科技產業公司治理法制研究－以台灣電子產業為例

Abstract

本論文研究重點在於探討公司治理的最新理論，其適用性及可能遇 到的問題。並且輔以比較法、經濟分析及統計學上的假說檢定，探討 適用在電子業的情形。從公司治理的最新趨勢來看，美國自從公佈沙 賓法案後，證期會不斷在調整其執行方式，包括分大企業及中小企業 需要符合沙賓法案的時間表、董監事薪酬透明度及會計師獨立性及董 監事責任。其中上市公司為符合沙賓法案需要付出更高的成本也是探 討的議題。 在實證部份，台灣電子業對於設置獨立董監發生財務危機無正相 關，對於公司經營績效呈現多空分歧現象。公司資訊透明度高的公司 不會發生財務危機有正相關，與公司經營績效呈正相關。財報重述被 處罰的公司呈與發生財務危機有關，與公司經營績效差呈現正相關。 使用四大會計師事務所公司與發生財務危機無關，與公司經營績效呈 現多空分歧現象。以目前外資持股比較高的公司，其與發生財務危機 正相關，與公司經營績效呈無關。可見得目前在台灣電子業來說，公 司治理相關要求分析如下，一是可以預防財務危機，並且可以增加企 業營運績效另一是對預防財務危機效用不大，但會增加企業績效，如 獨立董監設置。對於財報重述公司經營績效差及公司財務危機呈正相 關，可見財務報表是反應公司管理階層誠信的書面文件，如果內容錯 誤就表示公司經營可能出現警訊。對於外界期望會計師可以發揮其監 督功能部份，本文分析四大會計師事務所使用的公司發現，各家公司 是否會發生財務危機無相關性，所因為遴選會計師是公司的權利，所 以鼓勵公司由外部人員協助作好公司治理的工作誠屬不易。 經濟學上的效率分析，正可以補充這個部份的不足。例如經理人重 覆賽局顯示立法處罰公司經理人不忠誠行為會使得過去經理人與股 東間信賴關係式微，且產生較低的效益。公司經理人薪酬決定方式， 如果可以真實反應其努力成果是可以降低代理成本。最後是內線交易 制度，經濟學家認為有效的內線交易可以抑制公司股價的波動而產生 對投資人更佳的效果。回顧公司治理文獻指出，公司治理不是預防財 務危機的萬靈丹，未來可能反而成為企業財務負擔，並用造成代理成 本的增加，值得立法及執法單位注意。 本研究第一章在敘述本研究之研究目的、方法及專有名辭並且以法 院判決及電子業判決分析。第二章在作文獻探討，分析公司治理相關 研究論述。第三章由公司的性質探討所有權及經營權之分別，探討公 司治理的目的及議題為何。第四章以財務報報表為核心，探討財報重 要性及與公司詐欺間關係。第五章是各國公司治理法令介紹與比較， 希望找到趨勢及問題。第六章是實證假說的關聯性及有效性，應用社 會科學分析的工具來驗證學裡上的立法理由。第七章則是探討本文得 到的結論及未得到結論的部份，作為未來研究的建議。第八章則是重 新檢討本論文第二章所論及的研究目的是否達到。第九章則是附件。 第十章為參考資料。

The thesis for my research is to study most state-of –the-art Corporate Governance theory, how is it apply in Taiwan and potential problem we might encounter. I apply practical study tools as economic analysis and statistics to analyze the electronic industry in Taiwan SEC (T-SEC)market. Since announcement of Sabanes-Oxyley Act of US congress, US-SEC issue the time table for large to medium size company to comply to the corporate governance standard. Reveal board of director salaries and independency of board of directors. The US public traded companies pay lots of money to comply to this new act. In practical study in Taiwan, the companies with independent board of directors are not necessary with no financial crisis and with good operational performance. The companies with best transparency have no financial crisis and good operational performance. For the punished companies by SEC for irregularity of financial report, it has financial crisis and bad operational performance. For the companies use BIG FOUR accountant firms, it is not necessary financial crisis and good operational performance. For the high foreign investors holding companies, they have no financial crisis but not necessary good operational performance. The scholars’ study match my research in my last comparison of seek for support of my research. In summary for my practical study, the aid of corporate governance requirement in Taiwan electronic industry has the result as some of the requirement can prevent financial crisis as well as support good operational performance. Some can prevent financial crisis but with no support to good operational performance and remaining has no relation to financial crisis. For the financial statement irregularity companies, it is apparent with financial crisis and not a good operational performance. So it is normally a warning single. For the external accountant, it is very difficult to wish the external parties to check every detailed of internal affairs, especially the selection of external accountant is the choice of the companies. In the economic analysis, I use repeated game theory to check the managers salaries and the corporate performance and find the managers’ salaries can reflect their effort, high pay to the managers will reduce the agency cost. Regarding to the insiders trading, economics think for some perspective, it can suppress the stock market fluctuation and produce benefits to stockholders. In the overview of the scholar’s papers, we found lots of argument to the requirement of corporate governance. It is not one for all to the financial crisis, on the contrary, it increase tremendous cost to the companies and increase agency cost. The result of my study worth noticing and reference to Taiwan legislators and courts. The chapter 1 of my research is regarding to purpose of my research, I analyze the high courts judgment in 2005 and define the terminologies for my research. Chapter 2 is to review the academic papers about corporate governance. Chapter 3 is about most state of the art ownership and control theory in corporation to understand the goal and issues of corporate governance. Chapter 4 is to research financial statement and financial fraud. Chapter 5 is to comparison of Taiwan, US and Japan commercial law, security law and company law and find out the best practice. Chapter 6 is to have practical study though social science analysis tools to see its applicability of laws to the real practice. Chapter 7 is the conclusion and suggestion of my research.