公司治理指標與價值創造關聯之實証分析 : 以台灣股市電子、金融?產業為例

Abstract

本研究運用E-VIEWS pool method之panel data進行迴歸分析。透過主成份分析建構成 "股權結構"、 "大股東行為"、 "資訊揭露"與 "獨立董事行為"等四個綜合指標探索對不同產業之公司價值衡量、創造與績效指標之影響為何。研究期間為2001年至2003年，樣本公司為電子產業170家與25家金融業，實證結果彙總如下：(1)就監督的角度而言，外部董事的獨立性較高，較可發揮監督的功能；但就公司經營的觀點，內部董事對企業的營運及相關狀況較了解，較能增進效率及決策的正確性。(2)在台灣上市(櫃)電子業與金融業中，資訊透明度與企業價值存在顯著的正向關係。市場上對資本的爭奪非常激烈，企業可藉由資訊透明度，增加投資者信心，進而提昇公司價值。最後，本文亦對研究結果的意涵詳加討論。

This study uses panel data of E-VIEWS pool method and principle component analysis (PCA) to construct 4 composite indexes (the ownership structure, behavior of the largest stockholder, information disclosure, and behavior of independent directors) to discuss the effect on firm value measurement, creation and performance in different industries. We collect 170 firms in electronic industry and 25 firms in financial industry listed on TSE in 2001-2003. The results are that from the standpoints of monitoring, the more independency of outside directors, the better of monitoring function, but from the standpoints of operation, inside directors have more knowledge and know-how of business operation and related condition and can raise the efficiency and make the correctly decision in operation. In Taiwan electronic and financial industries, information transparency has significantly positive contribution to firm value. Due to the fact that the capital market is competitive fiercely, business can increase the confidence of investors and firm value by information transparency. Finally, the implications of empirical results of this study are discussed.