政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/31318
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113451/144438 (79%)
造訪人次 : 51288473      線上人數 : 152
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/31318


    題名: 公司治理─以玉山金控為例
    A study on corporate governance – A case study of E.SUN financial holdings
    作者: Lin, Chih Yuan
    貢獻者: 張逸民
    Chang, Yegmin
    林志遠
    Lin, Chih Yuan
    關鍵詞: 公司治理
    日期: 2008
    上傳時間: 2009-09-14 09:47:23 (UTC+8)
    摘要: 公司治理─以玉山金控為例
    Since the early 1970’s, the concept of corporate governance has been frequently discussed in order to deal with any lack of an efficient board, i.e. one that perform poorly. After almost three decades, more and more scandals and corruptions have emerged in Asia and caused severe Asian financial crises. Suddenly, companies started to realize the importance of corporate governance and how it affects financial performance. Attention to this was particularly arising after the troubles of Enron and Arthur & Anderson in US. Furthermore, many international research organizations have indicated that poor corporate governance has been one of the main causes for Asian financial crises.

    Although Taiwan’s economy is extremely stable comparing with South Korea or Thailand during the Asian financial crises, it is very important for Taiwan’s companies to understand that only through a better corporate governance system; their companies can gain more competitiveness against overseas competitors. Now, Taiwan’s securities regulator has tried to make public companies more transparent in order to protect investor’s rights. For newly listed companies, now it is required to have at least two independent board members and one independent supervisor on the board and financial data must be disclosed at certain times.

    Over the past few years, the financial sector of Taiwan have been weakening due to increasingly heavy competition and relatively high cost ratios compared with other markets. As Taiwan has become a full member of WTO, its financial market is now more accessible to foreign competitors. It is expected that as competition intensifies, companies need to find a new approach to enhance their competitive advantage and good corporate governance seems to offer such an opportunity. This thesis uses E.SUN Financial Holdings to illustrate the how implementation of an effective corporate governance system can enhance a company’s competitive advantage and improve its financial performance.
    1 Introduction……………………………….…………………….…………………………1
    1.1 Research Background and Motivation of Research…….….……..…………………1
    1.1.1 Corporate Governance and Stock Price……………..….……...…….…………4
    1.1.2 Research Objectives…………………………………………………………….8
    1.2 Research Methodology…………………………...……………....…….……….…..9
    1.3 Preliminary Findings……………………………………………..…….……….….10
    1.4 Summary…………………………………………………………………………….12
    2 The Principles of Corporate Governance…….…………………………….…..….…….13
    2.1 OECD Principles……………………….………………………………...……......13
    2.1.1 Shareholder’s rights…………….…………………………………………...13
    2.1.2 The Equitable Treatment of Shareholders…………………….………….…15
    2.1.3 Transparency Requirements…………………………………….…………..16
    2.1.4 The Responsibilities of the Board……………………………….……….…17
    2.2 The Structure of Corporate Governance…………………………….……….…...19
    2.2.1 Internal Structure…………………………………………….……………...19
    2.2.2 External Structure…………………………………………….………….….19
    2.3 Summary…………………………………………………………………………….22
    3 Corporate Governance Rating System.…………………………………….…………...23
    3.1 The Importance of Credit Rating…………………………………….…………...23
    3.2 Corporate Governance Measurement…………………….………………………25
    3.2.1 Forming Corporate Governance Rating Committees..….………………….25
    3.2.2 Decide the Standard of Measurement of the Company……...….………………25
    3.2.3 Collection Company Information or Send Questionnaires.…………...…...…...25
    3.2.4 Analyze the Result of Corporate Governance Scores………………….…..25
    3.2.5 Send the Report to the Rated Company for Confirmation…………………25
    3.2.6 Finalize the Report and Disclose the Result of CG Scores………………...25
    3.3 The Rating Criteria of Credit Rating Agencies……………………………….…..26
    3.3.1 Corporate Rating Criteria of CLSA...……………………………………….26
    3.3.2 Corporate Rating Criteria of Standard & Poor’s………………………..….30
    3.3.3 Corporate Rating Criteria of Moody’s………………..………….……..…..31
    3.4 Summary…………………………………………………………………………….33
    4 Corporate Governance Related Regulations in Taiwan…………………………...…....35
    4.1 Taiwan’s Market Feature………..……………………………………………......35
    4.1.1 Disclosure of Corporate Governance Practices………………………..…...36
    4.2 Reform of Company Law and Good Corporate Governance…………………….37
    4.2.1 Information Disclosure and Transparency………………………….……...37
    4.2.2 Enhancing the Independence of Auditors…………………………….…….39
    4.2.3 Limitation of Director or Supervisors is abolished………………….…...39
    4.3 Summary…………………………………………………………………………….40
    5 Corporate Governance Rating at Government Level…………………………….……41
    5.1 Rating Principles………………………………………………………….…….41
    5.2 Results of Evaluation…………………………………………………….……..42
    5.3 Summary…………………………………………………………………………….46
    6 Case Study: E.SUN Holdings……………………………………………...…….…....47
    6.1 Taiwan’s Financial Sector’s History…………………………………………....47
    6.2 Introduction of E.SUN Holdings………………………………………………..48
    6.2.1 Capital Size……………………………………………………………......48
    6.2.2 Directors、Supervisors and Major Shareholders…………………...…...51
    6.2.3 Management Philosophy………………………………………………….52
    6.2.4 E.SUN’s Structure…………………………………………………………53
    6.2.5 Financial Analysis…………………………………………………………53
    6.2.6 Competitors Analysis…………………………………………………......54
    6.2.7 Company Strategies……………………………………………………….56
    6.2.8 Affiliates of E.SUN Financial Holdings…………………………………..60
    6.3 Summary…………………………………………………………………………….61
    7 An Analysis of E.SUN’s Corporate Governance Practice and Ratings……………….63
    7.1 The E.SUN Company Governance Principles………………………………….63
    7.2 Credit Rating of E.SUN Holdings…………………………………………........77
    7.2.1 Credit Rating of E.SUN Holdings………………………………………...77
    7.2.2 Corporate Governance Rating of E.SUN Holdings……………………….77
    7.2.3 Corporate Governance Rating of E.SUN by Moody’s……………….......79
    7.2.4 The Corporate Governance Rating of E.SUN in the Common-
    Wealth Magazine………………………………………………………….83
    7.2.5 The Corporate Governance Rating of E.SUN Financial Holdings in
    the Asset Magazine………………………………………………………..85
    7.2.6 Future Improvement for E.SUN…………………………………………..86
    7.3 Summary…………………………………………………………………………….88
    8 Recommendations for Proper Corporate Governance…………………………….......90
    Summary…………………………………………………………………………….93





