台灣上市櫃IC設計公司之公司治理、員工分紅、多角化程度與經營績效關係之研究

Abstract

本論文之研究目的在於檢驗 IC 設計公司之公司治理機制、員工分紅與多角化程度對其經營績效之影響。以我國上市上櫃 IC 設計產業為對象，以統計迴歸方法檢視公司之公司治理機制、員工分紅與多角化程度對企業經營績效不同面向之績效指標：每股盈餘（EPS）、資產報酬率（ROA）與股東權益報酬率（ROE）等，是否具有顯著之影響關係。此外，本研究也觀察研究發展活動、公司規模與產業型態之控制變數對於經營績效的影響程度，建立不同的模型觀察2009至2011期間影響IC設計公司經營績效之重要因素。 研究結果發現，在公司治理方面，顯示董事會規模、經理人持股比率、國內法人持股比率、外國法人持股比率均與企業經營績效呈正向關係，唯大股東持股比率與企業經營績效呈負向關係；在員工分紅方面，顯示員工現金與股票分紅均與企業經營績效呈正向關係；在多角化程度方面，顯示多角化程度與企業經營績效呈負向關係。

Thesis research aims to investigate IC design companies, the business performance the impact of the corporate governance mechanism, the employee profit sharing and diversification. IC design industry of Taiwan's Listed as the object, using regression analysis method to view the business performance, whether the significant impact of the relationship between corporate governance mechanism, the employee profit sharing and diversification. Also observed the relationships among development investment, firm size, industry type and business performance. Also observed in the period 2009-2011, the key factors affect the business performance of the IC design companies. The results showed that the board size, manager ownership, the holding-ratio by institutions, the foreign holding-ratio by institutions and business performance between a positive relationship; shareholding rate and business performance between was a negative relationship; positive relationship between the employee cash bonus, employee stock bonus and business performance; negative relationship between diversification and business performance.