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研究生:劉義夫
研究生(外文):I-Fu Liu
論文名稱:公司治理機制與企業經營績效之關聯性研究—以中國大陸上市資訊電子產業為例
論文名稱(外文):A study on the correlation between corporate governance and performance—Example on the Chinese listed companies in the telecommunication industry
指導教授:潘偉華潘偉華引用關係
指導教授(外文):Wei-hwa Pan
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:企業管理系碩士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2005
畢業學年度:93
語文別:中文
論文頁數:84
中文關鍵詞:公司治理董事會組成國企改革股權結構外部監督機制
外文關鍵詞:the board compositioncorporate governanceshareholding structurestate-owned enterprisesexternal supervisory system
相關次數:
  • 被引用被引用:16
  • 點閱點閱:473
  • 評分評分:
  • 下載下載:146
  • 收藏至我的研究室書目清單書目收藏:8
過去,中國大陸是一個封閉的市場,許多的上市企業多存在著相當的國有股份,在法令的限制與政策的包袱下,普遍存在著經營績效不甚理想的問題。於是在最近幾年,中國大陸政府為了希望可以改善國營企業的績效,進行了多項的改革,從擴大企業自主權到實行企業承包制,從推行現代企業制度到戰略性改組,實施了許多方案,以期可以改善國營企業的績效。但是,多起的企業虧空案,讓中國大陸企業的治理機制問題浮出檯面。
本研究以在中國大陸上市的電子資訊產業為例,希望可以利用企業績效的變數與公司治理機制中間的關聯性來瞭解中國大陸的企業在公司治理上的應用。從公司治理機制中的股權結構、董事會組成和外部監督機制等三個構面來探討,研究公司治理機制與企業績效間的關聯性,並瞭解投資者如何監管企業的經營。
而除了績效與公司治理間的關係研究外,更進一步研究大陸的國營企業在介入產業後,是否可以達到國營企業的經營目的。國營企業的經營目的不止是追求績效,更要追求社會福祉。本研究由資訊產業為出發點,針對大陸不同的產業的競爭強度,研究大陸國營企業在不同競爭強度的市場中是否適合介入。並找出國營企業在何種競爭強度的產業環境下最適合。
實證結果發現,在股權結構方面,國有股比例、未流通股比例與經理人持股比例,確實與企業之績效具有某一程度關聯性。在董監事會組成與外部監督機制方面,則與企業績效不具關聯性。另外,在延伸研究方面,發現國營企業對資訊電子產業影響甚鉅,國有股的比例多寡,亦會影響企業。
In the past, Mainland China was a close market. The state owned considerable shares of listed companies. With burden of regulatory constraints and policies, the performance of them was not good as expected. In the recent years, Mainland China conducts many revolutions, such as expanding the autonomy of enterprises or carring out the modern company systems. The main objective is to improve the performances of SOEs (state-owned enterprises). But, many fraud cases exposed the problem of corporate governance.
This study addresses listed Chinese companies in telecommunication industry and expects that the correlation between corporate performance and governance mechanism can be applied to understand the governance within the Chinese enterprises. Based on the three aspects of corporate governance, shareholding structure, the board composition, and external supervisory system, the correlation between corporate governance and business performance will be examined.
Besides, this study further examine whether the goals of the SOEs are achieved after they enter into the industry. The goals of SOEs are not only to pursue performance, also the welfare in the society. In terms of competing strengthen, this study inquires whether SOEs in China is appropriate to enter the different competing intensive market in the telecommunication industry.
The results show that in terms of shareholding structure, there is to some degree correlation among SOEs share, Non-listed shares and held shares by managers and corporate performance. The board composition and external supervisory mechanism is found to not be related to corporate performance. In addition, in our extended research, SOEs are found to have huge impact on telecommunication industry. The share of SOEs can also produce effect on corporations.
目錄
中文摘要 I
英文摘要 II
誌謝 IV
目錄 V
表目錄 VII
圖目錄 VIII
一、緒論 1
1.1 研究動機 1
1.2 研究目的 2
1.3 研究範圍 2
1.4 研究架構 4
二、文獻探討 5
2.1 公司治理結構 5
2.1.1 OECD的公司治理結構定義 5
2.1.2 世界銀行的公司治理結構定義 6
2.2 股權結構 8
2.2.1 股權結構與代理問題 8
2.2.2 股權結構與經營績效 9
2.2.3 股權集中度 10
2.3 董事會結構與外部董事 13
2.3.1 董事會結構 13
2.3.2 外部董事 15
2.4 私有化的相關理論 17
2.4.1 私有化的定義 17
2.4.2 私有化的類型 17
2.5 中國大陸國企改革相關研究 18
2.5.1 中國大陸國有企業改革歷程 18
2.5.2 中國大陸公司治理結構問題 19
2.5.3 大陸上市公司主要之股票種類 21