    Tables
    ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧
    1.1 Investor Opinion Survey 5
    1.2 Stock Premiums for Better Corporate Governance...………………………….5
    1.3 TSE Director and Supervisor Shareholding Ratio 6
    1.4 Types of Investors and Trading Volume Ratio in Centralised Market 8
    5.1 Corporate Governance Rating by CLSA 42
    5.2 Corporate Governance Rating in Emerging Market………………………… 42
    5.3 Corporate Governance Rating in East Asia Countries 45
    5.3 Country Average Corporate Governance Scores in 2004 46
    6.1 Financial Holding Companies in Taiwan 48
    6.2 E.SUN Bank’s Non Performing Assets/Total Loans 50
    6.3 E.SUN Bank’s Loan Loss Reserve/Non-Performing Loans 50
    6.4 Financial Holding Structure 50
    6.5 E.SUN Board Members 51
    6.6 Major Institutional Shareholders 52
    6.7 E.SUN E.SUN’s Financial Status…………………………………………… 54
    6.8 The Competitor Analysis Table……………………………………………… 56
    6.9 2005 Top 10 Credit Card Issuer in Taiwan………………………………….. 58
    6.10 Affiliates of E.Sun Financial Holdings 61
    7.1 E.SUN’s Committees Structure………………………………………………63
    7.2 NPL Ratio Comparison 74
    7.3 E.SUN’s Corporate Governance Implementation 76
    7.4 E.SUN Holdings Credit Rating 77
    7.5 Financial Holdings Comparison 78
    7.6 Financial Institutions Effected Most by Mostgage-Backed Securities 81
    7.7 Financial Institutions Effected Most by Lehman Brothers… 81
    7.8 Profitability Ranking of Financial Holdings………………………………….82
    7.9 Top Corporate Citizens by CommonWealth 84
    7.10 Corporate Governance Rating………………………………………………86
    Reference………………………………………………………………….………95
    Attachment 1 Stock Pledge Ratio of Board Members……………………………97
    Attachment 2 Class-Action Cases Against Companies…………………………..98

