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    Title: 公司治理與營運績效之關聯性研究-以生技產業為例
    The causality analysis between corporate governance and operation performance
    Authors: 王惟仁
    Contributors: 鄭宇庭
    王惟仁
    Keywords: 公司治理
    經營績效
    公司酬勞
    Date: 2017
    Issue Date: 2017-07-03 14:37:15 (UTC+8)
    Abstract: 近年來,公司治理逐漸成為國際間熱門而普及的研究課題,國際經濟合作暨發展組織(Organisation for Economic Co-operation and Development,簡稱 OECD) 亦分別於民國87年及93年提出了公司治理之原則架構,為各國政府與國際性組織提供公司良善治理之方向。而我國為加速推動上市(櫃)企業之公司治理,協助企業健全發展及保障投資人權益,金融監督管理委員會於民國(以下同)102 年 12 月發佈 以五年為期之「強化我國公司治理藍圖」,並將辦理公司治理評鑑列為重點工作項目。
    本研究主要是想透過台灣約前三十大上市、上櫃生技產業公司概況,了解公司的營業績效和公司治理的情形,針對公開資訊站中提供的各項公司資訊如:董事會的組成或特性、公司酬勞分布、股票交易資訊等多方項討論,作分析,找出各項變數對公司營業狀況的關係。
    首先將各項變數做相關分析,看變數之間的關聯性,並透過公司股價來看公司的營利情形和其他變數的相關性,由於公司股價可能具有某種資訊內涵,他的波動情形經常反應著公司治理制度是否完善或公司整體的營業績效,因此公司股價除了是投資人用來作為調整投資的重要指標之外,也是對一家公司內部經營好壞的指標,而研究最後利用逐步回歸,找到主要影響公司股價的模型,探討影響公司績效的各項原因以及每一項因素的重要程度。
    本研究希望可以藉由股價較高的公司,分析出其公司內部組成、持股比例和其他內部資訊和其他公司的區別,藉以讓其他公司或新創公司作為參考指標,加強其對公司治理的要求,藉此提升公司的整體營運績效。
    Reference: 一、 中文部分
    1. 王育琦,2010,我國公開發行公司內部監控機制之變革-以審計委員會相關規範為中心。
    2. 台灣經濟新報,公司治理,線上擷取日期,2017年4月19日,網址:http://www.tej.com.tw/twsite/Default.aspx?TabId=169。
    3. 台灣證券交易所,2016,上市上櫃公司治理實務守則,線上擷取日期,2017年4月19日,網址:http://twse-regulation.twse.com.tw/TW/law/DAT0202.aspx?FLCODE=FL020553&LCNOS=%20%20%204%20%20%20&LCC=2。
    4. 行政院,2015,生技產業白皮書,線上擷取日期,2017年4月19日,網址:http://www.biopharm.org.tw/download/Biotechnology_Industry_in_Taiwan_2015.pdf。
    5. 余怒濤、黄登仕與肖作平,2009,公司治理: 效率與強度——基於會計盈餘質量的考察. 證券市場報導,頁7-16。
    6. 吳明政、陳怡靜,2007,經理人報償誘因與盈餘管理之研究:以台灣上市櫃電子產業為例,彰化師範大學商業教育學系研究所論文。
    7. 呂學焜,2008,公司治理與公司績效對董事酬勞影響之研究,臺灣大學會計學研究所學位論文,頁1-62。
    8. 宋致皓,2006,董監酬勞與公司治理關聯性之研究,國立政治大學會計學研究所論文。
    9. 李維安、張耀偉,2004,上市公司董事會治理與績效倒 U 形曲線關係研究. 經濟理論與經濟管理,頁36-42。
    10. 林穎芬、劉維琪,2003,從高階主管薪酬的研究探討代理理論在台灣的適用程度。
    11. 金融監督管理委員會,2016,公司治理簡介,線上擷取日期,2017年4月19日,網址:http://www.sfb.gov.tw/ch/home.jsp?id=742&parentpath=0,648。
    12. 政治大學,公司治理,線上擷取日期,2017年4月19日,網址:https://nccur.lib.nccu.edu.tw/bitstream/140.119/34992/8/35503708.pdf。
    13. 財團法人中華民國證券暨期貨市場發展基金會,2016,公司治理,線上擷取日期,2017年4月19日,網址:http://www.sfi.org.tw/finance/finance1/finance1_2。
    14. 崔學剛、謝志華與鄭職權,2007,終極控制權性質與公司績效財貿研究,頁4。
    15. 張椿柏、黃于珊,2012,公司治理與企業績效對董監薪酬之影響,彰雲嘉大學校院聯盟學術研討會,大葉大學財務金融學系。
    16. 黃營杉1999策略管理。
    17. 廖秀梅、李建然與吳祥華2006,董事會結構特性與公司績效關係之研究-兼論台灣家族企業因素的影響,東吳經濟商學學報,頁117-160。
    18. 新文京開發出版股份有限公司,2016,生物科技概論,線上擷取日期,2017年4月19日,網址:http://www.wun-ching.com.tw/img/Books_files/B153e2-9789862369197-trial.pdf。
    19. 碁峰資訊,2016,迴歸分析,線上擷取日期,2017年4月19日,網址:http://www.gotop.com.tw/epaper/e0719/AEM000900n.pdf。
    20. 預見雜誌,2016,拚經濟!生技產業是台灣的王牌?線上擷取日期,2017年4月19日,網址:https://journal.eyeprophet.com/%E6%8B%9A%E7%B6%93%E6%BF%9F%E7%94%9F%E6%8A%80%E7%94%A2%E6%A5%AD%E6%98%AF%E5%8F%B0%E7%81%A3%E7%9A%84%E7%8E%8B%E7%89%8C/。
    21. 錢逸達,2004,內部人士薪酬之決定因素-公司績效或公司治理? PhD Thesis。
    二、 英文部分
    1. Bacon, J., and Brown, J. F., 1973. Corporate directorship practices: Roles, selection, and legal status of the board. New York: The Conference Board.
