體制差異與體制移轉對公司治理與公司表現的影響

Abstract

本計畫從體制移轉與體制差異觀點來探討公司治理對公司表現的影響與有效性，在 體制差異上，我們使用ADR公司(台灣香港大陸在美國上市的ADR公司)和非ADR公司 (台灣香港大陸在當地上市的公司)做比較, 我們評估並比較這兩組公司的公司治理(包 括董事會結構、CEO特性、股權結構)對公司表現的影響。此外，我們對ADR公司進一步做 分析與比較，我們把ADR公司分成比較強的公司治理(那些在美國主要交易所上市的 ADR公司)和比較弱的公司治理(那些在美國Pink Sheet上市的ADR公司)兩個團體，評 估並比較這兩組公司的公司治理對公司表現的影響。在體制移轉上，我們對這些ADR公 司到美國上市”之前”與”之後”做比較與分析，研究公司治理的影響與有效性在體 制移轉上是否有何不同。本計畫對體制移轉與體制差異下，內部公司治理方式與外部公 司治理環境如何交互作用，提供一個完整的分析與解釋。

This study examines and compares the impacts of corporate governance on firm performance when there is institutional difference and institutional change. Using Chinese ADR firms (including firms coming from Taiwan, Hong Kong and China) and non ADR firms (domestic Chinese firms listed on local stock exchanges) as institutional difference, we assess and compare the impacts of board structure, CEO characteristics, and ownership structure on firm performance between Chinese ADR firms and their matched domestic Chinese counterparts. In addition, we examine and compare the corporate governance impacts between ADR firms with stronger governance (those ADRs listed on major U.S. stock exchanges) and ADR firms with weaker governance (those ADRs listed on Pink Sheet). Furthermore, we use the same Chinese firms “before” and “after” listing as ADR firms as institutional change to investigate and compare the impacts and effectiveness of corporate governance. The proposed study will contribute to the literature on how internal governance measures interact with external governance during institutional difference and institutional change.