significant negative correlation with business performance. Subsequently, it explores the impact of corporate governance characteristic variables such as shareholding structure, professionalism of directors and supervisors, information transparency, stability of senior management functions, and group control patterns on business risks. The empirical results found that (1) institutional shareholding and shares pledged by directors and supervisors has a significant negative correlation with roa risk, but the deviation between voting rights and cash flow rights has a significant positive correlation. (2) The manager's shareholding has a significant negative correlation with roe risk, but the turnover rate of chief financial officer in the past 3 years has a significant positive correlation. (3) Shareholding of directors and supervisors have a significant negative correlation with business risks, but Shareholding ratio of the controlling shareholders and directors and supervisors ever working for the government have a significant positive correlation. (4) The turnover rate of internal audit manager in the past 3 years and co-operative governance did not have a significant correlation with business risks. Overall shareholding structure does help reduce business risks.
Keywords: business performance; business risk; corporate governance;
semiconductors.

並列關鍵字

business performance ； business risk ； corporate governance ； semiconductors

參考文獻

參考文獻

一、 中文

1. 李馨蘋與黃啟倫 (2009)，股權結構、關係人交易與公司績效，《中華管理評論國際學報》，12(2)：01-31。

2. 吳昆皇 (1995)，上市公司董事會組成與特性對企業經營績效之關聯性研究，國立台灣大學商學研究所未出版之碩士論文。

3. 林左裕、鄭瑞昌、柯俊禎、陳毓芬 (2013)，公司治理與財務危機關聯性之研究，《評價學報》，6：01-26。