    2. Baysinger, B. D., and Butler, H. N., 1985. Corporate governance and the board of directors: Performance effects of changes in board composition. Journal of Law, Economics, & Organization, 1, 1, 101-124.
    3. Bhagat, S., and Black, B., 1999. The uncertain relationship between board composition and firm performance. The Business Lawyer, 921-963.
    4. Bhagat, S., and Black, B., 2001. The non-correlation between board independence and long-term firm performance. J. CorP. l., 27, 231.
    5. Boyd, B. K., 1994. Board control and CEO compensation. Strategic Management Journal, 15(5), 335-344.
    6. Brunninge, O., Nordqvist, M., Wiklund, J., 2007. Corporate governance and strategic change in SMEs: The effects of ownership, board composition and top management teams. Small Business Economics, 29(3), 295-308.
    7. Byrd, J. W., and Hickman, K. A., 1992. Do outside directors monitor managers?: Evidence from tender offer bids. Journal of financial Economics, 32(2), 195-221.
    8. Chaganti, R. S., Mahajan, V., Sharma, S., 1985. Corporate board size, composition and corporate failures in retailing industry [1]. Journal of Management Studies, 22(4), 400-417.
    9. Cordeiro, J. J., Veliyath, R., Romal, J. B., 2007. Moderators of the Relationship Between Director Stock‐Based Compensation and Firm Performance. Corporate Governance: An International Review, 15(6), 1384-1393.
    10. Core, J. E., Holthausen, R. W., Larcker, D. F., 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of financial economics, 51(3), 371-406.
    11. Daily, C. M., and Dalton, D. R.1993. Board of directors leadership and structure: Control and performance implications. Entrepreneurship: Theory and Practice, 17(3), 65-82.
    12. Davis, J. H., Schoorman, F. D., Donaldson, L., 1997. Toward a stewardship theory of management. Academy of Management review, 22(1), 20-47.
    13. Dechow, P. M., Sloan, R. G., Sweeney, A. P., 1996. Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary accounting research, 13(1), 1-36.
    14. Fama, E. and Jensen, M., 1983. “Separation of Ownership and Control,” Journal of Law and Economics, Vol. 26, pp. 301-325.
    15. Jensen, M. C., and Meckling, W. H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
    16. Fosberg, R. H., 1989. Outside directors and managerial monitoring. Akron Business and Economic Review, 20(2), 24.
    17. Fuerst, O., and Kang, S. H., 2004. Corporate governance, expected operating performance, and pricing.
    18. Hermalin, B. E., and Weisbach, M. S., 1991. The effects of board composition and direct incentives on firm performance. Financial management, 101-112.
    19. Jensen, M. C., and Meckling, W. H., 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
    20. Jensen, M. C., and Ruback, R. S., 1983. The market for corporate control: The scientific evidence. Journal of Financial economics, 11(1-4), 5-50.
    21. Kiel, G. C., and Nicholson, G. J., 2003. Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance: An International Review, 11(3), 189-205.
    22. Kole, S. R., 1997. The complexity of compensation contracts. Journal of Financial Economics, 43(1), 79-104.
    23. Lippert, R. L., and Moore, W. T., 1995. Monitoring versus bonding: Shareholder rights and management compensation. Financial Management, 54-62.
    24. Lipton, M., and Lorsch, J. W., 1992. A modest proposal for improved corporate governance. The business lawyer, 59-77.
    25. Mallette, P., and Fowler, K. L., 1992. Effects of board composition and stock ownership on the adoption of “poison pills”. Academy of Management Journal, 35(5), 1010-1035.
    26. Millstein, I. M., and MacAvoy, P. W., 1998. The active board of directors and performance of the large publicly traded corporation. Columbia Law Review, 1283-1322.
    27. Rechner, P. L., and Dalton, D. R., 1989. The impact of CEO as board chairperson on corporate performance: evidence vs. rhetoric. The Academy of Management Executive, 3(2), 141-143.
    28. Rosenstein, S., and Wyatt, J. G., 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of financial Economics, 44(2), 229-250.
    29. Vafeas, N., 1999. Board meeting frequency and firm performance. Journal of financial economics, 53(1), 113-142.
    30. Weisbach, M. S., 1988. Outside directors and CEO turnover. Journal of financial Economics, 20, 431-460.
    31. Yermack, D., 1996. Higher market valuation of companies with a small board of directors. Journal of financial economics, 40(2), 185-211.
    32. Zahra, S. A., and Pearce, J. A., 1989. Boards of directors and corporate financial performance: A review and integrative model. Journal of management, 15(2), 291-334.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    102932039
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0102932039
    Data Type: thesis
    Appears in Collections:[Executive Master of Business Administration] Theses

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