三、研究設計 23
3.1 研究架構 23
3.2 研究對象與樣本選取 25
3.3研究假設與研究變數 30
3.3.1 研究假設 30
3.3.2 研究變數 36
3.4 研究方法 38
3.4.1 敘述統計分析 38
3.4.2 相關係數分析 38
3.4.3 迴歸分析 38
3.4.4 判別分析 39
四、實證結果與分析 40
4.1 敘述統計分析 40
4.1.1 股權結構 40
4.1.2 董監事會組成 42
4.1.3 外部監督機制 43
4.1.4 績效變數 44
4.2 相關分析 46
4.3 迴歸分析 48
4.3.1 控制變數與企業績效之關係 49
4.3.2 主要變數與企業績效之關係 49
4.4 判別分析 54
4.4.1 敘述統計分析 54
4.4.2 國有股與競爭強度關係 55
4.4.3 判別分析 56
4.5 假設驗證總結 58
4.5.1 股權結構 58
4.5.2 董監事會組成結構 60
4.5.3 外部監督機制 61
五、結論 62
5.1 研究結論 62
5.2 管理及政策意涵 63
5.3 研究限制 64
5.4 後續研究建議 65
參考文獻 66
參考文獻
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二、中文部分

1.王智明,2001,大陸股市及上市公司股權結構之研究,國立政治大學金融研究所,碩士論文。
2.王繼和,公司治理機制與經營績效之關係研究—以台灣上市櫃電子公司為例,國立雲林科技大學財務金融研究所碩士論文,2004。
3.李佳貞,台資企業在大陸上市問題之探討,2003。
4.李振宇、洪師培、林育司,公司治理、財務資源與效率之關連性研究—我國電子產業之實證,國立成功大學企業管理研究所,2004。
5.林音如,中國大陸國有企業改革-以民營化的角度分析,國立東華大學公共行政研究所碩士論文,2002。

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14.陳家馴,董事會組成、公股角色與企業績效之關聯性研究,國立成功大學企業管理研究所碩士論文,2004。
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18.張明峰,1991,股權結構對公司績效影響之研究,國立政治大學企業管理研究所,碩士論文。
19.張惠面,兩岸證券市場現況以及公司股權結構之比較,國立成功大學財務金融研究所碩士論文,2002:7-8、39、42-43。
20.張毓強,公司治理機制與經營績效之關聯性研究—以中國上市企業為例,國立雲林科技大學企業管理研究所碩士論文,2003年。
21.鄔台明,中國大陸國有企業股份制改革之研究,淡江大學大陸研究所碩士論文,2001。
22.趙維穎,董事會屬性、董事會功能與企業績效之關聯性研究,中原大學企業管理研究所碩士論文,2004。
23.潘偉華,2003,現代企業制度改革對中國大陸國有企業績效的影響--以組織變革和治理機制觀點,台灣。
24.劉靜容,經理者股權與公司績效—內生轉換聯立方程模型分析,淡江大學產業經濟學系碩士論文,2003:12。

三、電子期刊與網站

1.上海證券交易所網站,http://www.sse.com.cn
2.巨潮資訊網網站,http://www.cninfo.com.cn
3.證券之星網站,http://www.stockstar.com/home.htm
4.中國非流通股資訊網,http://www.nfii.cn
5.股票之星網站,http://www.cnstockstar.com
6.搜孤財經網站,http://business.sohu.com
7.亞洲招商投資網,http://www.spiralstar.com.cn/cn/
8.網易,http://stock.163.com/
9.遼寧經濟信息網,http://www.ln.cei.gov.cn
10.中國證券網,http://www.cnstock.com
11.中國證券監督管理委員會,http://www.csrc.gov.cn
12.人民網,http://www.people.com.cn
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