我國公營事業民營化後其公司治理與風險之關聯性及對績效之影響

The Association between Corporate Governance and Risk of Privatization of State-owned Enterprises and Their Impact on Performance in Taiwan

張耀中(Yao-Chung Chang)

指導教授 ： 葉金成

淡江大學/管理學院/會計學系碩士在職專班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00743

摘要

我國多家公營事業在民營化以來，相關之負面消息時有所聞，從早期的中工、中石化，到台肥與台開等事件，造成社會大眾對已民營化事業之公司治理與風險管控產生疑慮，本研究以2002年至2006年之民營化上市公司為樣本，嘗試了解渠等事業之公司治理與風險間關聯性，並進而探討其對績效之影響。實證結果顯示：1.我國民營化公司之公司治理與風險是呈不顯著的正向關係。此乃民營化公司在追求報酬時，往往忽略了自身所存在的風險。2.我國民營化公司之公司治理與績效呈正向關係，而公司治理越好的民營化公司，其EPS的獲利能力會比EBIT或ROE更具顯著性。3.我國民營化公司無法掌握高風險所帶來的機會，其風險與績效呈負向關係，故對風險之管理尚須加強。4.我國民營化公司對機會無法有效掌握，侵蝕了公司治理對績效的正向效果。在同時考量公司治理、風險及兩者交互作用之研究結果顯示：公司治理與公司績效呈正相關，而與風險呈負相關，並與兩變數之交互作用呈負相關。代表公司治理越好的公司，該公司之績效也會越好，公司與投資者所遭遇的風險程度也會相對較低，然而卻無法達到「高風險高報酬」之績效。民營化公司宜在追求公司績效的同時，應該繼續增強公司治理強度，尤其要掌握風險所帶來的機會，以符合高風險高報酬的投資理則。

關鍵字

公司治理 ； 風險 ； 績效

並列摘要

Several publicly-owned enterprises in Taiwan had suffered from a bad reputation since the privatization realized. People questioned the corporation governance and risk of the privatized state-owned business including Sinofert Holdings Limited, China Petrochemical Development Corporation, Taiwan Fertilizer Co., Ltd., and TDTC. The listed companies in Taiwan from 2002 to 2006 are sampled for this study to explore the association between corporate governance and risk of the privatized state-owned enterprises and the impact on their performance.
The empirical results show that (1) There is not a significant positive relation between corporate governance and risk in Taiwan’s privatized companies. This indicates that in pursuit of return, privatized companies often overlook the risk of their own. (2) There is a positive relation between corporation governance and performance of the privatized state-owned enterprises. The privatized company with better corporation governance is with better EPS comparing to EBIT or ROE. (3) If privatized company fails to control the opportunities resulted from high risk, there is a negative relation between risk and performance; therefore, the remains room for improvement in risk management. (4) If privatized company fails to manage the opportunities effectively, the positive influence of corporation governance on performance could be affected negatively.
While considering corporation governance and risk and applying the interaction of corporation governance and risk the results show: There is a positive relation between corporation governance and performance; however, there is a negative relation between corporation governance and risk; moreover, there is negative relation between corporation governance and the interaction of risk and performance. The company with better corporation governance is with better performance; moreover, the company and investors faces less risk; however, the “high risk to high return” effect will not surface. Therefore, privatized company is suggested to reinforce corporation governance while in the pursuit of performance, especially, the company must manage the opportunities resulted from taking the risk in order to realize the “high risk to high return” investment management principles.

並列關鍵字

Corporate Governance ； Risk ； Performance

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