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    Please use this identifier to cite or link to this item: http://ir.lib.ksu.edu.tw/handle/987654321/10903


    Title: 公司治理機制與年報資訊揭露對公司績效直接與間接效果之實證研究
    An Empirical Study of Corporate Governance Mechanisms and Information Disclosure on Firm Performance - Direct and Indirect Effect
    Authors: 黃玉璇
    Yu-Syuan Huang
    Contributors: 歐陽豪
    Keywords: 偏離程度;股權結構;董事會組成;資訊揭露與透明度;公司治理機制
    Deviation;Ownership Structure;Board Composition;Information Disclosure and Transparency;Corporate Governance Mechanisms
    Date: 2010
    Issue Date: 2010-10-07 15:45:31 (UTC+8)
    Abstract: 本研究以2005年至2008年台灣上市與上櫃公司為研究樣本,並以三種形式之偏離權、股權結構、董事會組成及公司特性三大構面來衡量公司治理機制對「財務及營運資訊透明度(指標39~67項)」、「董事會及股權結構透明度(指標68~87項)」、「年報資訊揭露總分(指標39~87項)」及公司市場績效-杜賓Q(Tobin’s Q)的影響,同時也驗證三大構面透過「年報資訊揭露」對杜賓Q(Tobin’s Q)的影響。實證結果發現:就「股權結構構面」而言,「董事持股率」、「經理人持股率」、「本國金融機構持股率」及「董事長持股率」均對「財務及營運資訊透明度」、「董事會及股權結構透明度」及「年報之資訊揭露總分」均呈現顯著正向影響;「大股東持股率」對「董事會與股權結構透明度」及「年報之資訊揭露總分」均呈現顯著正向影響;「總經理持股率」、「機構投資人總持股率」及「董監持股質押比率」均對「財務與營運透明度」、「董事會與股權結構透明度」及「年報之資訊揭露總分」均呈現顯著負向影響。
    就「市場績效-杜賓Q」而言,「董事持股率」與「董監持股質押比率」對「杜賓Q」均呈現顯著負向影響;「本國信託基金持股率」、「外資投資比率」、「經理人持股率」與「股份盈餘偏離程度」對「杜賓Q」均呈現顯著正向影響,此外,三種年報資訊揭露均對「杜賓Q」呈現顯著正向影響。對「杜賓Q」的直接效果與總效果而言,均是以「本國信託基金持股率」最高,間接效果則以「機構投資人總持股率」最高。
    就「董事會組成構面」而言,「席次股份偏離差」(或「席次盈餘偏離差」)、「董事長更迭」、「董事會規模」及「獨立監察人數」均對「財務及營運資訊透明度」、「董事會及股權結構透明度」及「年報之資訊揭露總分」均呈現顯著負向影響;「董事長為控制家族成員」對「董事會及股權結構透明度」呈現顯著負向影響;「總經理為控制家族成員」對「董事會及股權結構透明度」呈現顯著正向影響;「獨立董事人數」對「財務及營運資訊透明度」、「董事會及股權結構透明度」及「年報之資訊揭露總分」均呈現顯著正向影響,「是否存在外部大股東」對「年報資訊揭露總分」呈現顯著正向影響。
    就「市場績效-杜賓Q」而言,「獨立董事人數」對「杜賓Q」呈現顯著正向影響;「總經理為控制家族成員」與「董事會規模」對「杜賓Q」呈現顯著負向影響,此外,三種年報資訊揭露均對「杜賓Q」呈現顯著正向影響,在加入「年報資訊揭露」後,「獨立監察人數」對「杜賓Q」呈現顯著正向影響;對「杜賓Q」的直接效果、間接效果與總效果而言,直接效果、間接效果分別是以「席次股份偏離差」與「獨立董事人數」最高,總效果則大部分是以「席次股份偏離差」最高。
    就「公司特性構面」而言,「赫芬達指標」、「資產報酬率」、「負債比率」、「員工人數」、「電子業」、「有海外籌資」及「股票週轉率」對「財務及營運資訊透明度」、「董事會及股權結構透明度」及「年報之資訊揭露總分」均呈現顯著負向影響;「股價報酬率」對「董事會與股權結構透明度」呈現顯著正向影響,與預期方向一致;「股票報酬變異性」對「董事會及股權結構透明度」呈現顯著負向影響,與預期方向一致;「公司規模」對「財務及營運資訊透明度」及「年報之資訊揭露總分」均呈現顯著負向影響;「董事長薪酬」對「財務及營運資訊透明度」、「董事會及股權結構透明度」及「年報之資訊揭露總分」均呈現顯著正向影響。
    就「市場績效-杜賓Q」而言,「資產報酬率」、「股價報酬率」、「公司規模」及「產業別」對「杜賓Q」均呈現顯著正向影響;「負債比率」對「杜賓Q」呈現顯著負向影響,但在個別加入「年報資訊揭露」後,僅「財務及營運資訊透明度」對「杜賓Q」有顯著正向影響;對「杜賓Q」的直接效果與間接效果言,以「資產報酬率」對「杜賓Q」之「直接效果」最高,「間接效果」與「總效果」分別以「董事長薪酬」與「資產報酬率」最高。
    In this paper, we adopt Taiwan listed and over-the-counter (OTC) firms to be our samples during 2005 to 2008, by using three types of deviation, and three dimensions-ownership structure, board composition, and company characteristics to measure the influence of corporate governance mechanisms to the information disclosure and transparency-“financial and operational information transparency”, “board and ownership structure information transparency” and “information disclosure” and market performance-Tobin’s Q, at the same time, we also verify the influence of three dimensions through information disclosure to Tobin’s Q.
