私募公司之公司治理與長期績效

The Corporate Governance and Long Run Performances of Private Placement

10.6735/JAFD.201209_5(2).0001

楊馥如(Fu-Ju Yang)；王偉權(Wei-Chuan Wang)；林惠雪(Huei-Hsieh Lin)；蔡珮蓉(Pei-Rung Tsai)

私募 ； 公司治理 ； 最小平方法 ； private placement ； corporate governance ； ordinary least squares

會計與財金研究

5卷2期（2012 / 09 / 01）

1 - 22

繁體中文

本研究以國內在2007年至2010年間實施私募之公司為研究樣本，並以資產報酬率、股東權益報酬率與股價報酬率為依變數，藉由最小平方法探討私募公司之公司治理與長期績效。研究結果顯示：（1）資產報酬率與設有監察人或審計委員會制度（SUP）、總經理薪酬（M_COM）、內部股東持股比例（INOWN）及機構投資人持股比例（INSHOLD）呈現正相關。（2）股東權益報酬與監察人或審計委員會（SUP）和總經理薪酬（M_COM）呈現正相關。（3）股價報酬率與CEO兼任董事長呈現正相關。當企業有完善的公司治理制度下，私募對於公司之長期績效是有所助益的。

To examine and analyze the relationship between the corporate governance and long run performances of private placement, we select return on assets, return on equity, and stock return rates as independent variables. The ordinary least squares is applied and the companies of private placement from 2007 to 2010 are used as research examples. The results are as follows. Firstly, return on assets are positively related with the setting of supervisors or audit committee (SUP), the compensations to general managers (M_COM), the ownership of inside shareholders (INOWN) and the ownership of institutional shareholders (INSHOLD). Secondly, return on equity is positively related with setting of supervisors or audit committee (SUP) and the compensations to general managers (M_COM). Finally, stock rate of return is positively related with the duality of CEO and chairman of the board (DUAL). When a company has mature corporate governance, then private placement is positively correlated to a company's long run performance.

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