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題 名 | 機構投資人持股與公司治理、公司績效關係之研究--以臺灣集團公司與非集團公司為例=Institutional Ownership, Corporate Governance and Corporate Performance--Evidence from Group-Affiliated Firms and Non Group-Affiliated Firms in Taiwan |
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作 者 | 陳曉蓉; 洪佩君; | 書刊名 | 中小企業發展季刊 |
卷 期 | 4 2007.06[民96.06] |
頁 次 | 頁69-113 |
分類號 | 553.97 |
關鍵詞 | 公司治理; 公司績效; 機構投資人持股; 集團公司; Corporate governance; Corporate performance; Institutional ownership; Group-affiliated firms; |
語 文 | 中文(Chinese) |
中文摘要 | 本文有鑑於現有文獻在公司治理的考量多侷限於股東或債權人層面,故參考Mohanty(2003)所提出之公司治理指標與給分定義,從19個構面來改良與發展─涵蓋所有利害關係人之台灣公司治理指標,並利用最小平方法與似無相關迴歸法來進一步釐清與比較台灣集團公司與非集團公司機構投資人持股、公司治理與公司績效間之關聯。實證結果發現:無論是集團公司或是非集團公司,機構投資人持股皆會對公司績效產生顯著正面影響,其中又以外資、公司法人及本國金融機構與證券投信基金持股最值得留意。在集團公司群組中,機構投資人持股增加或公司績效上升皆可顯著提高其公司治理程度,且機構投資人持股對於公司治理分數之正面影響尤勝過公司績效所帶來之貢獻,並以外資及公司法人持股 為最;不過公司治理程度的改善僅能提昇會計績效指標ROA和ROE,對市場績效指標Tobin's q沒有任何作用。此外,公司治理或公司績效越好,亦可顯著提高機構投資人持股比率。至於在非集團公司群組中,機構投資人持股對於公司治理反而沒有顯著影響,僅有公司績效與公司治理間互存正向交互關係,且公司績效對機構投資人持股也產生顯著正向影響。整體而言,機構投資人持股、公司治理與公司績效三者間之正向關聯的確存在,且三者之內生性關係尤以集團公司最為明顯。公司經營者若欲達到公司價值極大化,則集團公司應首要重視機構投資人之持股比率,非集團公司需強化其考量全體利害關係人之公司治理模式。 |
英文摘要 | Making reference to Mohanty's methods(2003)and using nineteen measures of corporate governance, we develop a new corporate governance index which includes all the stakeholders and not just the shareholders or the bondholders for 473 Taiwan companies in this paper. We also use OLS and seeming unrelated regression to analysis and compare the relationship between institutional ownership, corporate governance and corporate performance in groupaffiliated firms and non group-affiliated firms in Taiwan. The empirical results show that regardless of group-affiliated firms or non group-affiliated firms, institutional ownership is positively associated with corporate performance, especially the foreign institutional ownership. In group-affiliated firms, more institutional ownership or better corporate performance both could significantly improve the corporate governance record. But better corporate governance fails to enhance Tobin's q of group-affiliated firms. In addition, there is a positive relationship between institutional ownership and corporate governance (or corporate performance). On the other side, the relationship between corporate performance and corporate governance is positive in non group-affiliated firms. Better corporate performance could raise the institutional ownership. However, institutional ownership could not influence the corporate governance measure of non group-affiliated firms. In conclusion, the relationship between institutional ownership, corporate governance and corporate performance is positive. To maximize the shareholders ' wealth, we should increase institutional ownership in group-affiliated firms, and construct sound corporate governance system in non group-affiliated firms. |
本系統中英文摘要資訊取自各篇刊載內容。