臺灣博碩士論文加值系統

公司治理為指導及管理企業的一種機制，促使董事會與管理階層以符合公司與全體股東最大利益的方式達成營運目標，以落實企業經營者的責任，並保障股東的合法權益及兼顧其他利害關係人的利益。資訊不對稱是投資風險最大原因之一，而資訊透明度不足以及未即時揭露是造成資訊不對稱之主要原因。因此，公司治理評等以及資訊透明度已逐漸受到國際投資者、投資公司和監管機關的重視。
本研究探討台灣上市櫃公司之公司治理指標及資訊透明度評鑑評量對公司績效之影響，分別以經營績效之數據ROE、ROA與TOBIN作為被解釋變數，觀察各解釋變數與其相關性。樣本期間內所有公司季度資料、年度資料之數據顯示，多數公司的股東權益報酬率ROE表現較平均數為好，最大值與最小值表現結果相差超過十倍之差異，顯示營運績效好壞對股東權益報酬率ROE之影響非常巨大。
公司治理與經營績效以季度資料實證後再加入資訊透明度變數後，實證結果顯示相關的公司治理機制對經營績效之ROA、ROE產生負面影響之變數數量減少，正面影響之變數數量增加且呈現顯著之影響。
本研究實證發現公司治理機制確實會影響企業經營績效之表現。具有較大董事會規模、較多的獨立董事席次的企業，在具有健全的公司治理機制下，加入資訊透明度對公司營運績效將有正面顯著之影響，實證結果支持本研究之論點。

Corporate governance is a mechanism for guiding and managing enterprises, which enables the board of directors and management to achieve operational goals in a way that is in the best interests of the company and all shareholders, to fulfill the responsibilities of business operators, and to protect the legitimate rights and interests of shareholders and to take into account other stakeholders interests. Information asymmetry is one of the biggest reasons for investment risk, and the lack of information transparency and the lack of instant disclosure are the main reasons for the asymmetry of information. Therefore, corporate governance ratings and information transparency have gradually received the attention of international investors, investment companies and regulatory authorities.
This study explores the impact of corporate governance indicators and information transparency assessments on the performance of companies listed in Taiwan. The operating performance data ROE, ROA and TOBIN are used as dependent variables, and the explanatory variables and their correlations are observed. During the period, the data of all companies' quarterly data and annual data showed that the ROE performance of most companies was better than the average. The difference between the maximum value and the minimum value of the performance was more than ten times.
The quarterly data on corporate governance and business performance during the sample period is added to the information transparency variable. The empirical result data shows that after adding the information transparency (TRUST) variable, the empirical result data shows that the relevant corporate governance mechanism has a negative impact on the ROA and ROE of business performance. The number of variables decreases, and the number of positive impact variables increases and has a significant impact.
The results of this study empirically show that corporate governance mechanisms do affect the performance of business performance. Enterprises with larger board sizes and more independent board seats will have a significant and significant impact on the company's operational performance under a sound corporate governance mechanism. The empirical results support the arguments of this study.

摘要 i
目錄v
表目錄 vii
圖目錄viii
第壹章 緒論 1
第一節 研究背景1
第二節 研究問題與目的2
第三節 研究流程 3
第貳章 文獻回顧 5
第一節 公司治理定義 5
第二節 國內外主要公司治理評鑑機構及系統16
第三節 資訊透明度介紹25
第四節 公司治理與經營績效28
第參章 研究方法30
第一節 研究假說30
第二節 模型32
第肆章 實證分析38
第一節 樣本說明38
第二節 資料驗證45
第伍章 結論與建議58

