公司治理衍生成本之探討

Abstract

自安隆案爆發以來，公司治理開始受到重視，許多國內外學者提倡公司治理的好處，並以文章論述或實證之，各國政府亦相繼制定法律來推動，但企業為了遵守相關法律規定的同時，也產生了許多成本與費用，影響了最終的利潤，在國內卻未受到重視。 本論文即拋磚引玉，以國外相關文獻及國內「上市上櫃公司治理實務守則」為依據，利用文獻分析法及專家訪談法整理出公司治理衍生成本的三大構面－稽核成本、溝通成本、董監事成本，及九個成本項目－「資訊系統軟體改善、更新之費用」、「文件整理、歸檔所需之人力成本」、「專人專責蒐集各部門變動資訊，並立即於公司網站上揭露予關係人之費用」、「增加之會計師、法律顧問費用」、「稽核費用」、「與關係人溝通之成本」、「經理人報酬增加」、「聘請獨立董監事之費用」以及「為經理人及董監事增保責任保險」。 另外，本論文亦以單因子變異數分析、成對T檢定及Pearson相關係數進行統計驗證，結果得到：（一）不同產業之稽核費用有顯著差異；（二）公司規模大小對稽核費用產生顯著影響；（三）年銷售額對稽核費用的多寡有顯著影響。

After the scandals at Enron, WorldCom and other companies occoured, the governments have pushed corporate governance and enact relevant laws (as Sarbanes-Oxley). Many scholars advocate governance is benefit to companies, but now the American companies are complaining that the compliance costs is too heavy and inconsequent. This thesis generalizes compliance costs to three dimensions and nine items as follows: 1. auditing costs (1) improving the information system fees; (2) document recording and filing cost; (3) cost of enclosuring new information on website; (4) increasing accounting and law fees; (5) audit fees. 2. communicating costs (1) cost of communicating with shareholders; (2) increasing manager’s compensation. 3. cost of directors and controllers (1) compensation of independent derectors and controllers; (2) increasing insurance for directors and executives. And last, the thesis apprvoe following consequences by one-way variance analysis, t-test, and Pearson correlation: 1. Audit fees varies through industries. 2. Audit fees also varies through company size. 3. Audit fees indicated by yearly sales amout.