公司治理與產業競爭程度間的交互關係

Abstract

本研究探討產業競爭程度對公司治理效果之影響，驗證在比較不競爭的產業中，改善公司治理程度對公司之獲益，比競爭產業中的公司大。實證結果顯示：市場集中度小的產業，好的公司治理使股價享有較高報酬，形成之投資組合可獲得超額報酬。此外，較好的公司治理下，公司會有較佳的營運績效、較高的公司價值以及較低的資本支出，而這現象在比較不競爭的產業中也較明顯。研究公司不效率的原因，發現在較差的公司治理下，公司會有較低的勞動生產力及較高的要素成本，這現象一樣是在比較不競爭的產業中較顯著。

In the study, we discuss the result in degree of market competition impact on corporate governance. And then, verify firms in noncompetitive industries benefit more from improving corporate governance than do firms in competitive industries. The empirical result suggests that in the low market concentration industries, firms with better governance have higher equity return and are able to earn abnormal return by constructing portfolios. Moreover, firms with better governance show better operating performance, which leads to higher firm value and lower capital expenditures. This tendency, however, is obvious only for firms in noncompetitive industries. In exploring the causes of the inefficiency, we find that firms with poorer governance have lower labor productivity and higher input costs, which is also obvious only for firms in noncompetitive industries