标题: 公司治理与绩效之关联性:公开资讯建构公司治理指数
Corporate Governance and Firm Performance: Index Construction by Public Information
作者: 谭雅文
钟惠民
经营管理研究所
关键字: 公司治理;Corporate Governance
公开日期: 2013
摘要: 公司治理被视为是企业经营改革和防弊之良方,而在公司治理之系统化评鉴而言,本研究以相较过去学者研究较不同之方式,以一般投资人之角度,比照国际公司治理原则以及我国法律规范项目内容,建构公司层级之公司治理指数评比,其优点在于评比之资料来源纯为公开易取得之初级资料且符合我国国情。而有鉴于主管机关已针对OECD公司治理五大原则之资讯揭露面向进行相对应之“上市柜公司资讯揭露评鉴系统”,本研究除大众角度出发外,亦期望透过完善现有资讯角度,以“上市柜公司资讯揭露评鉴系统”评比80分以上(即A+及A++等级)之公司为样本,针对OECD公司治理公司层级之剩余四大面向进行法规层面之检核评比,并进而探讨其与公司绩效之关联性。
研究结果显示,系统化之公司治理指数与公司之绩效正向显着,而其中四大面向中,仅有部分面向,即股东权与所有权功能构面以及利害关系人构面与绩效显着相关。本研究进一步针对透明度与本研究建构之公司治理指数进行探讨,实证结果显示,透明度与其他公司治理面向为互补之关系,亦即透明度以及公司治理指数需同时表现良好,方有良好之公司价值。
Mechanism of corporate governance have been viewed as antidote to prevent fraud scandals and as instrument to improve business operation. Consider the degree of corporate governance in a system way, this paper aim at evaluate firms from the perspective of individual investors. The construction of the index (CGS) would be based on the existing law and form the OECD Principles of Corporate Governance. The merit of this approach is the accessibility of information and the suitability on the national background. Given that the government institution already evaluate on the degree of transparency, the samples of this research are chosen from the outcome of it. Last but not the least, this paper test the interaction between CGS and Transparency to ensure the robustness.
The practical result shows the positive significant relation between Tobin’s Q and CGS. However, not all aspects of CGS can explain Tobin’s Q independently. It is therefore suggested to evaluate corporate governance systematically. As for the Transparency, result of regression (3) shows the complementary of CGS and Transparency when it comes to explain firm performance which supports the necessity of the CGS index.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT070153717
http://hdl.handle.net/11536/74676
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