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研究生:楊坤憲
研究生(外文):Kun-Shien Yang
論文名稱:公司治理與投資人信念關係之研究-以一般投資人與機構投資人為研究對象
論文名稱(外文):General Investor's and Institutional Investor's Beliefs on Corporate Governance
指導教授:許文西許文西引用關係
指導教授(外文):Wen-Hsi Hsu
學位類別:碩士
校院名稱:國立屏東科技大學
系所名稱:企業管理系所
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:2008
畢業學年度:96
語文別:中文
論文頁數:99
中文關鍵詞:公司治理投資人信念公司治理評等系統
外文關鍵詞:Corporate GovernanceInvestor's BeliefsThe Rating System for Corporate Governance
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自美國「安隆」及「世界通訊」等弊案發生後,公司治理已成為熱門的管理議題。根據麥肯錫顧問公司2002年研究報告顯示,許多機構投資人已將公司治理視為一項重要的投資性指標。因此政府除了從法制面著手外,應加以運用市場投資人之力量來促進台灣上市櫃公司提升自身公司治理之機制。
綜觀先前研究,對於公司治理與投資人信念之關連性研究數量極少,少數相關的研究則對於公司治理廣泛的構面並未全盤納入加以考量,並且也未加以比較一般投資人與機構投資人之差異。因此本研究參照「中華公司治理協會之公司治理評量準則」,考量全面性的公司治理構面並針對台灣公司特性設計出一套公司治理評量問卷,包括『股東權益的保障』、『資訊透明度的強化』、『董事會職能的強化』、『監察人功能的發揮』、『管理階層的紀律與溝通』及『利害關係人權益的尊重與社會責任』此六大構面,從台灣一般及機構投資人之角度來審視其對台灣上市櫃公司執行公司治理之滿意度。
此外,延伸探討公司治理與一般及機構投資人信念之關聯性,並調查台灣一般及機構投資人是否願意溢價購買公司治理較佳公司的股票。本研究採用問卷調查法,依據所得資料進行統計分析,研究結果發現:
一、台灣一般與機構投資人對於台灣上市櫃公司執行公司治理滿意程度有顯著差異。機構投資人對於公司治理各構面的滿意度均低於一般投資人。

二、台灣一般與機構投資人對於台灣上市櫃公司之企業執行公司治理之整體滿意度越高,會傾向更願意投資這家企業。

三、不論是台灣一般投資人(74.8%)或機構投資人(87.1%),大部分均願意溢價投資台灣上市櫃公司之公司治理較佳的公司。而在於溢價空間方面,台灣一般投資人願意溢價投資的溢價空間為8.6%;機構投資人則為14.9%。
Since the scandals of Enron and WorldCom, corporate governance has become a hot management issue. According to the report by McKinsey & Company (2002), it indicates that many institutional investors have recognized that corporate governance is an important indicator for investment decisions. Therefore, in addition to setting regulations, the Government may exercise investor’s power to promote listed companies to improve their corporate governance mechanism.
In view of previous studies, there are few research discuss the relationship between the corporate governance and the investor's beliefs. The current study developed a questionnaire based on the criteria set by the 「Taiwan Corporate Governance Association」, which considering six dimensions, including “shareholders' rights and interests”, “information transparency”, “the power of the board of directors”, “the function of supervisors”, “the discipline and communication of the management” and “stakeholders' rights, interests and social responsibilities”.
This study investigated general investor's and institutional investor's satisfaction on corporate governance for Taiwan listed companies. In addition, the general investor's and institutional investor's beliefs on corporate governance are investigated. The premium that investors are willing to pay for a well-governed company is also explored. The results are as follows:
1. General investor's and institutional investor's satisfaction on corporate governance for listed companies are significantly different. The institutional investor's satisfaction is lower than the general investor's satisfaction.

2. If general investors and institutional investors are satisfied with the practice of corporate governance for listed companies, they are inclined to invest more.

3. Both Taiwan general investors (74.8%) and institutional investors (87.1%) are willing to pay a premium for a well-governed Taiwan’s companies. The percentage premium for the general investors and the institutional investors are 8.6% and 14.9% respectively.
摘要 I
Abstract III
謝誌 V
目 錄 VI
圖表索引 I
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程 5
第四節 研究貢獻 6
第貳章 文獻探討 8
第一節 公司治理定義 8
第二節 公司治理評等系統 17
第三節 投資人信念 27
第四節 公司治理與投資人信念 35
第參章 研究方法 42
第一節 研究設計與架構 42
第二節 研究假設 43
第三節 研究對象 44
第四節 問卷設計與變數操作型定義 45
第五節 資料處理與分析方法 48
第肆章 研究結果與分析 50
第一節 投資人基本資料分析 50
第二節 信效度檢驗 54
第三節 假說檢驗 62
第伍章 結論與建議 78
第一節 研究結論 78
第二節 建議 84
第三節 研究限制 87
參考文獻 88
附錄一:公司治理與投資者信念關聯性研究之問卷調查 94
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