公司治理與動態效率之關聯性研究－以台灣半導體產業為例

Abstract

本研究主要係運用動態資料包絡分析法，結合會計跨期結轉觀點探討台灣半導體公司之動態效率，並運用Tobit迴歸模型探討公司治理與公司效率之關聯性，研究期間為2008至2015年，進行台灣半導體產業的綜合分析。 研究結果發現國外董監持股、經理人持股以及機構投資者的持股對公司經營效率有正面影響，為重要的公司治理指標。此外，由實證結果可見各產業鏈適合的公司治理機制不同，如半導體中下游為資本密集產業，因此相較於上游有質押取得資金之需求，建議相關政府部會對半導體中下游產業的董監質押規範應較上游產業寬鬆，上述實證結果予臺灣證交所建構公司治理評鑑參考，期望爾後台灣的公司治理機制更臻完善，邁向更加健全的資本市場環境。

This study evaluates the dynamic Efficiency of Taiwan’s semiconductor industry from 2008 to 2015, using the dynamic data envelopment analysis on the perspective of carry-over in accounting. Besides, tobit regression is adopted to examine the relationships between corporate governance and corporate efficiency of listed firms in Taiwan’s semiconductor industry. Our empirical results show that the shareholding of foreign board members have significantly positive effects on corporate efficiency. Moreover, both the shareholding of managers and the shareholding of institutional investors have significantly positive effects on corporate efficiency. The indicators above are impotnat for corporate governance. On top of that, due to companies have stronger demand for funds in midstream and downstream of semiconductor industry, the limits of shares collateralized by board members should be more flexible.