    Our findings are as follows, in "ownership structure”, the “director shareholdings”, “manager shareholdings”, “financial institution shareholdings”, and “chairman shareholdings” are all have significantly positive impact on three information disclosure and transparency; “blockholder shareholdings” has significantly positive impact on “board and ownership structure information transparency” and “information disclosure”. “CEO shareholdings”, “institutional total shareholdings” and “pledging ratio of directors and supervisors” have significantly negative impact on three information disclosure and transparency.
    Both of the “director shareholdings” and “pledging ratio of directors and supervisors” have significantly negative impact on “Tobin’s Q”. “Trust shareholdings”, “foreign shareholdings”, “manager shareholdings”, and “deviation between voting right and cash flow (DEV_VRCF)” have significantly positive impact on “Tobin’s Q”. Besides, three index of information disclosure are all have significantly positive on Tobin’ Q. In ownership structure, the “trust shareholding” has highest direct and total effect to Tobin’s Q, and “institutional total shareholdings” has highest indirect effect to Tobin’s Q.
    In “board composition”, the “deviation between board seats and voting right(DEV_SEATVR) (or “deviation between board seats and cash right(DEV_SEATCF)), “chairman turnover”, “board size” and “independent supervisor size” have significantly negative impact on three information disclosure and transparency. The “chairman belongs to controlled family” has significantly negative impact on “board and ownership structure information transparency”. The “CEO belongs to controlled family” has significantly positive impact on “board and ownership structure information transparency”; the “independent director size” has significantly positive impact on three information disclosure and transparency. The “whether exists outside blockholder” has significantly positive impact on “information disclosure”.
    The “independent director size” has significantly positive impact on “Tobin’s Q”. Both of “CEO belongs to controlled family” and “board size” have significantly negative impact on “Tobin’s Q”. Besides, three types of information disclosure and transparency have significantly positive impact on "Tobin’s Q”. After add three information disclosure and transparency variables, the “independent supervisor size” has significantly positive impact on “Tobin’s Q”. The “deviation between seats and voting right” and “independent director size” has highest direct and indirect effect to Tobin’s Q, respectively. While “deviation between board seats and voting right(DEV_SEATVR) has the highest total effect.
    In “company characteristics dimensions”, the “HHI”, “ROA”, “debt ratio”, “number of employee”, “whether the company is belongs to electronic industry or not”, “whether company raise money from overseas or not”, and “stock turnover” have significantly negative impact on three information disclosure and transparency. The “stock return” has significantly positive impact on “board and ownership structure information transparency”. The “variance of price return” has significantly negative impact on “board and ownership structure information transparency”; the “firm size” has significantly negative impact on both “financial and operational information transparency” and “information disclosure total score”. The “chairman compensation” has significantly positive impact on three information disclosure and transparency.
    The “ROA”, “stock return”, “firm size”, and “whether the company is belongs to electronic industry or not” have significantly positive impact on “Tobin’s Q”. The “debt ratio” has significantly negative impact on “Tobin’s Q”. After add three information disclosure and transparency, only “financial and operational information transparency” has significantly positive impact on “Tobin’s Q”. The “ROA” has the highest direct effect to Tobin’s Q, while the “chairman compensation” and “ROA” has the highest indirect and total effect to Tobin’s Q, respectively.
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