近年來有愈來愈多因企業資訊的不透明性而產生企業舞弊及掏空的現象,然而,台灣企業及政府對於公司治理的執行與監督明顯不足,造成了台灣經濟的動盪不安,探究其原因很有可能是由於核心代理與經營績效行為所造成。因此本文擬以1997-2006為研究期間,針對我上市之企業為研究對象,以公司治理機制(傳統代理與核心代理)及企業經營績效來探討,進而探討財報品質對企業經營績效的影響,以供較為完整的研究結果。讓國內政府及企業能更重視公司治理之重要性、協助政府企業擬定機制避免主理人因個人利益,而損害其他投資者權益。研究發現下列結果: 1.在傳統代理上董監事質押比、家族企業持股比,無論對企業的價值或績效上呈現負向關係。經理人持股比與董事持股比對於價值或經營績效呈正向關係。 2.在核心代理上盈餘股份偏離比愈大時,大、小股東間利益不一致時,具侵占效果。當控制股東之控制權與現金流量權偏離幅度愈大時,控制股東對小股東剝削的程度愈大。 3.財報重編次數、會計師意見皆對企業經營績效呈顯著的負相關。 4.探討財報品質影響核心代理與企業經營績效的中介效果。
In recent years, there are more and more phenomena of enterprise fraudulence and misappropriation which result from the non-transparency of the enterprise information. However, Taiwan economy is in turmoil because the supervision of Taiwan government and the execution of management of the company are obviously insufficient, and inquiring into its reason , it might be central agency and the behavior of earnings management. Therefore this article is to study the corporate governance (traditional agency and central agency) and earnings management of the listed company in Taiwan from 1997 to 2006 , further to study the impact of the quality of financial statement on earnings management, and to get a more complete research. So Taiwan government and the enterprise can put great emphasis on corporate governance and help the government enterprise to set up the mechanism to avoid the principal to harm other investors’ rights because of the personal interest. The research discovers the following results: 1. In traditional agency, pledged share ratio and family holding ratio are significantly negative related to enterprise value and earnings management. Managerial stockholdings and block holder stock holding ratio are significantly positive related to enterprise value and earnings management. 2. In central agency, the higher Deviation Rate between cash flow and voting rights, there are negative entrenchment effects when stockholders do not coincide in interest. The higher Deviation Rate between control stockholder rights and cash flow, the more degree the control stockholder exploit minor stockholder 3. Times of financial restatement, and auditors opinion are significantly negative related to earnings management. 4. the mediating effect of financial statement quality