銀行業公司治理與經營績效關聯之實證研究

Abstract

1997年的亞洲金融風暴，1998下半年台灣上市公司的財務危機事件，以及2001年美國公司恩隆(Enron)、世界通訊(World Com)與全錄(Xerox)等大型企業陸續發生的財務報表不實案，使得投資者對於上市公司的管理者與財務報表失去信心。在資訊不對稱的情形下，投資者便可能選擇退出市場或脫手股票，而使股市大跌，甚至影響到一國經濟成長的表現。因此，完善的公司治理，是健全資本市場與吸引外國資金的主要關鍵之一。 本研究針對本國33家銀行在2005年至2009年的資料，以複迴歸分析方法，探討董監事組成、經理人特性、股權結構以及資訊揭露構面對於公司經營績效的影響。研究結果顯示，(1) 在董監事組成構面中，監察人帄均薪酬對於公司績效有顯著正向之影響。 (2) 在股權結構構面中，法人持股比例對於公司績效有顯著負向影響。(3) 在資訊揭露構面中，證基會資訊揭露評鑑結果以及中華信用評等公司所發布的長期信用評等結果對於公司績效表現皆有顯著之影響效果。

The concept of corporate governance has been emerging since the early 1970 's in response to the perceived lack of effective board oversight that contributed to the poor performance problems. The scandals of Enron, World Com and Xerox had put this issue under a spotlight. Therefore, the attention to enhance corporate governance is being emphasized since then. This paper applies the multiple regression approach to analyze the relationship between corporate governance and business performance of 33 banks in Taiwan from 2005 to 2009. Our major empirical findings are as follows: (1) In the dimension of board members, we find the supervisors’ average compensation has a significant positive impact on firm performance. (2) In the dimension of ownership structure, we find the institutional shareholding has a significant negative effect on firm performance. (3) In the dimension of information disclosure, we find both the information transparency and disclosure ranking results in Taiwan conducted by Securities and Futures Institute (SFI) and the long-term issuer credit ratings assigned by Taiwan Ratings Corporation (TRC) have significant impact to the firm’s performance.