內部治理機制與組織資本對於公司價值的影響

Abstract

透過文獻我們可得知組織資本與公司價值具有關聯，且公司治理機制與公司價值也是具有關聯的，然而，公司治理機制與組織資本之間的關聯性是如何進一步影響公司價值，則是本文主要探討之處。本文在進行資料分析的確發現組織資本對於公司價值的確具有正向影響，且執行長持股比例較高有助於公司價值上升，至於另一個內部治理變數─執行長是否同時兼任董事長對於公司價值並無顯著的關係。 另外，為了確認組織資本與內部治理變數的關聯性，本文參照文獻的方法去確認內部治理變數與組織資本之間的關係，且分成三個部分探討，第一個部分是不將觀測群體進行分群、第二個部分則是根據公司規模分群、第三個部分則透過危機變數分群。 結果顯示組織資本與內部治理機制是具有關聯的，然而這樣的關聯性在選取的內部治理機制變數不同，與公司規模及所處環境相異時，也會有所差別，但大致而言，根據本文的實證結果可知組織資本與內部治理機制之間確有交互作用，且這樣的作用對於公司價值也會造成一定的影響。

Through the literature we know that organization capital and corporate value are related. In addition, corporate governance mechanism and the corporate value also have relevance. However, the topic that this study want to explore is the interaction between the relevance and corporate value. After analyzing data, the study find that the organization capital and the CEO ownership would influence corporate value positively. Besides, in order to confirm the relationship between internal governance mechanism and organization capital, the study refers the method of literature. And it is divided into three parts to discuss, the first part is remained the same, and the second part is grouped by firm size, and the third part is grouped by the variable of distress. The results showed that organization capital and internal governance mechanism is associated. But this relation will changed by the difference of the variable, firm size and the financial status. In conclusion, according to the empirical results, this study finds that there is indeed interaction between the organization capital and the internal governance mechanisms. And the interaction will do influence on the corporate value.