台灣銀行股權結構、董事會特性與其經營成本效率之相關性研究

A Study on the Relationships between Ownership Structure, Board Characteristics, and Cost Efficiency of Taiwan Banks

10.6985/TBFQ.200609.0095

趙莊敏(Chuang-Min Chao)；戴德昇(De-Sheng Dai)

公司治理 ； 成本效率 ； 隨機邊界法 ； 董事會 ； 股權結構 ； corporate governance ； cost efficiency ； Stochastic Frontier Approach ； board of directors ； ownership structure

台灣金融財務季刊

7卷3期（2006 / 09 / 01）

95 - 125

繁體中文

在亞洲金融風暴之後，有關公司治理的衡量標準及如何加強企業公司治理，以避免相關的弊病發生，成為各國與相關研究機構的重要課題。此外，如何藉由良好的公司治理機制增強金融機構之運作績效，亦為學者所探討。本研究選取民國85年到90年，共計6年間台灣上市上櫃之35家銀行作為研究樣本，探討銀行業股權結構與董事會特性等公司治理變數與銀行經營效率之關聯性。 在經營績效衡量方面，本研究採隨機邊界法衡量之成本效率作為銀行績效的指標，以符合銀行多重投入與多重產出的特性；在股權結構方面，以控制股東控制權;現金流量權;控制權與現金流量權偏離程度及控制股東控制權與董監事控制權偏離程度作為衡量變數；而董事會特性則以董監事規模;董監事持股比例;外部董監事比例與董監事質押比例等作為衡量依據。此外，為探討樣本中公營銀行與民營銀行之公司治理特性是否不同，本研究進一步探討公營銀行及民營銀行中，股權結構與董監事特性與其成本效率間之關聯性。

After the Asian financial crisis, how to evaluate and maintain a good corporate governance in order to prevent future frauds has become an important issue in the recent research literature. Besides, how to improve the performance efficiency of financial institutions by proper corporate governance mechanism is also of interest. This paper examines the relationship between the ownership structure, board characteristics and cost efficiency of Taiwan banks which were listed on Taiwan Stock Exchange Corporation (TSEC) or Gre Tai Security Market (GTSM). While previous researches usually apply financial measures, such as ROE or ROA, to evaluate bank performance, this study employs Stochastic Frontier Approach (SFA) to measure cost efficiency of banks. In order to evaluate the ownership structure of banks, four variables are used, which are the controlling shareholder's voting rights, controlling shareholder's cash flow rights, the magnitude of deviations from one-share-one-vote, and the magnitude of divergence between the controlling power of the board and the voting rights of the controlling shareholder. As to the measurement of board characteristics, this study employs the board size, stock ownership of the directors and supervisors, percentage of independent directors and supervisors, and the ratio of shares pledged to shares held by directors and supervisors. Furthermore, this study also discusses the different governance characteristics between public banks and private banks.

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