公司治理改革對股東異常報酬之影響

Abstract

公司治理乃指導及管理企業的機制，以落實企業經營人的責任，並保障股東的合法權益及兼顧其他利害關係人的利益。良好的公司治理應具有促使董事會與管理階層以符合公司與全體股東最大利益的方式達成營運目標的正當誘因，協助企業管理結構之轉型，以及提供有效的監督機制，以激勵企業善用資源、提升效率，進而提升競爭力，促進全民之社會福祉。 而我國金管會於2013年公布行政院所通過之「強化我國公司治理藍圖」，宣達推動我國公司治理之決心，其中電子投票制度乃是主管機關著重之重點，以台灣證券交易所公司治理中心作為改革核心，整合政府與民間等單位，並與上市櫃、民間、社會積極對話，讓企業深入了解公司治理之價值後，自發性採行非法令強制規定之公司治理措施，強化公司之競爭力，並且逐步擴大實施範圍，提升我國公司治理之地位。 本研究利用事件研究法探討自2012年實施電子投票以後，公司決議採行電子投票所對股東造成之異常報酬影響，並先研究由2012年至2016年全部上市櫃與興櫃公司決議採行電子投票後對市場異常報酬的影響後，再畫分為上市、上櫃及興櫃三個子類別作探討；另一方面則是分為科技、金融、傳產等類股做其異常報酬之研究，並得出結論。而結論得出決議採行電子投票對整體廣大投資人而言是具有正面且顯著之效果，因此可得知我國主管機關在推動電子投票制度乃對廣大投資人是正確之決定。

Corporate governance is the mechanism for guiding and managing enterprises to implement the responsibilities of business operators and protect the legitimate rights and interests of shareholders and take into account the interests of other interested parties. Good corporate governance should have a legitimate incentive to enable the board of directors and management to achieve operational objectives in a manner consistent with the best interests of the company and the shareholders as a whole. To assist in the transformation of the corporate governance structure, and to provide effective oversight mechanisms to motivate enterprises to make better use of resources, and thus enhance the competitiveness of the people to promote social well-being. Taiwan’s Financial Supervisory Board announced “The blueprint of strengthen Taiwan's corporate governance” to promote the determination to improve corporate governance. The electronic voting system is the core of the reformation, the Taiwan Stock Exchange corporate governance plays the core team, discussing with the companies、civil society etc. It let the enterprise in-depth understanding of the value of corporate governance, and they spontaneously adopt the corporate governance measures stipulated by the non-mandatory law, strengthen the competitiveness of the company, and gradually expand the scope of implementation to enhance the status of corporate governance in Taiwan. This study uses the event study method to explore the implementation of electronic voting since 2012 to research the abnormal return caused by the company decided to adopt the electronic voting. First, we studied all the listing company and listed company at emerging stock market adopting the electronic voting on the market from 2012 to 2016, and then divided into three sub-categories listed, OTC and emerging stock for discussion; On the other hand, they are divided into science and technology, finance, mass production and other stocks to do its abnormal return research. It is a positive and significant effect to the majority of investors who have adopted the resolution. Therefore, it is clear that the competent authorities of our country are making the right decision for the majority of investors in promoting the electronic voting system.