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

張耀中

doi:10.6846/TKU.2008.00743

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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 , Masters　　Advisor：葉金成　　

繁體中文 DOI： 10.6846/TKU.2008.00743

公司治理；風險；績效； Corporate Governance ； Risk ； Performance

Abstract │ Reference (121) │ Times Cited (3) │ Altmetrics

Abstract 〈TOP〉

Parallel Abstract 〈TOP〉

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.

Reference ( 121 ) 〈TOP〉

王維康與牛明山，2004，以公司治理觀點探討國營事業之經營績效－積極進行體質改革，配合構面循步策進，會計研究月刊，第223期：86-98。
連結：
李儀坤、張捷昌、黃建森，2000，金融風險管理，台北：華泰文化事業股份有限公司。
連結：
林宗輝，2004，公司治理與企業績效關聯性，國立臺灣大學會計學研究所未出版之碩士論文。
連結：
洪榮華、陳香如、王玉珍，2005，公司內部治理機制與公司績效之關係—股權結構與董事會特性，輔仁管理評論，第12卷第3期：23-40。
連結：
陳隆麒，2004，當代財務管理（頁429），台北：華泰文化事業股份有限公司。
連結：

Times Cited (3) 〈TOP〉

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