政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/136620

政大典藏 > College of Social Science > Master for Eminent Public Administrators > Theses > Item 140.119/136620

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/136620

Title:	探討公司治理評鑑結果與公司價值之關係：以台灣上市櫃公司電子業治理評鑑為例 The Association between Corporate Governance Evaluation and Firm Value: Evidence of Listed Electronic Industry in Taiwan
Authors:	林曉薇 Lin, Hsiao-Wei
Contributors:	陳鎮洲林曉薇 Lin, Hsiao-Wei
Keywords:	公司治理評鑑經營績效公司價值公司治理品質
Date:	2021
Issue Date:	2021-08-04 16:11:50 (UTC+8)
Abstract:	本研究旨在探討公司治理評鑑結果與公司價值之關係，並探討電子業與非電子業公司治理評鑑結果與公司價值之關係。本研究資料來源取自台灣經濟新報資料庫(Taiwan Economic Journal, TEJ) 及證基會所公告之公司治理評鑑系統，以台灣上市、上櫃公司作為研究對象範圍，研究期間為2015年至2019年，共四屆之公司治理評鑑資料。統計模型採用單年期OLS迴歸分析以及多年期Panel迴歸分析進行分析。結果發現，公司治理評鑑結果愈好，各項財務指標（EPS、ROA、ROE、TQ）表現也愈好，顯示公司治理評鑑結果與公司當期及遞延期之財務指標呈現正向關係。即便加入控制變數，於研發費用率、股利支付率、公司規模、負債比，正向關係仍顯示至落後期第三年，表示公司治理評鑑結果對公司價值的影響可反應三年，評鑑結果也是反應公司的治理狀況，當評鑑結果分數愈高，其財務指標愈高，表示公司價值也會顯著提升，支持台灣公司治理評鑑結果系統的有效性，企業為吸引投資人，公司可在財務指標上更加以完善的管理，使得公司長期價值具有效性，除追求卓越治理績效之外，亦能健全公司營運，追求公司最大之利益。
Reference:	一、中文文獻丁世儒、黃旭輝（2005），「會計師簽證、法人持股與資訊不對稱對多頭市場股票報酬影響之研究」，輔仁管理評論，第12 卷第2 期，99-126。丁秀儀與黃勇達，2010，資訊揭露程度與內涵對機構投資人持股的影響，證券市場發展季刊，第 22 卷，第 3 期：39-74。中華民國《公司法》，第202 條。公司治理與盈餘品質：公司治理評鑑級距的影響/ 劉福運、吳宗翰、林岳喬王友民（2015），「公司治理評鑑與經營績效相關性之實證研究：以國內生技業之上市櫃公司為例」，國立台北大學會計研究所未出版碩士論文。王祝三、莊雅雪、郭勁甫（2009），「公司治理、投資與公司價值之關聯性」，東吳經濟商學學報，第66 期。68-77。王韶濱與許明樺（ 2011），「資訊透明度與財務分析師預測行為」，當代會計，12卷 2期： 115-148頁。吳當傑（ 2004），公司治理理論與實務初版，臺北，財團法人孫運璿學術基金會。吳當傑（2004），公司治理理論與實務初版，臺北，財團法人孫運璿學術基金會。李國賢、王淑芬、包曉天（2016），「台灣公司治理評鑑系統對市場評價之關係以前百分之五評選績優之企業為例」。林俊傑, et al. (2018). "公司治理評鑑與財務績效及公司價值之關聯性探討：以台灣上市櫃企業公司治理評鑑為例." 商略學報 10(1): 23-46. 侯亞君（2015），「強化市場監督制度─第一屆公司治理評鑑結果淺析」，會計研究月刊，第357 期，70-74。侯宗佑（2014），「董事兼任，外部董事與經營績效之關聯、外部董事與經營績效之關聯、外部董事與經營績效之關聯、外部董事與經營績效之關聯」，國立交通大學經營管理研究所未出版碩士論文。倪衍森、黃寶玉、陳文章（2010）「考量公司治理變數與市場機制變數下之杜邦恆等式與股價評價模式之實證研究~以台灣上市櫃的電子股為例」，東海管理評論，第11卷第1期， P167–199頁莊蕎安（2015），「從公司治理評鑑結果看投資報酬」，會計研究月刊，第356 期。郭彥良（2014），「公司治理評鑑簡介」，台灣證券交易所公司治理中心，6-24。葉銀華（ 2001），「家族控股集團年底股票異常報酬與盈餘管理之研究：台灣與香港股市之研究」，行政院國科會專題研究計畫成果報告。葉銀華、李存修與柯承恩（ 2002），公司治理與評等系統第一版，臺北，商智文化。薛敏正、葉淑玲、邱彥毅與江壁岑（2018）「公司治理評鑑與證券報酬」，中華會計學刊，第14 卷第2 期，261-289頁。謝淑旦、李合龍與李寶桂（ 2010），「資訊揭露評等對企業價值之影響」，遠東學報，第 27卷第 2期，213-228頁。聶建中、林彩梅、姜健 (2017) ，「企業社會責任之於公司經營績效受企業規模大小不同之變化影響」，多國籍企業管理評論 39-58頁。呂威德、雷立芬 (2017)「減少研究發展費用對股價之影響—以臺灣為例」，亞太經濟管理評論第21卷，第1期 2017年9月，1-13頁。陳振遠、王健聰、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頁。二、網站中華公司治理協會（TCGA），http://cga.org.com.tw 台灣證券交易所公司治理中心，http://cgc.twse.com.tw/ 台灣證券交易所公司治理中心，公司治理簡介，http://cgc.twse.com.tw/front/aboutCorpgov 台灣證券交易所公司治理中心，公司治理評鑑簡介，http://cgc.twse.com.tw/front/evaluationOverview 三、英文文獻 Ammann, M., Oesch, D., & Schmid, M. M. (2011). Corporate governance and firm value: International evidence. Journal of Empirical Finance, 18(1), 36–55. https://doi.org/10.1016/j.jempfin.2010.10.003 Baek, J.-S., Kang, J.-K., & Suh Park, K. (2004). Corporate governance and firm value: Evidence from the Korean financial crisis. Journal of Financial Economics, 71(2), 265–313. https://doi.org/10.1016/S0304-405X(03)00167-3 Berle, A. A., & Means, G. G. C. (1991). The modern corporation and private property. Transaction publishers. Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257–273. https://doi.org/10.1016/j.jcorpfin.2008.03.006 Bhagat, S., & Bolton, B. (2019). Corporate governance and firm performance: The sequel. Journal of Corporate Finance, 58, 142–168. https://doi.org/10.1016/j.jcorpfin.2019.04.006 Black, B. S., Jang, H., & Kim, W. (2006). Does Corporate Governance Predict Firms’ Market Values? Evidence from Korea. The Journal of Law, Economics, and Organization, 22(2), 366–413. https://doi.org/10.1093/jleo/ewj018 Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034 Ciftci, I., Tatoglu, E., Wood, G., Demirbag, M., & Zaim, S. (2019). Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review, 28(1), 90–103. https://doi.org/10.1016/j.ibusrev.2018.08.004 Ehie, I. C., & Olibe, K. (2010). The effect of R&D investment on firm value: An examination of US manufacturing and service industries. International Journal of Production Economics, 128(1), 127–135. https://doi.org/10.1016/j.ijpe.2010.06.005 Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301–325. Fruin, M., & Eberhart, R. (2012). Corporate governance systems and firm value: Empirical evidence from Japan’s natural experiment. Journal of Asia Business Studies. Gaeremynck, A., Sercu, P., & Renders, A. (2010). Corporate-governance ratings and company performance: A cross-European study. Corporate Governance: An International Review, 18(2), 87–106. Gupta, P. P., Kennedy, D. B., & Weaver, S. C. (2009). Corporate Governance and Firm Value: Evidence from Canadian Capital Markets (SSRN Scholarly Paper No. ID 1366045). Rochester, NY: Social Science Research Network. Retrieved from Social Science Research Network website: https://papers.ssrn.com/abstract=1366045 Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), 405–440. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. Jo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y Khan, T. R., Islam, M. R., Choudhury, T. T., & Adnan, A. M. (2014). How Earning Per Share (EPS) affects on share price and firm value. Retrieved from http://dspace.bracu.ac.bd/xmlui/handle/10361/6343 Klapper, L. F., & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5), 703–728. Koller, T., Goedhart, M., & Wessels, D. (2010). Valuation: Measuring and managing the value of companies (Vol. 499). john Wiley and sons. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131–1150. Love, I. (2011). Corporate Governance and Performance around the World: What We Know and What We Don’t. The World Bank Research Observer, 26(1), 42–70. https://doi.org/10.1093/wbro/lkp030 Mashayekhi, B., & Bazaz, M. S. (2008). Corporate Governance and Firm Performance in Iran. Journal of Contemporary Accounting & Economics, 4(2), 156–172. https://doi.org/10.1016/S1815-5669(10)70033-3 McConnell, J. J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 27(2), 595–612. https://doi.org/10.1016/0304-405X(90)90069-C Millstein, I. M., & MacAvoy, P. W. (1998). The active board of directors and performance of the large publicly traded corporation. Colum. L. Rev., 98, 1283. Pham, P. K., Suchard, J.-A., & Zein, J. (2011). Corporate governance and alternative performance measures: Evidence from Australian firms. Australian Journal of Management, 36(3), 371–386. https://doi.org/10.1177/0312896211413035 Renders, A., & Gaeremynck, A. (2012). Corporate governance, principal-principal agency conflicts, and firm value in European listed companies. Corporate Governance: An International Review, 20(2), 125–143. Schultz, E. L., Tan, D. T., & Walsh, K. D. (2010). Endogeneity and the corporate governance—Performance relation. Australian Journal of Management, 35(2), 145–163. https://doi.org/10.1177/0312896210370079 Shan, Y. G. (2015). Value relevance, earnings management and corporate governance in China. Emerging Markets Review, 23, 186–207. https://doi.org/10.1016/j.ememar.2015.04.009 Shleifer, A., & Vishny, R. W. (1997). LA Survey of Corporate Governance, mJournal of Finance. Vol: II, (2). Siahaan, F. O. P. (2013). The Effect of Good Corporate Governance Mechanism, Leverage, and Firm Size on Firm Value. 6. Thomsen, S. (2004). Corporate values and corporate governance. Corporate Governance: The International Journal of Business in Society, 4(4), 29–46. https://doi.org/10.1108/14720700410558862 Thomsen, S. (2005). Corporate governance as a determinant of corporate values. Corporate Governance: The International Journal of Business in Society, 5(4), 10–27. https://doi.org/10.1108/14720700510616569 Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 15–29. Wang, M.-C. (2015). Value Relevance of Tobin’s Q and Corporate Governance for the Taiwanese Tourism Industry. Journal of Business Ethics, 130(1), 223–230. https://doi.org/10.1007/s10551-014-2339-9 Yu, E. P., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987–1004. https://doi.org/10.1002/bse.2047
Description:	碩士國立政治大學行政管理碩士學程 108921056
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0108921056
Data Type:	thesis
DOI:	10.6814/NCCU202100874
Appears in Collections:	[Master for Eminent Public Administrators] Theses

Files in This Item:

File	Description	Size	Format
105601.pdf		2247Kb	Adobe PDF2	0	View/Open

社群 sharing

Loading...