公司治理及股利政策研究與臺灣實證分析

Abstract

摘要 公司治理是理論與實務結合的重要研究議題，其訴求是保障投資效益與強化營運績效，晚近對股利政策的研究，更成為融合公司治理研究與激勵機制的重要議題。為補足過往研究不夠清晰且缺乏系統性思維的缺口，本研究主張公司治理與股利政策之相關研究建構在市場-制度-科技(M-I-T)典範架構下更能具備完整的系統性。然而，既有文獻對於成果模型(outcome model)較著重在跨國法規、公司治理與股利之連結，鮮少關注企業之族群特色。透過區別引領不同企業決策的特色，本文辨別臺灣市場中存在家族型企業與標準型企業，此兩類企業透過各具特色的企業家精神與能耐而展現出相異的治理與企業表現。實證成果佐證了兩個群體之公司治理間的確存在著企業家精神、行為決策模式和治理效益等差異。本文進一步透過M-I-T典範模型融入組織、市場、制度與管理科技的互動連結之思維進行分析，發現家族企業對制度存在相依性，並透過制度影響力來創造市場機會；標準型企業則仰賴市場創新洞見與市場機制的應用知識。不同類型之企業面臨M-I-T三驅動面向時，存在不同的應對機制成本(交易成本)，繼而產生各具優勢的對應行為與企業家精神之發揮。總結本研究，透過M-I-T典範架構與結構方程模式(SEM)來構建系統性的模型，藉此模型點出且改正傳統財務金融研究對於真實世界系統性及變數相關性的忽視。我們在此模型中創造了全新的潛在變數概念--制度影響力與股利發放激勵，發現成長機會與股利政策間的負相關能夠解釋為家族企業存在較低的取信成本，也因此改良了既有文獻以成果模型為主的完整性，而賦予全新的系統性義涵。

Corporate governance and corporate policy has been a critical research issue of linking theory and practice. The appeal of corporate governance is nothing but protecting investors and intensifying corporate performance. In past research, dividend policy was a blending topic of the corporate governance research and incentive mechanism. Intending to fill this gap of clearance and cogitation, this paper proposes that the research on corporate governance and dividend policy should be more systematic under the complete structure of Market-Institution-Technology (M-I-T) paradigm. Existing literature links corporate governance with dividend policy, with example of the outcome model which focuses on differentiating international legislation, however, it seldom distinguishes firm with typical features of organization. We identify corporations of Taiwan into two major types: Family firms and Standard firms, with distinguishing features of entrepreneurship leading to different decision makings. With firm-specific entrepreneurial capacity and governance mechanism, our model establishes better structure in explaining corporate performance. The empirical results reveal that performance of two groups are different with aspects of entrepreneurship, decision behavior and governance mechanism. We further analyze these differences making use of the M-I-T paradigm which specifies driving forces and interactions among the market, institution and technology. Family firms depend on institution and government policies; they also create market opportunity through their influence on institution. On the other hand, Standard firms depend on their market innovation insight and knowledge of using the market mechanism. Firms behave based on their own advantages and entrepreneurship when they face with different elements in Market, Institutional and Technological facets that comprise distinct transaction costs. By M-I-T paradigm and structural equation modeling (SEM), this research creates a new systematic model. Recognizing the reality with Taiwan case, we rectify the model problems of disregarding correlation between variables and of lacking systematic model building in traditional financial study. In our model, we create new latent construct variables that present institutional influence and incentive mechanism of dividend policy. We further find out that negative relationship between growth opportunity and dividend policy can be contrasted with Family firms having lower bonding expenditure. In sum, our systematic model helps improve the usual outcome model and generate a brand new sense of corporate governance research.