中文部分
王元章、張椿柏，(2012)，「核心代理問題對盈餘管理之影響」，會計審計論叢，第2期第2卷，69-113。
王大維，(2003)，「公司治理相關要素與公司績效關聯性之研究-以台灣上市公司為例」，淡江大學會計研究所未出版碩士論文。
王茂昌、陳維新，(2014)，「台灣銀行業的經營風險、公司治理與資訊透明度之關聯性：應用縱橫資料模型」，評價學報，第7期，1 - 20。
伍忠賢，(2003)，公司治理的第一本書，初版，臺北：商周出版社，264-285。
吳妤倩，(2003)，「金融機構放款行為與上市公司董監事會關聯性之研究」，國立中山大學企業管理學系研究所未出版碩士論文。
吳當傑，(2007)，公司治理理論與實務，第二版，臺北：財團法人中華民國證券暨期貨市場發展基金會，213-227。
林興佩，(2002)，「董事會對創業投資公司績效影響之研究」，國立政治大學企業管理學系研究所未出版碩士論文。
林尚志，(2004)，「我國公司治理評鑑指標建立之研究」，國立政治大學會計學研究所未出版碩士論文。
周建新、林宗德，(2005)，「資訊透明度對企業價值增額解釋能力之研究」，會計與公司治理，第2期第2卷，25-46。
洪榮耀、陳正佑，(2012)，「市上櫃公司治理實務守則與公司績效關連性之探究」，商業現代化學刊，第6卷第4期，43 - 61
徐俊明，(2002)，財務管理，二版，台北：新陸書局，285-302。
張椿柏、王育偉、吳欣于、葉哲偉，(2017)，「公司治理對盈餘預測之影響」，財金論文叢刊，第27期，19-33
張雅琳，(2004)，「我國企業獨立董事機制與經營績效之關聯性研究」，大葉大學會計資訊研究所未出版碩士論文，22-56。
陳玉馨，(2010)，「審計委員會與資訊揭露、資金成本及經營績效之關聯性研究－以上市櫃公司電子工業為例」，國立台北大學會計研究所未出版碩士論文。
陳振遠、王建聰、洪世偉，(2017)，「公司治理對於企業社會責任、公司價值之影響」，中山管理評論，第25卷第1期，135-176。
陳烷鈺，(2009)，「董監事股權質押與公司治理之研究」，國立高雄大學金融管理研究所未出版碩士論文。
溫育芳、吳鴻毅，(2006)，「我國上市公司治理評等系統之建立」，金融風險管理季刊，第2期第3卷，1-27。
葉銀華、李存修、柯承恩，(2002)，公司治理與評等系統，第一版，台北：商智文化事業股份有限公司，165-182。
鄭國鴻、吳成豐，（2006），「公司治理與組織績效—台灣中小企業之研究」，台灣金融財務季刊，第7期第1卷，1-27。
謝錦堂，(2009)，「董事會功能理論模型之驗證：台灣上市公司董監事的觀點」，管理學報，第2期第26卷，127-144。
英文部分
Andres, P., and E. Vallelado (2008), “Corporate Governance in Banking: The Role of the Board of Directors”, Journal of Banking and Finance, 32, 2570- 2580.
Beekes, W. and P. Brown (2006), “Do Better-Governed Australian Firms Make More Informative Disclosure?”, Journal of Business Finance and Accounting, 33(3-4), 422-450.
Berle, A. A., Jr., and G. C., Means, (1932), “The Modern Corporation and Private Property”, New York, NY: Macmillan.
Beyer, A., D. A. Cohen, T. Z. Lys, and B. R. Walther, (2010), “The Financial Reporting Environment: Review of the Recent Literature”, Journal of Accounting and Economics, 50(2-3), 296-343.
Bhagat, S., and B. S. Black,(1999),” The Uncertain Relationship Between Board Composition and Firm Performance”, The Business Lawyer, 54 (3),921-963.
Botosan, C. A., (1997), “Disclosure Level and the Cost of Equity Capital”, The Accounting Review, 7(2), 323-349.
Bradley, M., and D., Chen, (2015), “Does Board Independence Reduce the Cost of Debt? ”, Financial Management, 44 (1), 15-47.
Chen, X., Q. Cheng, and X. Wang, (2015), “Does Increased Board Independence Reduce Earnings Management? Evidence from Recent Regulatory Reforms”, Review of Accounting Studies, 20 (2), 899-933.
Chiou, J. R., L. Cheng, and H. W. Wu, (2006), “The Determinants of Working Capital Management” ,Journal of American Academy of Business, 10(1), 149-155.
Dalton, D. R., and C.M. Daily, (1999) “What's Wrong With Having Friends on the Board?”, Across the Board, 36(3), 28-32.
Davis, H. James, F. David Schoorman, and L. Donaldson, (1997) “Toward a Stewardship Theory of Management”, The Academy of Management Review, 22(1),20-47.
Diamond, D. W., and R. E. Verrecchia, (1991), “Disclosure, Liquidity, and the Cost Capital”, The Journal of Finance, 46(4), 1325-1360.
Drake, M., J. Myers, and L. Myers, (2009), “Disclosure Quality and the Mispricing of Accruals and Cash Flow”, Journal of Accounting, Auditing, Finance”, 24(3), 357-384.
Elsayed K,(2007), “Does CEO Duality Really Affect Corporate Performance”, Corporate Governance: An International Review, 15, 1203–1214.
Eng, L. and Y. Mak, (2003), “Corporate Governance and Voluntary Disclosure”, Journal of Accounting and Public Policy, 22(4), 325-345.
Epps, R. W., and S. J. Cereola, (2008), “Do Institutional Shareholder Services Corporate Governance Ratings Reflect a Company's Operating Performance?”, Critical Perspectives on Accounting, 19(8), 1135-1148.
Ertugrul, M. and S. Hegde, (2009), “Corporate Governance Ratings and Firm Performance”, Financial Management, 38(1), 139-160.
Fama, E. F., and M. C. Jensen.,(1983), “Separation of Ownership and Control”, Journal of Law & Economics, 26 (2), 301-325.
Fama, E. F., and M. C. Jensen, (1983a), “Agency Problems and Residual Claims”, Journal of Law and Economics, 26(2), 327-349.
Gelb, D. S., and P. Zarowin, (2002), “Corporate Disclosure Policy and the Informativeness of Stock Price”, Review of Accounting Studies, 7(1), 33-53.
Gompers, P. A., and A., Metrick, (2001),” Institutional Investors and Equity Prices”, Quarterly Journal of Economics, 116(1), 229-259.
Goodwin, J., and J. L. Seow, (2002), “The Influence of Corporate Governance Mechanisms on the Quality of Financial Reporting and Auditing: Perceptions of Auditors and Directors in Singapore”, Accounting and Finance, 42(3), 195- 224.
Griffin, J., and Mahon, J., (1997), “The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research”, Business & Society, 36(5),5-31
Hamel and Prahalad, (1994)，顧淑馨譯，(1995)，競爭大未來(Gary Hamel and C. K. Prahalad, 1994)，第一版，台北：智庫股份有限公司，113-134。
Healy, P., A. Hutton, and K. Palepu, (1999), “Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure”, Contemporary Accounting Research, 16(3), 485-520.
Healy, P. M., and K. G. Palepu, (2001), “ Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature”, Journal of Accounting and Economics, 31, 405-440.
Hirst, D., and P. Hopkins, (1998), “Comprehensive Income Reporting and Analysts’ Valuation Judgments”, Journal of Accounting Research, 36(3), 47-75.
Huang, S. H., S. Y. Huang, F. H. Chang, and C. J. Fu, (2011), “ Impact of Information Disclosure and Transparency Rankings System on Investors in Taiwan”, Journal of Applied Finance, 2(7), 770-807.
Jensen, M., and W. Meckling, (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(3), 305-360.
Karamanou, I., and N. Vafeas, (2005), “The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis”, Journal of Accounting Research, 43(3), 453-486.
Klein, A., (2002), “Audit Committee, Board of Director Characteristics, and Earnings Management”, Journal of Accounting and Economics, 33(3), 375-400.
Kiel, G. C., and G. J. Nicholson, (2003), “Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance”, Corporate Governance: An International Review, 11, 189-205.
Lang, M. H., and R. J. Lundholm, (2000), “Voluntary Disclosure and Equity Offerings: Reducing Information Asymmetry or Hyping the Stock?”, Contemporary Accounting Research, 17(4), 623-662.

