股權結構、領導風格與企業文化對公司經營的影響-以上市網通公司個案為例

Abstract

根據代理理論（Agency Theory）所產生的企業架構，存在不可避免的代理成本，也因此衍生出公司治理（Corporate Governance）的議題。但法律僅是定義底線，公司經營上許多判斷是屬於自由心證，或基於「善良管理人」之假設。

因股權所代表的就是所有權，所有權決定經營權的行使方式，經營權包含人事權及預算權，及可以執行董事會的決議及方向必要的授權。這些都會直接影響公司的領導方式、文化、及其他經營行為。本論文僅藉著分析其股權結構部分的差異，藉管理理論或心裡學，試圖分析其中在經營管理上可能會衍生出來的的差異。所探討的主題，以領導風格、決策模式、及公司文化為主。其背後的理論架構，則以企業生命週期理論、心裡學、組織理論、及管理上領導人風格分類為主要依據。

個案選擇上，以台灣上市之網通公司：友訊、智邦、與合勤為對象，以公司對外發表的財務報告、公開說明書，及商業期刊，如天下雜誌、商業週刊等為主，利用「內容分析法」，對個案進行分析，找出個案公司在企業經營上，有哪些結果是與股權結構有關，並試圖依據管理理論及心理學，分析導致其結果的合理解釋。本論文認為在策略執行的方式、公司文化形成、與公司領導風格上，股權結構都有一定的影響。

The Agency Theory is the theoretical foundation of forming modern corporations. Corporate Governance is the advanced concept being developed to protect shareholder equity from improper managerial behaviors. However, regulations are only the button line. The integrity is the key to have good management performance or maximize shareholder equity.

This thesis tries to figure out the correlation of ownership structure and managerial behaviors, including leadership, decision model, and company culture. It is based on the theories of “Corporation Life Cycle”, psychology, organization behavior, and management styles.

The cases I choose are the Taiwan public networking companies, D-link, Accton, and Zyxel. Network industry has very complicated business model and these three companies are all very successive, also have very similar backgrounds. All the related information were collected from public domain and commercial journals. The case study gives us some clues of how those differences caused by ownership structure.

My research shows that the ownership structure does have big influence on execution, company culture, and leadership.