公司治理評量有效性之研究

Study on the Effectiveness of Corporate Governance Assessment

10.6495/CIMBM.2014.003

李坤璋(Kuen-Chang Lee)；陳勝源(Shen-Yuan Chen)；王海華(Hai-Hua Wang)

公司治理制度評量 ； 經營績效 ； 董事會特性 ； 外資持股 ； Assessment System of Corporate Governance ； Firm Performance ； Board of Directors Characteristics ； Foreign Ownership

科際整合管理研討會

2014第17屆（2014 / 06 / 22）

31 - 45

繁體中文

本研究主要在探討中華公司治理協會「公司治理制度評量」的有效性，利用樣本公司與配對公司之間的比較，進行分析經營績效與董事會相關變數的討論。實證結果發現，通過「公司治理制度評量」之樣本公司相較於評量前的經營績效方面有顯著下降的現象，可能為了經營安全而犧牲部分獲利。另外，在董監持股方面也有顯著下降的情況，只有在獨立董事席次上才有顯著的增加。反觀配對公司，在評量前後經營績效則沒有顯著下降。但是，比較樣本公司與配對公司發現，樣本公司的績效指標是顯著高於配對公司的。迴歸分析結果則顯示，評量前與後的董事持股比與董事質押比對績效指標呈現顯著的負相關，顯示其對公司的經營績效可能有負向影響；但監事持股比對部分的經營績效指標反而有顯著的正面影響。另外，外資持股對於ROA、ROE及EPS等績效指標，均有顯著的正向影響，顯示外資持股與經營績效確實有顯著正向關聯性。

This study plans to investigate the validity of TCGA's assessment system of corporate governance. Comparing the sample companies and matched companies, to analyze the firm performance and the variables of the board of directors. The empirical findings revealed that sample companies pass the measurement system of corporate governance has worse performance than pass the measurement before, that might suggest sample companies want to operate safely and sacrifice some benefit. Besides, the shares owned by the directors and supervisors decrease significantly, but the number of independent directors has increase significantly. For the matched companies, the firm performance has no significant difference between before the measurement and after the measurement. But the performance indexes of the sample companies are higher than the matching companies. The results indicate that the ratio of the shares owned by the directors and the pledged shares ratio of directors' shareholdings are negative correlation with performance indexes that might mean they have a negative effect on the firms' performance. However, the ratio of the shares owned by the supervisors is positively associated with partial performance indexes. In addition, the shares owned by the foreign institutional investors is positively associated with performance indexes like ROA, ROE and EPS, that indicates the shares owned by the foreign institutional investors has a positive effect on the firm performance.

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