Leung, S., G. Richardson, and B., Jaggi, (2014), “Corporate Board and Board Committee Independence, Firm Performance, and Family Ownership Concentration: An Analysis Based on Hong Kong Firms”, Journal of Contemporary Accounting & Economics, 10(1), 16-31.
Lin, Y. C., Huang, S. Y., Chang, Y. F., and C. H. Tseng, (2007), “The Relationship between Information Transparency and the Informativeness of Accounting Earnings”, Journal of Applied Business Research, 23(3), 23-32.
McKinsey and Company, (2002), “Global Investor Opinion Survey: Key Findings, Global Investor Opinion Survey on Corporate Governance”, in cooperation with the Global Corporate Governance Forum. retrieved from: http://www.eiod.org/uploads/Publications/Pdf/II-Rp-4-1.pdf.
Mitchell, J. D., C. W. L. Chia, and A. S. Loh, (1995), “Voluntary Disclosure of Segment Information: Further Australian Evidence”, Accounting and Finance, 35(2), 1-16.
Oviatt, Benjamin M., (1988), “Agency and Transaction Cost Perspectives on the Manager-Shareholder Relationship: Incentives for Congruent Interests”, Academy of Management, 13(2), 214-225.
Shleifer, Andrei, and Robert W Vishny, (1989), “Management Entrenchment: The Case of Manager Specific Investments”, Journal of Financial Economics, 25(1), 123-140.
Westphal, J. D.,( 1999), “Collaboration in the Boardroom: Behavioral and Performance Consequences of CEO Board Social Ties”, Academy of Management Journal, 42(1), 7-24.
Williamson, and E. Oliver,(1985), “The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting”, New York: Free Press.
Xie, B., W. N. Davidson and P. J. DaDalt, (2003), “Earnings Management and Corporate Governance：The Role of the Board and the Audit Committee,” Journal of Corporate Finance, 9(3), 295-316.

Yermack, D., (1996), “Higher Market Valuation for Firms with a Small Board of Directors”, Journal of Financial Economics, 40(2), 185-211.