公司治理與績效之關聯性：公開資訊建構公司治理指數

Abstract

公司治理被視為是企業經營改革和防弊之良方，而在公司治理之系統化評鑑而言，本研究以相較過去學者研究較不同之方式，以一般投資人之角度，比照國際公司治理原則以及我國法律規範項目內容，建構公司層級之公司治理指數評比，其優點在於評比之資料來源純為公開易取得之初級資料且符合我國國情。而有鑑於主管機關已針對OECD公司治理五大原則之資訊揭露面向進行相對應之「上市櫃公司資訊揭露評鑑系統」，本研究除大眾角度出發外，亦期望透過完善現有資訊角度，以「上市櫃公司資訊揭露評鑑系統」評比80分以上(即A+及A++等級)之公司為樣本，針對OECD公司治理公司層級之剩餘四大面向進行法規層面之檢核評比，並進而探討其與公司績效之關聯性。 研究結果顯示，系統化之公司治理指數與公司之績效正向顯著，而其中四大面向中，僅有部分面向，即股東權與所有權功能構面以及利害關係人構面與績效顯著相關。本研究進一步針對透明度與本研究建構之公司治理指數進行探討，實證結果顯示，透明度與其他公司治理面向為互補之關係，亦即透明度以及公司治理指數需同時表現良好，方有良好之公司價值。

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.