    Figures
    ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧
    1.1 Corporate Governance Diagram 2
    2.1 Corporate Governance Structure Provided by World Bank 20
    3.1 Normal Process of Credit Rating 26
    7.1 E.SUN`s Risk Management Organization 73
    7.2 Credit Risk Management Chart 74
    參考文獻: 1. Beaver, W.H. (1996). Financial Ratios as Predictors of Failure. Journal of Accounting Research, 4, 71-102.
    2. Bhagat & Black. (1999). The Uncertain Relationship Between Board Composition and Firm Performance, Business Lawyer, 921-963.
    3. Brickley, J. A. L. Coles, and R.L. Terry. (1994). Outside Directors and the Adoption of Poison Pills. Journal of Financial economics, 371-390.
    4. Business Today Magazine Issue 440, http://www.businesstoday.com.tw/
    5. Claessens, Stijn, Djankov, Simeon & Lang, Larry H.P. (2000). The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58, 81-112.
    6. Credit Lyonnais Securities Asia. (2001). CG Watch: Corporate Governance in Emerging Markets.
    7. DBS Holding Company. (2001). Annual Report.
    8. Dodwell Marketing Consultant. (1982). Industrial Grouping in Japan.
    9. E.SUN Financial Holding. (2006,2007). Annual Report.
    10. Faccio, M., and L. H. P. Lang. (2002). The Separation of Ownership and Control: An Analysis of Ultimate Ownership in Western European Corporations. Journal of Financial Economics.
    11. Hermalin, B.E., and M. Weisbach. (1991). The Effects of Board Composition and Direct Incentives of Firm Performance. Financial Management, 20, 101-112.
    12. Kaplan, J.N.,and D. Reishus. (1990). Outside Directorships and Corporate Performance. Journal of Financial Economics, 27, 389-410.
    13. McKinsey & Company. (2002). Investor Opinion Survey.
    14. Organization for Economic Co-operation and Development. (1999). OECD Principles of Corporate Governance.
    15. Peter Wallace and John Zinkin. (2005). Matering Business in Asia Corporate Governance. 2,60-86.
    16. Rosentein, S., and J.G. Wyatt. (1997). Inside Directors, Board Effectiveness and Shareholder
    Wealth. Journal of Financial Economics, 44, 229-250.
    17. Standard & Poor’s Company. (2002). Standard & Poor’s Corporate Governance Scores: Criteria. Methodology and Definitions.
    18. Standard & Poor’s Company. (2001). Standard & Poor’s Company Transparency & Disclosure Survey 2001. Asia-Pacific, 100.
    19. Taiwan Semiconductor Manufacture Company. (2006,2007) Annual Report.
    20. United Manufacture Company. (2006) Annual Report.
    21. Wallace Stettinius and George W. Logan. (2003). Corporate Governance. 227-239.
    22. Yang, Shu-Jung. (2003). The Study of the Financial Holding Company’s Corporate Strategy- A Case of Fubon Financial Co., LTD. 47-82.
    23. Yeh Ying Hua and Kuo Cheng Eung. (2002). Corporate Governance and Rating System. 62-64,124-135.
    24. Yeh, Ying Hua, T.S. Lee and T. Woidtke. (2001). Family Control and Corporate Governance: Evidence for Taiwan. 21-48.
    25. Standard & Poor’s Website. http://standardpoor.com.
    26. E.SUN Holdings Website. http://www.esunfhc.com.tw.
    27. Financial Supervisory Commission Website. www.fscey.gov.tw
    描述: 碩士
    國立政治大學
    國際經營管理英語碩士學位學程(IMBA)
    93933009
    97
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0093933009
    資料類型: thesis
    顯示於類別:[國際經營管理英語碩士學程IMBA] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    index.html0KbHTML2438檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