公司治理、股權結構與公司績效關係之實證研究

An Empirical Study of the Relationship between Corporate Governance, Ownership Structure and Performance

陳美華(Mei-Hua Chen)；洪世炳(Shi-Bing Hong)

公司治理 ； 股權結構 ； 公司績效 ； 縱橫資料 ； corporate governance ； ownership structure ； performance ； panel data

企業管理學報

65期（2005 / 06 / 01）

129 - 153

繁體中文

本研究藉由里昂證券(CLSA)2001年、2002年對台灣個別上市公司既有的公司治理評等資訊，利用縱橫資料分析法(Panel Data)，探討股權結構是否影響公司治理品質，以及分析公司治理品質、股權結構是否會影響公司績效。研究結果如下：(1)股權結構中只有外資持股比例對公司治理品質具有顯著的正向影響。(2)以權益報酬率、股價、資產報酬率為公司績效代理變數時，公司治理品質與公司績效呈現正相關，其中權益報酬及股價對公司治理品質與公司績效有顯著正相關。但公司治理品質與股票報酬率呈現負相關，與預期相反。(3)在內部人持股比例中，經理人持股比例及董監事持股比例與財務績效(ROE、ROA)呈現顯著負相關，但大股東持股與公司績效（股價）呈現顯著正相關；(4)在機構投資人持股方面，外資持股比例與公司績效（ROE、ROA、股價）呈現顯著正相關，金融機構持股比例與財務績效(ROA)呈現顯著負相關，信託基金持股比例與公司績效（股票報酬率）呈現顯著正相關，其餘皆不顯著。

This study was to investigate whether ownership structure can influence the quality of corporate governance, and to identify the relationship between corporate governance, ownership structure and firm's performance by panel data analysis. The firm-level corporate governance rankings constructed by Credit Lyonnais Securities Asia (CLSA) were taken as proxies for corporate governance quality. The empirical results are as followed. First, there is a significant positive relationship between foreigner shareholding ratio and governance quality of a firm. Second, a firm's governance quality is significant positive associated with its performance while performance proxies are ROA, ROE, and stock price, but significant negative with its performance while the proxy is stock rate of return. Third, about insider ownership: manager shareholding ratio and directors' shareholding ratio are significant negative associated with financial performance (ROE, ROA), but large shareholder shareholding ratio is significant positive associated with stock price. Forth, about institutional ownership: foreigner shareholding ratio is significant positive associated with performance (ROE, ROA, and Price). Financial institutors shareholding ratio is significant negative associated with ROA. Trust fund shareholding ratio is significant positive associated with stock rate of return. Others are not significant.

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