中鋼民營化過程中公司統制及績效之評估

Abstract

公營事業民營化是政府的既定財經政策之一，公營事業在台灣的經濟發展中，負有極重要的階段性任務。但隨著市場逐漸開放及全球性競爭，世界潮流驅使下公營事業民營化乃為不可避免的事，而國內也順應這股潮流，開始了一連串的民營化行動。 一般相關於民營化研究的文獻很多，但討論的議題大多集中在釋股的規畫、經營績效的改善或是員工抗爭等等的問題上，而顯少以公司統制（Corporate governance）的觀點來研究公營事業的民營化。故本研究乃嘗試以個案分析的方式，研究中鋼公司的統制機制情形。首先針對股權結構之官股比例（民營化股權變化之觀點）及董監事私人股權比例（公司統制薪酬誘因之觀點），採系統方法（Interdependent System of Linear Regression Equations ;縮寫 SYSLIN）之二階段最小平方估計法（Two-Stage Least Square;縮寫 2SLS）分析，並以產業平均經營績效為控制變數，探討兩者對經營績效的影響顯著性；其次比較個案公司在股權結構和薪酬補償設計上與產業平均的差異情形；最後再以產業平均經營績效為調整因子，消除產業景氣循環因素，並採無母數統計檢定方式，研究個案公司民營化前後經營績效的改善情形。 研究結果顯示，依系統方法（SYSLIN）之二階段最小平方估計法（2SLS）分析，經營績效中的獲利能力指標對兩者皆呈顯著正面相關，亦即隨官股比例下降及董監事持股比例之增加，而獲利能力有顯著改善趨勢。至於其他經營績效指標則因代理變數不同而顯著性有不同結果，但大多呈現不顯著。故對個案公司來說，就獲利能力而言，除了可驗證公司統制文獻上董監事持股愈多對經營績效有正面影響，亦為民營化之正當性提供一個很好的理由。另外，就控制變數來說，除員工效率三項代理變數及存貨周轉率外，對個案公司其他經營績效指標皆成顯著相關，可見中鋼經營績效受景氣循環影響顯著。 而在股權結構上，以及薪酬補償設計不論是董事長、董監事、高階經理人員、或是員工方面，個案公司都與產業之平均值呈相當大的差異，顯然中鋼在民營化後之統制機制上，股權結構或是薪酬補償誘因設計都有改善的空間。 最後，在個案公司民營化前後的經營績效部份，以產業平均績效調整後，經無母數檢定，在獲利能力五項代理變數差異上皆呈顯著性，而業外收支率及每人營收雖有改善，唯呈現不顯著。

The Study of the Corporate Governance and Operating Performance in the Privatized Process of the China Steel Company Student：Chen-Hwa Lin Advisor：Soushan Wu Institute of Business and Management National Chiao Tung University abstract The privatization of the state-owned firms is the trend of the world and the policy of our government. For the policy , there are many firms that owned by the state ago have been Privatized in Taiwan. The China Steel Company is the most successful example in all of the privatized firms. There are many researches to study about the privatization of the state-owned firm . But most of them concern about the planning of the stock-issuing, the operating performance deference of the pre- and postprivatization, and the problem of the employee's resistance. This research studies the situations of the corporate governance for the privatized company, and takes the China Steel Company for the case study. First , we use the two stage regression method of the system method to explore the affections of the State-owned share's percent and the directors personal share's percent on the operating performance. Second , we compare the difference of the case company and the steel industry in the salary compensation design for corporate governance classes. The last , we test the improvement of the operating performance pre- and postprivatization by the Nonparametric methods. From the research results , first , we find there are different results for the different index in the part of system method analysis .Second , there are great different for the salary compensation design between CSC and the steel industry . The last , We find there significant improvement in the five index of profit ability in the postprivatization period than in the preprivatization. But the profit of non-business and the revenue of every employee is not significantly improved.