兩岸貿易開放下之資訊揭露與公司治理

Abstract

公司治理是近年發展重心，而資訊揭露則為利害關係人得以迅速了解企業治理情事的橋樑，本研究擬以結構-行為-績效模型為分析基礎，在兩岸貿易開放下，探討中國大陸三鹿集團、內蒙古伊利實業集團、台灣金車集團及味全食品工業股份有限公司之個案，當面臨事件發生時（以毒奶粉事件為例），企業股票掛牌與否與公司治理實施、資訊揭露行為及治理績效之間的關係。 本研究主要發現如下： 1.推展公司治理的根本意義，是讓企業能永續經營下去。 2.企業「主動」揭露資訊的行為，較易取得利害關係人信任及諒解，與企業股票掛牌與否無關。 3.治理績效較佳企業，為保持原水準或尋求更好績效，會自我持續治理行為及資訊揭露。 4.治理績效好的企業，面對危機應變力較好。 5.兩岸企業董事長兼總經理之缺乏制衡現象仍屬常見，需要克服。 6.企業治理行為的執行，應該要擴及股票未掛牌之公司，尤其是發展跟民生相關之重點企業。 7.資訊揭露是讓投資人了解企業治理行為的媒介，需要好好經營，因為資訊揭露與公司治理唇齒相依。

Corporate governance is the focus of recent development. Information disclosure is the measure for stakeholders to rapidly understand the corporate governance. This study applies the structure-conduct-performance (SCP) model to analyze the coporate governance under the cross-strait trade opening. The incidents of Sanlu, Yili, King Car, and Wei Chuan companies are used for case studies. For instance, the powdered milk poisoning incidents are included as case scenarios. The major findings are as follows: 1. To promote the fundamental significance of corporate governance is to enable enterprises sustain business. 2. Proactive information disclosure helps gain the stakeholders’ trust and understanding. 3. Enterprises with better corporate governance tend to have self-sustaining governance practices and information disclosure, in order to obtain better performance. 4. Enterprises with better corporate governance are more capable of crisis management. 5. The often-seemed co-playing the chairman and general manager causes lack of check and balances. 6. The implementation of corporate governance should be extended to non-listed companies, especially to the food and beverage industries. 7. Information disclosure is fundamental for sound corporate governance.